Taxpayer Assistance Act Advances to the House for Consideration

The Taxpayer Assistance and Service Act has cleared another hurdle. On Sept. 30, the Senate unanimously approved the bipartisan legislation. The 65-provision bill, among other things, would enhance online account functionality, improve callback technology, provide more information about processing backlogs and require written supervisory approval before certain penalties are assessed. It also would strengthen oversight […]

Making smarter capital investment decisions

Whether you’re buying equipment, automating processes, launching a new product line or expanding your facilities, capital investment decisions shouldn’t be based on intuition alone. Your management team may identify several promising growth opportunities. Which ones can your business realistically support today with available cash flow, financing and staffing — and which ones can wait? A […]

IRS Proposes Rules for the New Federal Scholarship Tax Credit

The IRS has issued proposed regs on the Federal Scholarship Tax Credit (FSTC). The guidance clarifies how to claim the credit for qualified cash contributions to eligible Scholarship Granting Organizations (SGOs). It also addresses, among other things, how state tax credits affect the federal credit and how unused credits can carry forward for up to […]

IRS Clarifies Tax Rules for Charitable Gifts, Overtime Pay and More

The IRS National Office regularly releases information letters to the public responding to requests from taxpayers and government officials for general information on particular tax subjects. For example, in three separate letters, the IRS recently: 1) clarified general requirements for claiming charitable donation deductions, 2) addressed the tax status of sports governing bodies, and 3) […]

Feathering your retirement nest with alternative investments

The IRA Rollover Rule That Could Trigger Unexpected Taxes

The “one-rollover-per-year” rule limits retirement account holders to one indirect IRA-to-IRA rollover within a 12-month period. “Indirect” means you withdraw funds from one IRA and deposit them yourself in the same or another IRA within 60 days. If you attempt a second indirect rollover during the one-year period, the portion not previously taxed will be […]

New IRS Guidance Explains Trump Account Enrollment and Contributions

New temporary IRS regs address auto enrollment and contributions to Section 530A (or Trump) accounts. On or around Oct. 1, 2026, the U.S. Treasury Dept. will automatically establish accounts for eligible children with Social Security numbers who don’t have one. Parents or guardians must still claim the account before making deposits or receiving employer contributions […]

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 […]