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Itemized Deductions vs. Above-the-Line Deductions

You probably know that claiming income tax deductions reduces your taxable income. But did you know that not all deductions are created […] The post Itemized Deductions vs. Above-the-Line Deductions appeared first on .

Your Complete Guide to Employee Stock Options and Tax Reporting Forms

Updated for 2025. Stock options and stock purchase plans are a popular way for employers to pad an employee’s compensation […] The post Your Complete Guide to Employee Stock Options and Tax Reporting Forms appeared first on .

14 Tax Tips for Self-Employed People

Updated for tax year 2025. As a self-employed taxpayer, do you ever envy your traditionally employed friends at tax time? Having […] The post 14 Tax Tips for Self-Employed People appeared first on .

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

Did you receive Form 1099-Q this tax year? The Internal Revenue Service (IRS) requires payers to send you this tax […] The post Form 1099-Q: What It Is and How to Use It appeared first on .

Estimated Tax Payments and Retirement: What You Need to Know

Updated for tax year 2025. If you’ve been an employee all your working life, you’re probably used to having income […] The post Estimated Tax Payments and Retirement: What You Need to Know appeared first on .

What the One Big Beautiful Bill Act means for the 2026 tax season

Highlights: OBBBA introduces new tax provisions and makes TCJA extensions permanent Implementing the right automation tools can boost efficiency Q4 … The post What the One Big Beautiful Bill Act means for the 2026 tax season appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Accounting talent shortage solutions for your firm’s next “hire”

Highlights: Automation helps firms boosts productivity without increasing headcount Technology can be leveraged as a tool to engage and retain … The post Accounting talent shortage solutions for your firm’s next “hire” appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Navigate tax season with these resources for accountants: 2025 edition

adam.gleason@thomsonreuters.com

As a tax and accounting professional, you know that each tax season brings new challenges and opportunities. For 2025, the … The post Navigate tax season with these resources for accountants: 2025 edition appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Impact of tariffs on tax and trade

Tariffs remain firmly in the spotlight as one of several pressing issues facing businesses under the Trump administration. And, in … The post Impact of tariffs on tax and trade appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Simplify e-invoicing compliance with ONESOURCE Pagero and Oracle ERP

kayla.malone@thomsonreuters.com

Tax authorities worldwide are driving significant changes in digital tax compliance through the implementation of e-invoicing and digital reporting mandates. … The post Simplify e-invoicing compliance with ONESOURCE Pagero and Oracle ERP appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Follow the money: 6 strategic steps to increase technology agility in indirect tax

Indirect tax is one of the largest, least visible cash flows in a global enterprise. Cashflow often represents 10% or … The post Follow the money: 6 strategic steps to increase technology agility in indirect tax appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Leading the next era of transformation: ExO, AI, and IP at the core

alaina.bergen@thomsonreuters.com

What if you could deliver 10x more value to your best clients without hiring a single new person? The accounting … The post Leading the next era of transformation: ExO, AI, and IP at the core appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Why is advisory good for me, my firm, and my clients?

alaina.bergen@thomsonreuters.com

The accounting profession has always evolved. However, the pace of change now is enabled by practical artificial intelligence (AI). While … The post Why is advisory good for me, my firm, and my clients? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

How to make changing tax legislation an opportunity for growth

← Blog home When it comes to tax legislation, change is the only constant. While many accounting firms find a … The post How to make changing tax legislation an opportunity for growth appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

The GenAI paradox: Why most tax departments aren’t using AI yet, and what early adopters are gaining

Debbie Berkovitch

Highlights: The adoption paradox — While 67% of corporate tax departments aren’t using GenAI yet, 57% implementing new technologies plan … The post The GenAI paradox: Why most tax departments aren’t using AI yet, and what early adopters are gaining appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

What You Should Know About the Trump Tariffs Being Challenged at the Supreme Court

Erica York, Alex Durante

The Supreme Court is deciding a case over whether the President can impose sweeping tax increases on imported goods. It’s a multi-trillion-dollar question with enormous implications for the US economy, taxpayers, and limitations on emergency powers.

Trump Tariffs: Tracking the Economic Impact of the Trump Trade War

Erica York, Alex Durante

The Trump tariffs amount to an average tax increase per US household of $1,200 in 2025 and $1,600 in 2026.

New Proposal Would Double France’s Harmful Digital Services Tax

Cristina Enache

France is proposing to double the tax rate of its digital services tax (DST) to 6 percent, making the DST even more discriminatory.

2026 State Tax Competitiveness Index

Janelle Fritts, Jared Walczak, Abir Mandal, Katherine Loughead

The State Tax Competitiveness Index enables policymakers, taxpayers, and business leaders to gauge how their states’ tax systems compare. While there are many ways to show how much state governments collect in taxes, the Index evaluates how well states structure their tax systems and provides a road map for improvement.

