Run a business with your spouse? You may encounter unique tax issues

Do you and your spouse together operate a profitable unincorporated small business? If so, you face some challenging tax issues. The partnership issue An unincorporated business with your spouse is classified as a partnership for federal income tax purposes, unless you can avoid that treatment. Otherwise, you must file an annual partnership return using Form 1065. […]

Real Estate Professionals Get More Time to Comply with FinCEN Rule

The Anti-Money Laundering Regulations for Residential Real Estate Transfers Rule (RRE Rule) was first published in 2024 and is intended to help fight money laundering. It requires real estate professionals to report certain information to the Financial Crimes Enforcement Network (FinCEN) and was originally scheduled to become effective Dec. 1, 2025. But on Sept. 30, […]

Oct. 15 Tax Deadline: Last Chance for 2024 Retirement Plan Contributions

Do you own a business (or are you self-employed) and have you extended your 2024 income tax return to Oct. 15, 2025? You may still be able to reduce your 2024 tax liability by setting up a retirement plan and making deductible contributions by Oct. 15. Keep in mind that, if you have employees who […]

Audit alert: Beware of potential conflicts of interest

As year end approaches, many businesses will soon be preparing for their annual audits. One key consideration is ensuring there are no potential conflicts of interest that could compromise the integrity of your company’s financial statements. A conflict of interest can cloud an auditor’s judgment and undermine their objectivity. Vigilance in spotting these conflicts is […]

Investing in Opportunity Zones? Here’s What the Latest IRS Guidance Says

Investors willing to make long-term investments in economically distressed communities have a tax incentive for doing so: the Qualified Opportunity Zone (QOZ) program. It allows investors to defer the tax (and potentially ultimately reduce it) on recognized capital gains by reinvesting those gains in Qualified Opportunity Funds (QOFs) that, in turn, invest in QOZs. The […]

Closing businesses: Don’t forget these tax tasks

IRS Faces Uncertainty Amid Government Shutdown — Filing Deadlines Still Apply

Congressional leaders were unable to come to an agreement on a short-term funding deal. As a result, the federal government has shut down. The last government shutdown was in 2019, lasting 35 days. According to the IRS’s contingency plan, most of its services will continue for up to five business days. It’s unclear what will […]

Tariff Confusion Fuels Rise in Consumer Scams

With increasing attention on tariffs, confusion is also rising. Consumer Affairs, a nongovernment consumer advocacy group, warns that scammers are seeking to exploit the confusion. They contact consumers by email or social media ads, urging them to sign up for tariff relief benefits such as gift cards or digital payments. To sign up, those targeted […]

FAQ: The One Big Beautiful Bill Act Tax Changes

FAQ: The One Big Beautiful Bill Act Tax Changes https://bit.ly/4mJ0Lvk

TIGTA Finds IRS Errors Led to Unlawful Levies on Taxpayers

In September 2025, the Treasury Inspector General for Tax Administration (TIGTA) issued a report on Collection Due Process (CDP) hearings. A CDP hearing allows taxpayers to request an independent review of a proposed levy action, such as the seizure of property to satisfy a tax debt, to ensure the action is justified. TIGTA found 55 […]