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Head of Household vs. Married Filing Jointly: Which Tax Status is Right for You?

Updated for tax year 2026. When it comes to taxes, picking the right tax filing status can make a big […] The post Head of Household vs. Married Filing Jointly: Which Tax Status is Right for You? appeared first on .

Form 1099-S: What It Is and How to Use It

You might receive Form 1099-S this year if you sold a house, some land, or another piece of property. But […] The post Form 1099-S: What It Is and How to Use It appeared first on .

Understanding IRS Forms 1095-A, 1095-B, and 1095-C for Health Insurance

Updated for tax year 2026. If you’ve found yourself with one or more 1095 forms this tax season, you might […] The post Understanding IRS Forms 1095-A, 1095-B, and 1095-C for Health Insurance appeared first on .

The SALT Tax Deduction Explained: What It Is, How It Works, and the 2026 SALT Cap

Understanding the SALT tax deduction (state and local tax deduction) can help you maximize your itemized deductions by reducing your […] The post The SALT Tax Deduction Explained: What It Is, How It Works, and the 2026 SALT Cap appeared first on .

Just Married: How to Fill Out Your W-4

Updated for tax year 2026. Big life events often trigger tax changes, and getting married is one of them. Though […] The post Just Married: How to Fill Out Your W-4 appeared first on .

Advisory is an emotional business disguised as a technical one

ximena.basulto@thomsonreuters.com

Clients almost always bring advisory questions in technical form: Should I buy the equipment? Should I change my entity? Can … The post Advisory is an emotional business disguised as a technical one appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

GenAI vs. agentic AI: The evolution from prompting to built-in tax workflows

Tax practitioners have spent the past two years learning how to write better AI prompts. But a second, distinct … The post GenAI vs. agentic AI: The evolution from prompting to built-in tax workflows appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

AI compliance maturity assessment: How does your indirect tax team measure up?

victoriabradford

AI is already showing up in indirect tax workflows whether or not there’s a formal process behind it. Indirect … The post AI compliance maturity assessment: How does your indirect tax team measure up? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Are you ready for what’s next in e-invoicing compliance?

victoriabradford

E-invoicing mandates aren’t slowing down. Governments across the globe continue to introduce new clearance, real-time reporting, and post-audit models, each … The post Are you ready for what’s next in e-invoicing compliance? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

How tax professionals can harness the power of AI while maintaining professional judgment

liz.cappon@thomsonreuters.com

AI is no longer a distant technological frontier — it’s already in your office. From research platforms to document … The post How tax professionals can harness the power of AI while maintaining professional judgment appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Evolution vs. revolution: An incremental approach to modernization and innovation for audit firms

In a rapidly changing and increasingly competitive business environment, it is essential for audit firms to stay ahead of the … The post Evolution vs. revolution: An incremental approach to modernization and innovation for audit firms appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Canada’s surtax on U.S. imports just got a lot bigger: What CN26-23 means for your compliance program

On September 7, 2026, the Canada Border Services Agency issued a new order (CN26-23) that changed the surtax landscape for … The post Canada’s surtax on U.S. imports just got a lot bigger: What CN26-23 means for your compliance program appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Canada’s steel surtax just doubled overnight

Effective September 8, 2026, the Canada Border Services Agency doubled its surtax on select U.S. steel and aluminum goods, from … The post Canada’s steel surtax just doubled overnight appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

CBP supply chain visibility requirements: Is your data ready to show it?

A new CBP proposal on supply chain visibility signals where import compliance is headed. The trade teams that act now … The post CBP supply chain visibility requirements: Is your data ready to show it? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

5 questions to ask tax software vendors before October 15

The run-up to October 15 looks nothing like the sprint to April. Work volume picks up from the summer, … The post 5 questions to ask tax software vendors before October 15 appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Tobacco Excise Directive: Trade-Offs for the Harmonization Vision

The European Union’s revised Tobacco Excise Directive (TED) is the latest proposal from Brussels that raises questions about the role that the EU plays in relation to the Member States.

