Want to speed up your month-end close? Here’s how

For many organizations, the end of the month brings added pressure to finalize financial records accurately and on time. This process often requires coordination across various departments, including finance and accounting (F&A), operations, sales and payroll. When handoffs aren’t well coordinated, the risk of financial reporting delays and errors increases. The good news is that […]

The Taxpayer Advocate Service is reminding small businesses of an upcoming deadline for filing an amended return to claim a domestic research and experimental (R&E) deduction. Tax legislation signed into law last year allows businesses to deduct domestic R&E expenses in the year they’re incurred, starting with the 2025 tax year. It also allows eligible […]

IRS CP53E Notices Are Causing Confusion About Refunds — Here’s What to Know

Did you receive an IRS CP53E notice and wonder what it means for your tax refund? Millions of taxpayers received these notices — in some cases erroneously — causing confusion about refund processing and bank account information. The notices also raised concerns about potential fraud. In response, the American Institute of CPAs (AICPA) is urging […]

ACA penalties may still apply — and they’re increasing for 2026

Many small businesses don’t have enough employees to worry about the play-or-pay provisions of the Affordable Care Act (ACA). However, as your business grows, these rules can apply sooner than expected. This issue also may not be on your radar because there’s a common misconception that the repeal of ACA penalties under the Tax Cuts […]

Midyear Tax Planning Tips for Noncorporate Business Owners

Noncorporate business owners: Midyear is a good time to step back and think about taxes. After all, your business income affects your personal federal tax liability. If you’re a sole proprietor or owner of a pass-through entity, start by reviewing your expected 2026 income, tax bracket, deductions and cash flow to determine whether it makes […]

Adoption Assistance Programs Can Offer Valuable Tax Benefits for Employers and Employees

Employers: A qualified adoption assistance program is a family-friendly benefit worth looking into. It can help your employees manage adoption costs by allowing qualifying employer-provided payments or reimbursements to be excluded from federal taxable income. You can fund the program yourself or, in some cases, through pretax employee salary reductions under a Section 125 cafeteria […]

Consider your potential charitable deduction before donating artwork

If you give artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Special substantiation and appraisal rules may apply as well. Relation to charitable function Your deduction for a donation of art will generally be reduced if the […]

IRS Direct Deposit Refunds Rise as Paper Check Delays Continue

According to the U.S. Treasury Dept., 98% of taxpayers receive their IRS refunds electronically. In 2026, direct deposit refunds increased by 14% over 2025, likely due to the IRS’s paperless initiative. Yet not all taxpayers can receive electronic refunds. The Federal Deposit Insurance Corporation has reported that 4% of U.S. households lack a bank account. […]

IRS Releases FY 2025 Data Book Highlighting Tax Filing and Refund Trends

The IRS has published its annual Data Book for fiscal year (FY) 2025. It provides a statistical overview of the tax agency’s operations. A few highlights: In FY 2025, the IRS processed 271.4 million federal tax returns and supplemental documents, including almost 162.8 million individual income tax returns. The total revenue collected exceeded $5.3 trillion. […]

Business deductions for four-legged coworkers

Did you know that you can claim tax deductions for animals that serve a bona fide business purpose? This benefit extends beyond agricultural operations. Working animals in many sectors may qualify. Here are the details. Working animals vs. personal pets A working animal must provide a clear and direct business benefit. Common examples include: Dogs […]