Understanding the Tax Benefits of a Stepped-Up Basis

The stepped-up basis rules can help ease the capital gains tax bite of an inheritance. Under the rules, when your family member inherits an asset, its tax basis is adjusted, or “stepped up,” to its fair market value at your death. If the heir later sells the asset, he or she will owe capital gains […]

Turn raw data into actionable insights with dashboard reporting

Business owners have access to more financial and operational data than ever before. The challenge is identifying the most useful information and presenting it in such a way that enables better decision-making. Dashboard reports consolidate your key metrics into an easy-to-read format, helping management monitor performance, identify trends and respond more quickly to changing business […]

Drought Relief Gives Farmers and Ranchers More Time to Replace Livestock

The IRS has extended tax relief to eligible farmers and ranchers who sold or exchanged livestock due to drought. Notice 2026-54 identifies qualifying areas in 49 states, the District of Columbia, Puerto Rico and other regions that experienced severe drought during the 12 months ended Aug. 31, 2026. The relief generally applies to gains from […]

4 best practices for paying your business’s bills

Fed Raises Rates: What It Means for Borrowing and Cash Flow

The Federal Reserve raised its benchmark interest rate by a quarter percentage point on Sept. 16, bringing the federal funds rate target range to 3.75%–4%. The move marks the Fed’s first rate increase since July 2023. The Fed said that the increase is intended to support a return to its 2% inflation goal. Higher benchmark […]

Where to look when you need to improve profit margins

Increasing revenue isn’t the only way to strengthen your business’s financial performance. Another option is to take a closer look at operating expenses and determine whether every dollar you spend delivers value. A systematic review of major expense categories can uncover opportunities to reduce waste and protect your bottom line without sacrificing long-term growth. Here […]

Could Adjusting Your Tax Withholding Now Save You Money Later?

The IRS’s Tax Withholding Estimator (https://bit.ly/4Af0hEz ) can help you assess how much income tax to have your employer withhold from your paychecks. This tool can be useful if you have additional income not subject to withholding — such as from investments or gig work — and haven’t made estimated tax payments in 2026. Increasing […]

The Spiraling Cost of Federal Healthcare Subsidies and Carveouts

The Spiraling Cost of Federal Healthcare Subsidies and Carveouts https://bit.ly/3Vt0xzR

Resolve IRS Disputes Faster With Fast Track

In a recent Tax Executives Institute seminar, the IRS’s Large Business and International (LB&I) Division Commissioner Mabeline Baldwin discussed her department’s priorities. LB&I is currently revising forms to eliminate redundancies and incorporate tax law changes, and is ramping up Fast Track, a voluntary mediation program. Businesses that choose Fast Track can generally expect their cases […]

What’s the right entity type for your new business?

Start-ups must choose a legal entity for their business activities. The type of entity you select affects how the business is taxed and who may be held personally liable for its debts and obligations, among other things. Two popular options — assuming you’re going into business with one or more other people — are S […]