Beer Taxes in Europe, 2026

Adam Hoffer, Jacob Macumber-Rosin

With much of the continent celebrating Oktoberfest, it is a great time to examine beer taxes across Europe. Hefty beer taxes increase the price consumers pay for their libations.

Three Facts Straightening Out the Debate Over Bonus Depreciation

Garrett Watson, Erica York

Expensing for capital investment is not a special tax break. Expensing aligns the timing of tax deductions with the timing of actual capital expenditures so that the tax code does not discourage marginal investment projects.

The Spiraling Cost of Federal Healthcare Subsidies and Carveouts

William McBride, Guy Cardwell

The US federal government faces several fiscal challenges in the coming decades, including the growing burden of federal healthcare programs and tax preferences.

Options Guide Shows the “No Tax On” Deductions Are Costly and Complex

Andrew Lautz, Garrett Watson

The “no tax on” deductions show the drawbacks of using narrowly tailored provisions to provide tax relief.

Full Expensing to Be Made Permanent in Canada

Alex Mengden, Cristina Enache

On September 15th, Canada announced that full expensing for machinery, equipment, and patent rights will be made permanent and broadened from around 15 percent to two thirds of business capital investment.

As Nicotine Pouch Market Grows, States Face Trade-Off Between Tax Revenue and Harm Reduction

Adam Hoffer, Jacob Macumber-Rosin

Oral nicotine pouches have rapidly become a popular option for consumers who want nicotine without the harmful combustion and chemicals of traditional cigarettes. As these alternative nicotine products (ANPs) successfully draw smokers to non-combustible nicotine consumption, many states have scrambled to incorporate these new products into their tax regimes.

Power and Tax Policy: When Does Leveraging Market Access as a Coercive Geoeconomic Tool Succeed?

While economic levers like sanctions and tariffs have long been recognized as geoeconomic tools, tax policies have rarely been considered a part of this toolkit.

What the 1990s-Era “Bit Tax” Can Teach Us About AI Tax Proposals

Policymakers considering AI-specific token or compute taxes can learn from the “bit tax” proposals of the 1990s during the rise of the internet.

No, Tariffs Can’t Fund $5,000 Dividends to All Adult US Citizens

At the Republican National Convention in Dallas, President Trump promised payments of $5,000 to every adult citizen in the US if the Republicans maintain control of the House and the Senate in the upcoming midterm elections. Vice President JD Vance later supported the idea, saying that the president’s new tariffs are generating a lot of revenue that can be shared with Americans.

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Amended Tax Return Status

Where's Your Form 1040X? The stress of tax season can translate to mistakes on your federal income tax return which could then cause you to miss out on a tax refund or have you owing money to the IRS when you shouldn’t have. No matter where you went wrong or how your incorrect federal return [...]

Guide to IRS Garnishments

What Is Garnishment? Garnishment is when the IRS takes a portion of your income—like wages, retirement payments, or contractor income—to pay off a tax debt. Wage garnishment from the IRS doesn’t take a flat percentage like most creditors. Instead, it calculates how much of each pay period you’re allowed to keep based on your [...]

2026 Tax Updates: New Standard Deduction Amounts, Tax Brackets, & More

In the 2026 tax season (filing for tax year 2025), taxpayers will encounter new inflation adjustments on over 60 tax provisions, including tax rates, standard deductions, and other changes. Knowing these changes can help you file your federal income tax returns. The Standard Deduction for Tax Year 2026 The standard tax deduction is a [...]

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. [...]

