How auditors evaluate accounting estimates

Financial statements aren’t built solely on fixed numbers and historical facts. Many reported amounts rely on accounting estimates — management’s best judgments about uncertain future outcomes. Estimates are inherently subjective and can significantly affect reported results. How do external auditors evaluate whether amounts reported on financial statements seem reasonable? Understanding management’s assumptions and data External […]

Did you receive a notice from the IRS?

Received an IRS letter or notice after filing your tax return? Don’t panic, but don’t ignore it. The IRS often sends letters or notices to request information, notify a taxpayer of changes, verify a taxpayer’s identity or seek payment. If action is needed, follow the instructions and respond by the specified due date. If a […]

Direct Deposit your refund

To avoid tax refund delays, be sure to include your bank account and routing numbers on your tax return. The IRS is moving away from paper checks, and approximately 830,000 taxpayers are experiencing refund delays after filing without direct deposit information. The IRS has already sent 530,000 notices, with another 300,000 expected, to those who […]

Two ways to reduce debt: Avalanche vs. snowball

What’s my filing date if I’m on active duty?

Military members living in the United States or Puerto Rico have a 2025 tax filing deadline of April 15. For those on active duty outside the United States or Puerto Rico, the IRS generally allows a two-month filing extension (to June 15) without requesting one. Even with the extension, interest will apply to any 2025 […]

Show your love with a tax-exempt gift

What to look for on your balance sheet — and how to strengthen it

The balance sheet shows your company’s financial condition — its assets vs. liabilities — at a specific point in time. However, the balance sheet is more than a static report. It can also serve as a diagnostic tool for managers and other stakeholders to analyze historical performance and plan for future growth. Taking your balance […]

Do I qualify forHead of Household status?

Choosing the head of household (HOH) tax filing status may reduce your 2025 tax bill. HOH status offers a higher standard deduction, and in some cases, more favorable tax brackets than if you were to file as single. To qualify, you must have been unmarried (or considered unmarried) on Dec. 31, 2025; have paid more […]

Guidance issued on qualified production property

The IRS issued interim guidance on the new special depreciation allowance for qualified production property under the One Big Beautiful Bill Act. It defines qualified production property and activities (such as certain manufacturing, chemical production and agricultural production), explains how to determine the allowance, and outlines how and when to elect it. The guidance also […]

Divorce & the Home Sale Exclusion: Avoiding Costly Mistakes

The home sale gain exclusion can be tricky in a divorce. Generally, single taxpayers can exclude up to $250,000 of gain from the sale of a principal residence, while married couples filing jointly may exclude up to $500,000. To qualify, you must have owned and used the home as your principal residence for at least […]