The State Tax Competitiveness Index Is Your Guide to Economic “Wins Above Replacement”

Taxes are an important part of the mix, and modernizing a state’s tax structure helps position it for growth. States that rank better on the Index have better-structured tax codes, and states with better-structured tax codes get Wins Above Replacement.

Illinois Lawmakers Are Attempting to Rush Through a Harmful Tax on Unrealized Gains in 48 Hours

Illinois lawmakers are attempting to rush through a harmful mark-to-market capital gains tax proposal that captures unrealized gains.

Sound Tax Policy Can Withstand Creative Destruction

Creative destruction—coined by famed economist Joseph Schumpeter—is the idea that new innovations disrupt and “destroy” existing economic structures as they create better and more efficient products and processes.

What to Expect from the New OBBBA Expensing for Manufacturing Structures

Alex Muresianu, Garrett Watson

Expensing for manufacturing structures is a significant step forward for the tax treatment of structures, but it could be improved in several ways.

Texas Ballot Measure Would Help Main Street with Increased Personal Property Tax Exemption

In 2025, the Texas legislature sought to make the state more competitive for small businesses by exempting a greater amount of business personal property from taxation, reducing compliance burdens at the cost of a trivial amount of revenue.

2025 Spanish Regional Tax Competitiveness Index

Cristina Enache

The 2025 Spanish Regional Tax Competitiveness Index allows policymakers and taxpayers to evaluate and measure how their regions’ tax systems compare.

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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 […]

Gross Receipts and Entity-Level Taxes on Traders in 2025: State and City Risks

State and city gross receipts taxes may apply to traders in unexpected ways. Learn which jurisdictions pose risks, which offer exemptions, and how to plan. Most traders focus on federal tax planning, including qualifying for Trader Tax Status (TTS), making a Section 475(f) mark-to-market election, and selecting the correct entity (or sole proprietorship) for health, […]

Los Angeles Business Tax and Traders: Why Gross Receipts May Be $0

The City of Los Angeles has begun mailing Business Tax Registration Certificate (BTRC) notices to residents, including traders eligible for trader tax status (TTS) who file a Schedule C for Section 162 business expenses only. For these own‑account traders (no clients, no advisory fees, not broker‑dealers), a reasonable position is that taxable “gross receipts” are […]

New Hampshire Business Taxes for Traders: BPT and BET Exposure in 2025

New Hampshire is one of the few states with no personal income tax, making it attractive for traders. However, the state imposes two separate business taxes: the Business Profits Tax (BPT) and the Business Enterprise Tax (BET). Traders with Trader Tax Status (TTS)—especially those using Section 475 mark-to-market (MTM)—need to understand whether these state taxes […]

New IRS Rules: Section 475 MTM Revocation Now Locked for 5 Years – Planning Options for Traders

The IRS recently issued Rev. Proc. 2025-23, which significantly tightens the rules for revoking a Section 475(f) mark-to-market (MTM) election. What was once a “free and easy” revocation process now carries new restrictions and potential costs. For decades, traders have used an alternative approach to suspend or exit Trader Tax Status (TTS), which also suspends […]

Can a Trader Benefit from Qualified Small Business Stock (QSBS) Under Section 1202?

Executive Summary Section 1202 of the Internal Revenue Code offers one of the most valuable tax breaks for investors: the ability to exclude up to 100% of capital gains on qualified small business stock (QSBS). The 2025 One Big Beautiful Bill Act (OBBBA) expanded these benefits by introducing tiered holding periods, raising per-issuer caps, and […]

SALT Cap Workaround Update: Why PTET Elections Still Matter After OBBBA

The $40,000 SALT cap phases out for high earners. Learn why PTET elections remain vital—preserving deductions, lowering AGI, and reducing AMT income. In my earlier blog posts — Senate Tax Bill Preserves SALT Workaround for Traders and SSTBs and OBBBA Trader Tax Update: 2025 Law Secures Key Provisions for Traders — I explained how Congress […]

Digital Asset Tax Accounting

Accurate accounting for digital assets is critical for U.S. tax compliance and effective financial strategy. This post covers taxable events, basis and gain/loss calculations, accounting methods, wash sale rules, and key considerations. Taxable Events for Digital Assets Taxable income, gains, or losses can result from: Selling for fiat currency (e.g., Bitcoin for U.S. dollars) Exchanging […]

Digital Asset Trading Explained: Tax Rules For Crypto, ETFs, Futures, Options, And Tokens

Update — October 6, 2025: Senate Finance Committee Hearing (October 1) Lawmakers and industry witnesses told the Senate Finance Committee that U.S. tax rules for digital assets remain unclear and burdensome. Members cited the need for practical guidance beyond the status quo (crypto as “property”), even as recent steps like the GENIUS Act’s limited exemption […]

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