Bipartisan Digital Asset Tax Bill Could Apply Wash-Sale and Section 475 Rules to Crypto

A bipartisan digital-asset tax bill advancing in Congress could significantly change the federal tax treatment of cryptocurrency traders—and reverse the new 90% limitation on wagering-loss deductions. On September 16, 2026, the House Ways and Means Committee voted 38–5 to advance an amended version of the Digital Asset Tax Certainty Act, H.R. 10357, for consideration by […]

The Hedge Fund Medicare Tax Gap: Active Limited Partners, SE Tax, and NIIT

Originally published Nov. 17, 2025; last updated Sept. 18, 2026. Update Sept. 18, 2026: Second Circuit Upholds SE Tax on Active Limited Partners In Soroban Capital Partners LP v. Commissioner, No. 25-2079 (2d Cir. Sept. 17, 2026), the Second Circuit Court of Appeals affirmed the Tax Court, holding that the limited-partner exception from self-employment tax […]

How TTS Traders Report Section 475 MTM Gains and Losses on Form 4797

The election, accounting-method change, segregation rules, and tax-return reporting Executive Summary Trader tax status (TTS) and a Section 475(f) mark-to-market (MTM) election are related but separate. TTS is based on the taxpayer’s trading activity. Section 475 is an optional accounting-method election available to a qualifying securities or commodities trading business, and it must be made […]

Wash-Sale Accounting: Why Broker Form 1099-B Reporting Is Not Taxpayer Compliance

Excerpt: Form 1099-B is the starting point for wash-sale reporting, not the taxpayer’s final answer. Active traders may need a complete multi-account trade-accounting process to identify omitted wash sales, determine which losses remain deferred at year-end, and prepare an accurate Form 8949. Broker Form 1099-B wash-sale reporting is an information-reporting system, not the full taxpayer-level […]

Wash Sale Losses for Traders: How to Avoid Phantom Income and Costly Tax Traps

A practical 2026 guide to the 61-day window, cross-account reporting, IRA traps, year-end planning, and Section 475 MTM This article is for active securities traders with frequent turnover, multiple brokerage accounts, options activity, or overlap between taxable and retirement accounts. It discusses digital assets only to distinguish directly held spot assets from securities and legal […]

Too Good to Be True: Wall Street’s Tax-Aware Trades Could Bring IRS Trouble

Executive Summary: Wall Street’s fast-growing tax-aware long/short strategies seek to generate capital losses while keeping wealthy clients invested in the market. Ordinary tax-loss harvesting remains lawful, and these separately managed accounts are not automatically abusive. However, Fidelity and Schwab have restricted some long/short accounts, while the Treasury has warned that certain tax-focused investment products may […]

Trader Tax Forms and Compliance: How to Report Securities, Futures, Forex, and Crypto

Traders don’t report all their activity on one tax form. The correct reporting depends on the financial product, whether the taxpayer qualifies for trader tax status (TTS), whether the position belongs to a trading business or an investment portfolio, and whether elections such as Section 475 mark-to-market (MTM) or a Section 988 opt-out apply. That […]

Entity Solutions for Active Traders: Tax Benefits, S-Corps, and Section 475

Key point: An entity is not a substitute for trader tax status. Its value begins when the entity itself conducts a qualifying trading business, and the expected benefits exceed the costs of payroll, filing, and state taxes. Many active traders begin as sole proprietors, often the right choice. A trader who qualifies for trader tax […]

SECURE 2.0 Expands Roth Solo 401(k) Options For TTS S-Corp Traders

Profitable traders eligible for trader tax status (TTS) often use an S-Corp trading company to unlock employee benefits, including retirement plan contributions. The S-Corp pays officer compensation to the trader-owner, creating the earned income needed for employee elective deferrals and employer retirement-plan contributions. A Solo 401(k) is usually the best retirement plan for a profitable […]

The Most Important Trader Tax Court Cases Every Active Trader Should Know

Reference article for active traders who want a practical roadmap to the leading trader-tax cases. Trader Tax Status is only one part of trader-tax law. Tax Court decisions also address Section 475 elections, mark-to-market accounting, documentation and attribution issues, and the line between traders, investors, and dealers. This article is intended as a practical roadmap […]

Working Australians Tax Offset (WATO): What Does It Mean for You?

