Another IRS Commissioner lost

The revolving door at the IRS commissioner’s office continues to turn. The IRS has now lost its fourth leader in three months. Acting Commissioner Gary Shapley was replaced after less than one week on the job. It was announced that Deputy U.S. Treasury Secretary Michael Faulkender will now assume the role of acting commissioner. In […]

Ratio rundown: Use financial benchmarking to unlock profitability, efficiency and growth

Financial statements tell a powerful story about your business. However, they can seem like an overwhelming collection of figures without proper analysis. Financial benchmarking studies can help you identify historical trends, pinpoint areas for improvement and forecast future performance with greater confidence. Gauging profitability Profitability ratios help evaluate how effectively a company generates profits from […]

IRS is streamlining tax administration

Spring cleaning is underway at the IRS. The agency recently released Notice 2025-22 (https://bit.ly/4cxrAOU ) identifying nine guidance documents being “obsoleted.” Much of the eliminated guidance relates to repealed or outdated tax code provisions, such as guidance on the medical device excise tax and on certain foreign tax credits. The goal is to streamline tax […]

Why you might want to form a C corporation

Should I amend my tax return?

You filed your tax return and breathed a sigh of relief. Then you realize that you forgot to include something important. In general, you can file an amended return and claim a refund within three years after your original return is filed, or two years after paying the taxes, whichever is later. So, if you […]

Trying to preserve assets can qualify as a profit motive for theft loss deduction

The Tax Cuts and Jobs Act eliminated a deduction for many consumer fraud losses through 2025. Now, taxpayers can only deduct casualty and theft losses associated with federally declared disasters or “transactions entered into for profit.” So some fraud victims may get hit twice, first by theft and second by taxes on stolen retirement funds […]

Nonresident Income Tax Filing Thresholds by State, 2025

Nonresident Income Tax Filing Thresholds by State, 2025 https://bit.ly/44IqCNY

April 15 deadline was the 70th anniversary of filing on that date

Did you know that 2025’s Tax Day marked the 70th anniversary of filing federal income tax returns by an April 15 due date? Between 1918 and 1955, the deadline was March 15. As the tax code became more complex, Tax Day was moved back to give taxpayers, tax professionals and the IRS additional time to […]

Check your 2025 withholding

The tax filing deadline has passed, and you’d probably like to put taxes out of your mind. That’s understandable. However, it’s worth your while to ensure that your 2025 withholding amount is correct. Did you receive an unexpected tax bill for 2024? If so, consider providing your employer with a new Form W-4 to have […]

Mitigate the risks: Tips for dealing with tariff-driven turbulence

President Trump’s “Liberation Day” announcement of global tariffs caught businesses, as well as foreign countries and worldwide financial markets, off guard. While the president has long endorsed the imposition of tariffs, many businesses expected him to take a targeted approach. Instead, Trump rolled out a baseline tariff on all imports to the United States and […]