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State Income Tax vs. Federal Income Tax: What’s the Difference?

State and federal income taxes share many similarities, but they serve different purposes and are administered by different levels of […] The post State Income Tax vs. Federal Income Tax: What’s the Difference? appeared first on .

IRS Payment Plans: The Basics

Updated for tax year 2025. If you find that you owe a significant amount of money to the government when […] The post IRS Payment Plans: The Basics appeared first on .

I Made a Mistake on My Return. What Do I Do?

Erin Mckendrick

Learn how to fix a mistake after you filed your return. The post I Made a Mistake on My Return. What Do I Do? appeared first on .

States With No Income Tax

Updated for tax year 2025. While most U.S. states levy a personal income tax, a few do not have a […] The post States With No Income Tax appeared first on .

Form 2441: Your Guide to Claiming the Child and Dependent Care Credit

If you paid for daycare, after-school care, or even a household employee so you could work or look for work, […] The post Form 2441: Your Guide to Claiming the Child and Dependent Care Credit appeared first on .

4 tax prep automation software hacks that actually save time

The tax and accounting industry has a reputation for large workloads, and oftentimes preparers end up bearing the brunt … The post 4 tax prep automation software hacks that actually save time appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

The strategic trade leader’s technology roadmap: Converting boardroom influence into operational excellence

You’ve earned your seat at the executive table — now here’s how to leverage that influence to build … The post The strategic trade leader’s technology roadmap: Converting boardroom influence into operational excellence appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Beyond product classification: What Section 232 requires from global trade teams

Steel, aluminum, and copper aren’t new to global supply chains — but the compliance obligations attached to them are. … The post Beyond product classification: What Section 232 requires from global trade teams appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Making the business case for automated direct tax software

Technology investment decisions in finance require more than promises — they demand quantifiable proof. When evaluating automated direct tax … The post Making the business case for automated direct tax software appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Thomson Reuters executives take on questions about AI liability for tax professionals: A Reddit AMA recap

alaina.bergen@thomsonreuters.com

On April 27th, Thomson Reuters Chief Product Officer David Wong and Chief Technology Officer Joel Hron hosted a live Reddit … The post Thomson Reuters executives take on questions about AI liability for tax professionals: A Reddit AMA recap appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Payroll pulse: Why payroll is a strategic asset in 2026

alaina.bergen@thomsonreuters.com

Understanding why payroll is a strategic asset in 2026 begins with recognizing a fundamental shift: payroll is no longer … The post Payroll pulse: Why payroll is a strategic asset in 2026 appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

From manual to AI-powered: The evolution of trade classification

Jump to ↓ Era 1: Physical inspection and printed tariff schedules (Pre-1988) Era 2: The harmonized system changes everything … The post From manual to AI-powered: The evolution of trade classification appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Building an emotional toolkit for CPAs: Why soft skills are actually technical skills

alaina.bergen@thomsonreuters.com

Taxes are emotional, even when the math is correct. Here’s why that matters more than you think. Let’s start with … The post Building an emotional toolkit for CPAs: Why soft skills are actually technical skills appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Why choose ONESOURCE for your direct tax software?

Corporate tax professionals face mounting pressure from all sides — increasingly complex regulations, multiple jurisdictions, compressed financial close timelines, … The post Why choose ONESOURCE for your direct tax software? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Mid-year audit tech reality check: Is your technology delivering on its promises?

alaina.bergen@thomsonreuters.com

We are well into 2026, and the lessons from last year’s busy season are still fresh. But here’s the … The post Mid-year audit tech reality check: Is your technology delivering on its promises? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Federal Gas Tax Holiday? Suspending the Gas Tax Is a Mistake

In response to surging gas prices, President Trump and several lawmakers have proposed suspending the federal gas tax via a gas tax holiday. Gas tax holidays have appeal across the political aisle, but suspending the federal gas tax is a uniquely ill-suited policy for addressing rising prices.

New Taxes on Nicotine Pouches in the EU Could Hamper Health Goals

Adam Hoffer, Jacob Macumber-Rosin

Academic research has continually found that making alternative nicotine products to cigarettes more expensive results in fewer smokers switching to less harmful products.

State and Local Tax Collections Per Capita by State, 2026

Tax collections vary widely by state, making per capita collections figures—a measure of collections per person—especially useful, as they allow comparisons across differences in tax rates and bases, economic capacities, and policy decisions that impact the size and scope of government.

