Are you ready for a natural disaster?

Spring and summer are generally considered natural disaster seasons in the United States. One way you can help protect yourself and your family is to gather financial and tax documents and store them for safekeeping in the cloud or at an off-site physical location. Include records for: federal, state and property taxes; home, auto and […]

IRS reduces regulatory burden

Recently, the IRS issued Notice 2025-22, announcing cuts of multiple “extraneous and unnecessary” IRS notices, announcements and revenue rulings. Similarly, the U.S. Treasury Department has released a direct final rule (https://bit.ly/3RYTcDb ) to abolish certain regulations “with the goal of reducing regulatory burden.” These include specific financial, banking and procedural rules. Stakeholders may submit comments […]

Are you a tax-favored real estate professional?

For federal income tax purposes, the general rule is that rental real estate losses are passive activity losses (PALs). An individual taxpayer can generally deduct PALs only to the extent of passive income from other sources, if any. For example, if you have positive taxable income from other rental properties, that generally counts as passive […]

IRS Whistleblower Office plays a key role in tax collection

The IRS Whistleblower Office (WBO) plays a key role in tax collection. It relies on voluntary compliance, investigations, data analytics and information from people with knowledge of noncompliance. The WBO has released its first-ever multi-year operating plan. It outlines guiding principles, strategic priorities, recent achievements and initiatives to advance the WBO. It’s framed around six […]

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 […]