Q&As: Family business compensation problems

Billy Long Out as IRS Commissioner — What’s Next?

President Trump has removed Billy Long as the IRS commissioner. Long, a former Republican member of Congress from Missouri, was sworn in as the 51st IRS commissioner in June. His term was to run through June 2027. Treasury Secretary Scott Bessent will temporarily serve as acting IRS commissioner. Since Trump took office in January, the […]

Tax Avoidance = Smart Planning; Tax Evasion = Crime

What’s the difference between tax avoidance and tax evasion? Tax avoidance is taking legitimate actions to reduce your tax bill, such as funding an IRA or appropriately claiming a tax credit. Tax evasion is willful noncompliance with the tax law. This includes actions such as falsifying tax records, inflating expenses and hiding income, which can […]

Footnotes: The narrative behind the numbers

Although footnote disclosures appear at the end of reviewed or audited financial statements, they’re far more than a regulatory formality. They provide critical insight into a company’s accounting policies, unusual transactions, contingent liabilities and post-reporting events. The Financial Accounting Standards Board’s conceptual framework says footnotes “are intended to amplify or explain items presented in the […]

Employers Have Until Dec. 31, 2025 to Offer Student Loan Repayment Benefits

Employers seeking to attract new recruits and retain talent may want to offer educational assistance programs to their employees. The plans aren’t new, but they temporarily offer greater flexibility in how they work. Through Dec. 31, 2025, the funds can be used to help employees pay their federal student loan debts. According to the U.S. […]

Fact or Fiction? IRS Urges Caution with Tax Advice on Social Media

The IRS is reminding taxpayers that not all tax advice promoted on social media platforms is accurate. To help people access legitimate information, the IRS has listed websites (http://bit.ly/45o4V4s ) where it has an official presence: Facebook, YouTube, X, Instagram and LinkedIn. In general, these IRS accounts provide tax law news, event announcements and filing […]

What the new tax law could mean for you

As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July 4, when President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law. The OBBBA not only makes many TCJA provisions permanent but also […]

Should Churches Endorse Candidates? 1,500 Nonprofits Say No

More than 1,500 nonprofit and religious organizations are speaking out against the Trump administration’s intention to stop enforcing the Johnson Amendment. This amendment prohibits political campaigning by tax-exempt 501(c)(3) organizations, including churches. In a July 30 letter (http://bit.ly/41xMTvt ) to President Trump and the IRS, groups including Americans United for Separation of Church and State […]

Innocent Spouse Relief Isn’t Always Granted—Here’s One Example

Spouses filing joint federal tax returns are generally both liable for any tax owed. Some spouses may be eligible for “innocent spouse” relief, but such relief isn’t available in all cases. Recently, the 11th Circuit Court of Appeals upheld the U.S. Tax Court’s denial of relief to a “requesting” spouse who had failed to report […]

Understanding spousal IRAs: A smart retirement strategy for couples

Retirement planning is essential for all families, but it can be especially critical for couples where one spouse earns little to no income. In such cases, a spousal IRA can be an effective and often overlooked tool to help build retirement savings for both partners — even if only one spouse is employed. It’s worth […]