Article Highlights: Internal Revenue Code (IRC) Section 61 Ill-Gotten Gains Exclusions from Income The Real Cost of Winning Game Show Prizes Picture this: you’re taking a stroll through the park, and you spot a five-dollar bill on the ground. Exciting, isn’t it? You look around to see if someone nearby may have dropped it. Seeing […]
AI is now built into your accounting software. Expense suggestions. Cash flow forecasts. Tax projections. “Smart” insights. It feels powerful. And in many ways, it is. But here’s the uncomfortable truth: AI doesn’t fix messy books. It analyzes them. And if the data is wrong — or incomplete — the advice will be wrong. Just […]
A slow quarter? You can recover from that. A late income tax payment? There are payment plans. Vendor pressure? Negotiable. But payroll tax debt? That’s different. If your business is behind on payroll taxes, you’re in one of the most aggressively enforced areas of IRS collections. And the longer it goes unresolved, the more personal […]
Article Highlights: Filing due date Balance due payments Contributions to a Roth or traditional IRA Individual refund claims for tax year 2022 Filing extension Foreign Bank and Financial Accounts Report (FBAR) Estimated tax payments for the first quarter of 2026 Just a reminder to those who have not yet filed their 2025 federal tax return […]
April 2026 Individual Due Dates April 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer no later than April 10. You can use IRS Form 4070 or your own statement that […]
Most homeowners groan when they see their annual property tax bill, especially the school portion, which often makes up the largest share. In many cities and towns across the U.S., school taxes are the single biggest line item on your tax bill. But what if your school tax was $0? It sounds like a fringe […]
Article Highlights: Employees Self-Employed Individuals Periodic Payments Underpayment Penalty Safe Harbor Payments Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed individuals must prepay their taxes by making periodic estimated tax payments. These are referred to as estimated tax payments because the self-employed individual must estimate his or her […]
Article Highlights 24/7 Access Quick Posting Direct Deposit Necessary Information As you are no doubt aware, the IRS has made a significant shift in its approach to issuing tax refunds by discontinuing the practice of sending refunds via paper checks. This change is part of an ongoing effort to enhance efficiency and security in processing […]
Article Highlights: The “Mailbox Rule” Has Changed The New 2025 USPS Postmark Rule How to Secure Proof of Mailing Obtaining a Manual Postmark (Hand-Cancel) Best Practices for Time-Sensitive Mailings For decades, taxpayers have relied on a simple principle known as the “Mailbox Rule.” Formally enshrined in Internal Revenue Code Section 7502, this rule states that “timely […]
Article Highlights: Taxpayer Eligibility and Deduction Limits Personal Use Requirement Deduction on Mixed-Use Vehicles Types of Eligible Expenses Qualified Vehicles What Interest Qualifies Lender Reporting Requirements The IRS has introduced proposed regulations that outline the eligibility criteria for deductions on interest paid on loans for qualified passenger vehicles intended for personal use. This deduction, under […]