Renting a Car? Half Your Bill May Be Taxes and Fees

Adam Hoffer, Jacob Macumber-Rosin

Rental cars are some of the most heavily taxed transactions in the US. Rather than levying additional taxes on rental cars by trying to export the tax burden to nonresidents, municipalities should enact principled, neutral transportation tax policy that is unlikely to discourage visitors, tourists, and other economic activity.

Louisiana and Oklahoma Propose a More Principled Tax on Moist Snuff Tobacco

Adam Hoffer, Jacob Macumber-Rosin

Two bills in Oklahoma and Louisiana shift towards a weight-based system for taxing moist snuff tobacco (MST), a policy that ensures neutral taxation across products and less revenue volatility.

Testimony: A High-Earner Surtax Would Hurt Rhode Island’s Small Businesses

Katherine Loughead

The economic literature overwhelmingly finds that an income tax increase of this magnitude would negatively affect economic growth and opportunity in Rhode Island.

How Well Do Carbon Taxes Match Their Promise? Evidence from 2023

The carbon tax is often considered the ideal climate policy. However, existing carbon taxes do not match the ideal theoretical policy. More than two dozen carbon taxes exist in the world today, and they vary widely in terms of design.

Minnesota Should Learn from Europe: Wealth Taxes Are a Failed Experiment

A new bill introduced in the Minnesota House seeks to tax non-real assets, imposing an annual tax of 1 percent on “taxable wealth” exceeding $10 million for individuals and trusts from tax year 2026 onward.

Tracking the Impact of the Trump Tariffs & Trade War

Erica York, Alex Durante

The Trump tariffs have not meaningfully altered the trade balance and amount to an average tax increase per US household of $700 in 2026.

Digital Services Taxes in Europe, 2026

Cristina Enache

Currently, about half of all European OECD countries have either announced, proposed, or implemented a digital services tax. Because these taxes mainly impact US companies and are thus perceived as discriminatory, the US responded with retaliatory tariff threats.

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2025 Tax Updates: New Standard Deduction Amounts, Tax Brackets, More

With a new tax season comes a new set of effective tax rates, standard deduction dollar amounts, and more minor changes from the Internal Revenue Service for 2025, keeping abreast of these adjustments is essential for maximizing potential refunds and minimizing liabilities. In 2025, taxpayers will encounter new standard deduction amounts, evolving individual income [...]

Don’t Ignore These IRS Collection Process Changes

The IRS collection process has undergone significant updates as the agency resumed efforts to enforce compliance with federal tax obligations in 2024. These changes set the stage for the filing season, when increased enforcement will impact the accounts of taxpayers with unresolved tax issues and unpaid taxes. The Internal Revenue Service will implement strategies [...]

What Does It Mean To Receive IRS Reference Number 1242?

The 1242 IRS usually appears when the Internal Revenue Service pauses processing your income tax return for additional review. While this doesn't necessarily indicate an error, it often means the IRS needs to verify certain information before issuing your refund. Reference 1242 may appear due to concerns about your income tax credit claims, inconsistencies [...]

Understanding IRS Notice CP210 & CP220

CP210 and CP220 notices are official IRS communications often related to business tax issues, IRS-made adjustments, or processing errors. These notices are not random; they usually result from calculation errors that have been identified, changes related to a specific tax period, or discrepancies that need clarification. Whether you filed with your Social Security Number [...]

Understanding Form 89-224: Texas Penalty Waiver

If you’ve received a notice from the Texas Comptroller’s Office regarding a penalty for failure to file or pay your tax report on time, know that you’re not alone. Many Texas taxpayers face late filing penalties or missed payments. Fortunately, the state offers relief through payment plans or payment penalty waivers, and Form 89-224 [...]

How to Avoid Tax Relief Scams

Growing concerns over the worst tax relief companies and an increasing number of tax relief scams highlight the importance of approaching tax resolution services with caution. Consumer complaints in recent years have exposed how some tax relief companies use delay tactics and misleading promises to lure in struggling taxpayers, only to provide little to [...]

Understanding IRS Notice CP215: Notice of Civil Penalty Charge

Receiving a letter from the IRS, such as Notice CP215, can be unsettling, especially because it involves penalties. This notice, also known as a Notice of Civil Penalty Charge, means that the IRS has determined that you may owe a civil penalty, often due to issues like outstanding returns or ongoing compliance problems. Whether [...]

Understanding IRS Form 4549

It can be intimidating to deal with documents you've never seen before, such as IRS Form 4549, which is often issued after an audit. This form outlines the IRS's proposed changes to your taxable income and may result in additional taxes owed, adjustments to tax credits, or other changes to your income tax return. [...]

