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 […]

IRS Advisory Committee Recommends Big Changes for Tax Administration

Simpler tax rules. Better digital tools. Stronger fraud protection. Those are just some of the priorities highlighted in the newly released Electronic Tax Administration Advisory Committee (ETAAC) 2026 report to the IRS and Congress. (ETAAC members represent taxpayers, tax professionals, tax software developers, payroll service providers, the financial industry, and state and local governments.) The […]

What are Benefit corporations?

New Tax Rules Are Making This Charitable Giving Strategy Even More Valuable

New Tax Rules Are Making This Charitable Giving Strategy Even More Valuable https://bit.ly/4exRIfs

Summer Internships Come with Tax Responsibilities

Does your child have a paid summer internship? Don’t let him or her forget about taxes. Many interns are surprised to learn that internship stipends or other related payments are generally taxable, even if the program offers training or educational opportunities. Depending on the arrangement, payments may be reported on Form W‑2 or Form 1099. […]

Can You Deduct Alimony on Your Tax Return? Here’s What You Need to Know

Can taxpayers deduct alimony payments? It depends on when you signed your divorce or separation agreement. If it was made in 2019 or later, you can’t deduct alimony (and alimony’s not included in the recipient’s taxable income). But these payments are generally deductible (and taxable to the recipient) if they’re subject to an agreement made […]