Could a Roth Conversion Make Sense for You?

If you have a traditional IRA, you may want to consider converting some or all of the balance to a Roth IRA. Such moves typically allow people to turn tax-deferred future growth into tax-free growth and take advantage of a Roth IRA’s estate planning benefits. The converted amount is taxable the year of the conversion. […]

Changing Your Address With the IRS Shouldn’t Be This Complicated

The American Institute of CPAs (AICPA) has asked the IRS to act on a seemingly small but troublesome issue affecting some taxpayers. Currently, people and businesses that want to change their address with the IRS must mail paper forms. Businesses needing to change their name must submit a letter and supporting documents. Processing such requests […]

The Numbers Can Wait. Labor Day Can’t.

Today, the only thing we’re calculating is how much longer we can relax. Labor Day is a chance to pause and appreciate the people who keep our businesses, families, farms, communities, and country moving forward. To everyone who works hard, solves problems, builds things, serves others, runs a business, or simply keeps showing up day […]

Time for a brush up on sports betting

Football season is about to kick off. If you’ll be betting on college and NFL games this year, it’s time to brush up on the tax rules associated with gambling. Federal tax law requires taxpayers to report winnings on their tax returns, even if they don’t receive a Form W-2G for gambling winnings. Also a […]

Record Tax Revenues, but IRS Audit Revenue Falls

Tax revenues reached a record level during fiscal year (FY) 2025, but revenue from tax audits took a hit, according to a new report from the Treasury Inspector General for Tax Administration (TIGTA). Taxpayers paid the IRS $5.3 trillion, a 4.2% increase from FY 2024 and the most tax revenue ever paid by taxpayers, without […]

Company Car? Personal Use Can Create a Taxable Benefit

Does your business provide vehicles for employees to use? Business use of an employer-provided vehicle is generally excluded from an employee’s income, but personal use, such as commuting or running personal errands, is generally taxable. Employers must determine the value of personal use using an appropriate valuation method (such as cents-per-mile, commuting valuation or automobile […]

You Don’t Have to Face the IRS Alone

You don’t have to engage with the IRS on your own. The tax agency allows third-party authorizations, meaning you can ask a family member, friend, tax advisor or attorney to help with tax matters you specify. You may provide power of attorney to professionals authorized to practice before the IRS. They can represent and sign […]

Could You Qualify for Automatic IRS Penalty Relief?

The Taxpayer Advocate Service (TAS) is sharing tips for taxpayers who may be eligible for the IRS’s Automatic Exemption from Penalty (AEP) program. You may qualify if you have a history of timely filing and payment compliance. The AEP fully replaces the First Time Abate program for original returns with due dates on or after […]

Need a Copy of Your Tax Records? Know Your Transcript Options

There are many reasons individuals may need to access their tax transcripts. They include the need to file a tax return or apply for a mortgage or loan. In a Tax Tip (2026-25), the IRS lists several types of tax transcripts available for free to taxpayers. A tax return transcript shows most line items from […]

IRS Changes Course on Conservation Easement Tax Settlements

The IRS has established an Office of Conservation Easements to centralize expertise and coordinate policy, enforcement and case resolution involving conservation and historic preservation easements. As part of the transition, the IRS has ended its uniform settlement initiative (announced on May 13, 2026) and withdrawn deadlines for accepting previously issued offers. Prior elections remain in […]