What are the Consequences for Not Paying Taxes?

Not paying taxes can lead to a series of escalating consequences that go far beyond the simple financial burden. First, you may be subject to a failure to file penalty, which can be as much as 5% of your unpaid taxes for each month your return is late. The failure to pay penalty also [...]

Understanding IRS Form 5564 – Notice of Deficiency Waiver

When taxpayers receive a Form 5564 IRS document, it means that the IRS has determined that adjustments to their tax return are necessary. These official forms allow taxpayers to waive their right to challenge the IRS's proposed changes in Tax Court and accept the revised tax liability. If a taxpayer agrees with the IRS's [...]

GLD Tax Treatment Revisited: Wash Sales, Section 475, and the Section 1256 Debate

Updated Technical Position on GLD, GLD Options, and Related Commodity ETPs The tax treatment of gold exchange-traded products (ETPs), such as SPDR Gold Shares (GLD), has long generated confusion among investors, traders, tax preparers, and even practitioners specializing in trader tax issues. Much of the confusion stems from trying to apply the underlying economics of […]

Prediction Market Taxes: Capital Gains, Gambling, or Something Else?

Prediction markets like Kalshi and Polymarket are growing rapidly—but their tax and regulatory treatment remains unsettled. Recent litigation in New Jersey and enforcement actions in New York alleging certain event contracts, such as sports, constitute gambling may further influence how these products are viewed, although they do not determine federal tax treatment. If activity is […]

Tax Treatment for Trading Options in 2026: Rules, Pitfalls, and Planning Strategies

Options trading offers flexibility and leverage, but the tax rules are complex and frequently misapplied. Traders who do not understand these rules risk overstating losses, understating income, or both — often relying too heavily on incomplete broker reporting. This guide explains how options are taxed in 2026, focusing on classification, trade-level mechanics, anti-abuse rules, and […]

Tax Extensions 2025: 12 Tips to Save You Money by April 15, 2026

Tax season can be stressful, especially for traders and investors with complex reporting. Filing a tax extension is often a strategic move—not a red flag—that provides more time for accuracy and planning. What’s new for the 2026 tax season The April 15, 2026, deadline falls on a Wednesday (no holiday-related extension). IRS enforcement continues to […]

Spot Bitcoin ETPs, ETFs, and Wash Sale Rules: Property or Securities?

This issue has become a focus of debate among traders, advisors, and tax professionals because many broker‑dealers are reporting spot Bitcoin ETP transactions as securities on Form 1099‑B and subjecting losses to wash‑sale (WS) adjustments, while a grantor‑trust look‑through analysis treats these products as ownership of Bitcoin property, for which wash‑sale rules should not apply. […]

Trader Tax Return Reporting Strategies: How Active Traders Optimize Tax Savings and Reporting

Accurate tax reporting is one of the most overlooked opportunities for active traders to optimize tax results. While compliance matters, the real value of proper reporting lies in unlocking tax savings through Trader Tax Status (TTS), Section 475 mark-to-market (MTM), Qualified Business Income (QBI), the SALT cap workaround, and favorable tax treatment for different trading […]

2025 Year-End Estimated Tax Payments for Traders (Q4 Due January 15, 2026)

Updated for the 2025 tax year Estimated tax payments remain a critical compliance issue for active traders and investors. Missing or underpaying the Q4 estimated tax payment due January 15, 2026, can trigger IRS penalties and interest—even if you ultimately receive a refund when you file your return. Consider prepaying state estimated taxes before year-end […]

The Hedge Fund Medicare Tax Gap: How Active Limited Partners Fall Between SE Tax and NIIT

Since this article was first published, an appellate court has addressed this issue from a different perspective. Update Jan. 25, 2026: Fifth Circuit Rejects IRS Functional Test — Limited Impact Outside Three Southern States In Sirius Solutions, L.L.L.P. v. Commissioner, No. 24-60240 (5th Cir. Jan. 16, 2026), the Fifth Circuit Court of Appeals vacated a […]

RSU Stock and Investment Positions: Avoid Costly Section 475 Tax Traps for Traders

Traders who receive RSU stock or hold investment positions in the same account as their trading activity can face hidden tax traps under Section 475(f). Learn how to avoid IRS reclassification, excess-business-loss deferrals, and mismatched tax treatment—while still benefiting from Trader Tax Status and Section 475’s powerful advantages. A Common Issue for Active Traders Many […]

2025 Year-End Tax Planning for Traders and Investors Under the OBBBA

Get ready for year-end with proactive tax planning for traders. The One Big Beautiful Bill Act (OBBBA) made many TCJA provisions permanent and extended valuable deductions for traders. Smart timing of income, PTET payments, and S-Corp benefits before December 31 can lower your 2025 tax bill and set you up for success in 2026. Overview […]

Private Health Rebate: How does it impact my Private Health Insurance?

