GAO Estimates Annual Federal Tax Fraud Losses Up to $304 Billion

Tax fraud is costing the federal government billions of dollars annually. In a recent report, the Government Accountability Office (GAO) estimates annual federal tax fraud losses at $116 billion to $304 billion, based on data from 2018 through 2024. The estimated range reflects approximately 2% to 6% of estimated tax owed to the federal government […]

Accounting teams need more than number skills

In addition to mastering accounting and tax rules, today’s accounting professionals must work through financial decisions with customers, vendors, lenders, business partners and internal stakeholders. Topics may range from payment terms and budgets to technology investments and contract renewals. Developing strong negotiation skills can help your accounting team resolve billing issues and achieve favorable pricing […]

IRS Proposes Four-Year Tax Payment Option for Farmland Sales

Farmers and farmland owners may have a new way to manage the tax impact of certain property sales. The IRS has issued proposed regulations on an election that allows taxpayers to pay the tax attributable to gain from qualifying farmland sales in four equal annual installments. The provision applies to sales made in tax years […]

QSBS offers big tax benefits

IRS Replaces IRS2Go With New App Offering More Taxpayer Services

The IRS has replaced IRS2Go with a new mobile app that expands the agency’s digital services and gives taxpayers secure access to more account information and services. Among other things, users can check the status of refunds and amended returns, view balances, review and make payments, access certain notices and tax records, manage account preferences, […]

New 1% Remittance Tax: IRS Offers Penalty Relief

The IRS has announced penalty relief for remittance transfer providers responsible for collecting a new 1% excise tax. These providers must collect the tax from senders and deposit it with the IRS. Specifically, the tax is levied when remittances are sent from the U.S. to recipients in foreign countries if the sender provides cash, a […]

Selling a Collectible? Your Tax Bill May Surprise You

Thinking about selling a valuable coin, antique or piece of art? The tax bill may surprise you. Collectibles are subject to special rules. If you’ve held a collectible for more than one year, your gain may be taxed at 28%. But if your ordinary-income tax rate is lower (10%, 12%, 22% or 24%), that lower […]

IRS releases 2026-27 per diem rates

The IRS has released its 2026–2027 per diem rates for certain business travel expenses, effective Oct. 1, 2026. Under the high-low substantiation method, the rate for lodging, meals and incidental expenses for travel to high-cost localities within the continental United States (CONUS) rises to $329 per day, from $319. The rate for other CONUS localities […]

Trump Accounts: A New Employee Benefit Opportunity

Businesses that want to contribute to 530A (also known as Trump) accounts of their employees’ children can set up a written plan called a Trump Account Contribution Program (TACP). To be excludable from employee gross income, TACP contributions are limited to $2,500 per employee per year (no matter how many eligible children individual employees have). […]

Before You Give, Make Sure Your Charity Qualifies

A charity’s tax-exempt status can affect whether your contribution qualifies for a federal income tax deduction. If the IRS revokes an organization’s tax-exempt status, donations generally remain deductible if they were made before the revocation’s effective date and the organization was eligible to receive deductible contributions at the time. Contributions made after that date generally […]