Cameron Prosser

The federal government announced in the 2026–27 Budget a new tax offset called the Working Australians Tax Offset, or WATO. It will be a permanent annual tax offset of up to $250 for Australians who earn an income from their job. The post Working Australians Tax Offset (WATO): What Does It Mean for You? appeared first on Etax - Your Tax Return Online.

Shared Finances vs Separate Bank Accounts – Which is Right For You?

Ashley Debenham

The Shared Finances vs Separate Bank Account Debate At some point, every couple has the shared finances vs separate bank accounts conversation. But, as with all money-related matters, it’s rarely a straightforward process. Let’s look at the 3 most common options for couples to manage their finances, to help you choose what kind of strategy […] The post Shared Finances vs Separate Bank Accounts – Which is Right For You? appeared first on Etax - Your Tax Return Online.

Saving Money: How to save a million dollars – plus how to save money faster

Ashley Debenham

How Can I be Great at Saving Money? To save money, you don’t need to make huge changes to your lifestyle. You don’t have to somehow find a job earning 5 times your current salary. What you need is to simply make the decision and commit to saving some money, however much or little that may be. […] The post Saving Money: How to save a million dollars – plus how to save money faster appeared first on Etax - Your Tax Return Online.

School holiday ideas for a tight budget

Ashley Debenham

Looking for cheap school holiday activity ideas? You’ve found them! From creative projects to local adventures, there are countless ways to enjoy school holidays on a budget. In this post, we’ve hunted all kinds of cheap and free school holiday ideas for activities that children (and adults) will love, that won’t put a strain on […] The post School holiday ideas for a tight budget appeared first on Etax - Your Tax Return Online.

ATO Late Lodgement Penalty: What Happens If Your Tax Return Is Late?

Ashley Debenham

Missed the tax return deadline? The best step is usually to lodge your overdue tax return as soon as possible. The Australian Taxation Office (ATO) may apply a failure to lodge on time penalty if you miss your due date. You may also face interest if your late return results in unpaid tax. The longer […] The post ATO Late Lodgement Penalty: What Happens If Your Tax Return Is Late? appeared first on Etax - Your Tax Return Online.

What is Loyalty Tax and How to Avoid Paying It

Ashley Debenham

What is Loyalty Tax? Firstly, it’s important to note that Loyalty Tax has absolutely nothing to do with the ATO. Loyalty tax is a sneaky, underhanded way that companies extract money from all of us. Fortunately, loyalty tax is avoidable. Some of the most well-known and trusted companies in Australia apply a loyalty tax against […] The post What is Loyalty Tax and How to Avoid Paying It appeared first on Etax - Your Tax Return Online.

HELP Repayment Rates: How To Repay HELP Debt Quickly

Need help with HECS-HELP debts? Here are some tips on repaying your HELP debt… If you are one of many people who finished university with a HELP (Higher Education Loan Program) debt, you might not be sure exactly what the steps are to repay help debt. It’s important that you know how to repay HELP debt, […] The post HELP Repayment Rates: How To Repay HELP Debt Quickly appeared first on Etax - Your Tax Return Online.

Find Lost Super – How to track down your superannuation and boost your retirement savings

Ashley Debenham

Are you looking for your lost super? Do you have multiple super funds? Not sure? It's easy to take control of your superannuation today. Finding and consolidating your lost super could significantly boost your retirement savings. The post Find Lost Super – How to track down your superannuation and boost your retirement savings 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.

Etax Fees: How much does a tax return cost at Etax.com.au?

Here’s everything you need to know about the low Etax fees and why Etax is Australia’s favourite online tax agent. Why is there a tax agent fee at Etax? Etax is a registered Australian tax agent that offers you: Etax is like visiting an old-fashioned tax accountant – but all online, fast and easy, anytime that’s […] The post Etax Fees: How much does a tax return cost at Etax.com.au? appeared first on Etax - Your Tax Return Online.

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