IRS CP53E Notices Are Causing Confusion About Refunds — Here’s What to Know

Did you receive an IRS CP53E notice and wonder what it means for your tax refund? Millions of taxpayers received these notices — in some cases erroneously — causing confusion about refund processing and bank account information. The notices also raised concerns about potential fraud. In response, the American Institute of CPAs (AICPA) is urging […]

Midyear Tax Planning Tips for Noncorporate Business Owners

Noncorporate business owners: Midyear is a good time to step back and think about taxes. After all, your business income affects your personal federal tax liability. If you’re a sole proprietor or owner of a pass-through entity, start by reviewing your expected 2026 income, tax bracket, deductions and cash flow to determine whether it makes […]

Adoption Assistance Programs Can Offer Valuable Tax Benefits for Employers and Employees

Employers: A qualified adoption assistance program is a family-friendly benefit worth looking into. It can help your employees manage adoption costs by allowing qualifying employer-provided payments or reimbursements to be excluded from federal taxable income. You can fund the program yourself or, in some cases, through pretax employee salary reductions under a Section 125 cafeteria […]

IRS Direct Deposit Refunds Rise as Paper Check Delays Continue

According to the U.S. Treasury Dept., 98% of taxpayers receive their IRS refunds electronically. In 2026, direct deposit refunds increased by 14% over 2025, likely due to the IRS’s paperless initiative. Yet not all taxpayers can receive electronic refunds. The Federal Deposit Insurance Corporation has reported that 4% of U.S. households lack a bank account. […]

IRS Releases FY 2025 Data Book Highlighting Tax Filing and Refund Trends

The IRS has published its annual Data Book for fiscal year (FY) 2025. It provides a statistical overview of the tax agency’s operations. A few highlights: In FY 2025, the IRS processed 271.4 million federal tax returns and supplemental documents, including almost 162.8 million individual income tax returns. The total revenue collected exceeded $5.3 trillion. […]

IRS Announces 27 States Participating in New Federal Scholarship Tax Credit Program

The IRS has announced that 27 states have elected to participate in the Federal Scholarship Tax Credit (FSTC) program. Under the program, beginning in 2027, eligible taxpayers can claim a federal tax credit for contributions to Scholarship Granting Organizations (SGOs) that provide scholarships for qualified elementary and secondary education expenses. To claim the credit of […]

New IRS Security Framework Targets Identity Theft and Payroll Fraud

In response to ongoing threats to tax and payroll data, the IRS and Security Summit partners have introduced a new framework to better protect taxpayers from identity theft and related fraud. One key improvement is increased collaboration with payroll providers, whose wage and withholding data are frequent targets for cybercriminals. The initiative also establishes five […]

Emergency Preparedness Includes Protecting Important Tax Documents

Emergencies can strike your home at any time, whether it’s a natural disaster, such as a hurricane or wildfire, or another event, such as an electrical fire or burst pipe. Preparation can help minimize disruption. Create (or update, if needed) your emergency plan today to protect your financial and tax records. Consider making secure electronic […]

Starting a Business? Your Choice of Entity and Tax Year Matters

The ultimate success of a business often comes back to decisions made at its inception. If you’re planning to start a business, one key decision is choosing its structure, commonly sole proprietorship, C corporation, S corporation, partnership or limited liability company. In addition to owner liability variations, all have different tax requirements that can affect […]

FinCEN and IRS Increase Scrutiny on Payroll Tax Fraud and Off-the-Books Wages

The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), in coordination with the IRS and other federal government agencies, is warning banks about “exploitation of the U.S. financial system by non-work authorized populations and their employers.” Banks are instructed to look for off-the-books payroll arrangements that might suggest an employer is hiring and concealing unauthorized workers […]