Common bank reconciliation pitfalls to watch for

Bank reconciliation is one of the simplest — and most effective — internal controls for private businesses. Done consistently and correctly, it helps ensure your financial records are reliable and free from errors or unauthorized transactions. With today’s increased use of automated bank feeds and tools backed by artificial intelligence (AI), bank reconciliation may feel […]

IRS Releases New Opportunity Zone Guidance

The IRS has issued Notice 2026-40 providing transitional guidance for Qualified Opportunity Zones (QOZs) following recent law changes. The notice clarifies that gains deferred by making qualified investments on or before Dec. 31, 2026, generally must be recognized in the tax year that includes Dec. 31, 2026. Investments made in 2027 or later will follow […]

Halfway Through the Year—How’s Your Tax Plan Looking?

Midyear is a good time for individuals to assess their 2026 tax situation. Start by forecasting your projected income, tax bracket and eligibility for deductions. Remember, you may claim either the standard deduction or itemize. Itemizing makes sense if your itemized deductions will exceed your standard deduction. Factors to consider may include the higher cap […]

Protect yourself from fraudsters impersonating the IRS and other tax scams

Tax scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money. The IRS warns taxpayers to remain cautious because scammers continually change tactics to steal personal and financial information. IRS impersonation scams First […]

Betting on the World Cup? Know the Tax Rules

Individuals betting on the FIFA World Cup need to understand the potential tax obligations. Gambling winnings are considered taxable income. As such, they’re subject to federal rates up to 37%, and state income tax may also apply. Losses can be claimed as federal itemized deductions, limited to 90% of losses and capped at winnings. Wagers […]

Teachers: Make Summer Tax-Smart

If you’re a schoolteacher, you’re probably enjoying a well-deserved summer break. But consider using some of your free time to organize tax records. You may be familiar with the $350 classroom expense deduction, but you can’t claim it unless you know what you’ve spent out of pocket. If you buy classroom supplies this summer, make […]

Material participation: Why it matters for LLP and LLC owners

The passive activity loss (PAL) rules may limit your ability to deduct losses from a business structured as a limited liability partnership (LLP) or limited liability company (LLC). Depending on how your ownership interest is treated under these rules, you may have more or less flexibility to claim losses in the current year. Here’s a […]

Elder Fraud Is on the Rise: Know the Warning Signs

Within the last two years, the IRS’s Criminal Investigation (IRS-CI) division has seen an increase in fraudulent activity targeting elderly taxpayers. In fiscal year 2025 alone, IRS‑CI initiated 97 new elder fraud investigations. And halfway into the current fiscal year, investigators have opened an additional 64 cases. IRS-CI says one of the most common schemes […]

More Than Soccer: The Tax Side of the FIFA World Cup

The 2026 FIFA World Cup games are underway. They’re being played in the U.S., Canada and Mexico. What many American fans may be surprised to learn is that foreign participants in the World Cup, including athletes, coaches and team personnel, may be subject to U.S. taxes on income earned while they’re here. The Taxpayer Advocate […]

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 […]