Understanding IRS Fraud & Abuse Rules

The IRS categorizes a tax return containing inaccuracies that could lead to overstated credits or understated income as “potentially abusive.” It labels a return as “fraudulent” if the taxpayer attempts to file using another person’s Social Security number or includes information that has no basis in fact. Participating in an illegal scheme to evade taxes […]

FAQs about CAMs

If you’ve ever skimmed the auditor’s report for a public company and noticed a section titled critical audit matters (CAMs), you may have wondered what it means and whether it’s relevant to you. CAMs highlight complex, high-judgment areas that drive audit inquiries and testing procedures. Even for private companies, understanding audit risks can be helpful, […]

Trump proposes temporary suspension of gas tax

As the cost of gasoline continues to rise, President Trump is calling for a temporary suspension of the federal gas tax. Currently, the national tax is 18.4 cents per gallon for gas and 24.4 cents per gallon for diesel. An average of 51 cents in taxes and fees is added to every gallon of gas, […]

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The Hidden Tax Challenge Many Surviving Spouses Face

When a husband or wife dies, the surviving spouse may eventually face a higher income tax bill. Why? Filing status shifts from married filing jointly to single or head of household, triggering higher tax rates at lower income levels. So, if income remains relatively steady, the survivor can be pushed into a higher bracket. In […]

Summer Jobs Mean Summer Tax Responsibilities for Teens

A summer job is a great way for teens to earn extra cash, but it also comes with tax responsibilities. Anyone with self-employed income over $400, such as earnings from mowing lawns or babysitting, must file an income tax return and may owe self-employment tax. If a teen works for an employer that withholds payroll […]

Moving a Loved One Into a Nursing Home? Don’t Overlook the Tax Implications

Is your parent or another elderly family member moving into a nursing home? There may be tax implications. For example, long-term care expenses may qualify as an itemized deduction if they, along with other medical expenses, exceed 7.5% of adjusted gross income (only the amount over 7.5% is deductible). As long as your relative is […]

New provisions for 2026 may affect your tax planning

The many tax-related provisions that went into effect last year after the One Big Beautiful Bill Act (OBBBA) was signed into law are affecting 2025 federal income tax returns being filed now. However, some OBBBA provisions aren’t taking effect until this year. Plus, some changes under previous legislation are also taking effect in 2026. Here’s […]

IRS Expands Crackdown on Abusive Conservation Easement Deals

The IRS has expanded its guidance on abusive conservation easement transactions. It says promoter-driven conservation easement arrangements often rely on inflated property valuations, generating improper charitable deductions. A conservation easement is an agreement, usually with a government agency or land trust, to permanently restrict the use of real property. If an easement meets certain conservation […]

Volunteer Work May Come With Valuable Tax Deductions

Volunteering for a qualified charity can benefit more than your community — it may also provide tax savings. The time you spend volunteering for charity isn’t tax-deductible. However, some of your unreimbursed expenses directly related to volunteer work may qualify, including travel expenses (such as airfare, auto mileage, tolls, parking, lodging and meals), uniforms and […]