The private health rebate is a percentage of the total premium amount which can be applied as a reduction to your health insurance premiums or it can be applied as a refundable tax offset come tax time. What impacts my private health rebate? Your rebate is calculated based on your living status, age and income […] The post Private Health Rebate: How does it impact my Private Health Insurance? appeared first on Etax - Your Tax Return Online.

5 Smart Ways to Use Your Tax Refund This Year

This year, before you race off to the shops to spend your tax refund, consider how your tax refund could have the biggest impact on your life and your finances. At Etax we hear from lots of Australians (and tax accountants) about the ways they plan to spend their tax refund. Let’s look at some […] The post 5 Smart Ways to Use Your Tax Refund This Year appeared first on Etax - Your Tax Return Online.

Why Is My Tax Refund So Low?

And How Do I Avoid It Happening Again? Approximately eight out of every ten Australians who lodge a tax return receive a tax refund. But for some of us, the refund that we get isn’t quite as big as we expect. The post Why Is My Tax Refund So Low? appeared first on Etax - Your Tax Return Online.

$1,700 in Unpaid Super Every Year – Here’s What You Can Do About It

Ashley Debenham

Would it bother you if your weekly or fortnightly pay was consistently 12% short? Once you noticed, would you do something about it? If you’re like most Australians, the answer would be a resounding “Yes!”. Here’s the scary part: this is exactly what’s happening to as many as one in three Australians. So, what’s the […] The post $1,700 in Unpaid Super Every Year – Here’s What You Can Do About It appeared first on Etax - Your Tax Return Online.

How does your superannuation work?

Your superannuation questions answered. Just thinking the word ‘superannuation’ can make your brain spin. There are a lot of rules and limits to keep in mind. So, to answer some of your top superannuation questions, we take a quick look at how your super works. “Are my super contributions tax-deductible?” To learn more about super […] The post How does your superannuation work? appeared first on Etax - Your Tax Return Online.

How to defer a HELP debt during financial hardship

Ashley Debenham

If you have a HELP debt and are experiencing financial hardship, you may be eligible to ask the ATO to defer your HELP debt for a temporary period. If the ATO accepts your request, it means that they will put a temporary hold on your repayments. What is a HELP debt? Commonly referred to as […] The post How to defer a HELP debt during financial hardship appeared first on Etax - Your Tax Return Online.

What do I need to know about Superannuation rules?

Your employer sets aside a portion of your income as superannuation, for you to access when you retire. Strict superannuation rules and mandatory fund contributions have put Australians’ retirement savings ahead of people in many other countries that have no required retirement contributions. Superannuation is fairly straightforward for most of us who earn a wage […] The post What do I need to know about Superannuation rules? appeared first on Etax - Your Tax Return Online.

Superannuation Co-Contribution: Get More Money for Your Super

Ever wonder how you can better prepare yourself for retirement? Low or middle-income earners can give your super a nice boost – with very little sacrifice! Read on to find out how you can take advantage of the Federal Government’s superannuation co-contribution scheme. What is it the government super co-contribution scheme? The super co-contribution scheme is […] The post Superannuation Co-Contribution: Get More Money for Your Super appeared first on Etax - Your Tax Return Online.

What are the maximum super contribution and tax rates?

Ashley Debenham

When you know the super contribution limits and rates – and the different ways to add money to your super – you can boost your annual tax refund and save painlessly for your retirement. A healthy superannuation fund is an important part of planning for your retirement. Putting extra money into your superannuation is a great investment in your future. […] The post What are the maximum super contribution and tax rates? appeared first on Etax - Your Tax Return Online.

How to Pay Off Credit Card Debt Fast: 6 Strategies that work in 2026

Ashley Debenham

Key Takeaways: 6 Proven Strategies to Eliminate Credit Card Debt The top 3 questions asked about credit card debt in forums across Australia: Do these sound familiar? If you have credit card debt, you probably need to know the answer to these questions yourself. So, let’s answer them by looking at 6 proven strategies for […] The post How to Pay Off Credit Card Debt Fast: 6 Strategies that work in 2026 appeared first on Etax - Your Tax Return Online.

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