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What Happens if You Miss the Form 1065 Filing Deadline?

If you missed the partnership tax deadline, the most important thing you can do is file your return as soon […] The post What Happens if You Miss the Form 1065 Filing Deadline? appeared first on .

5 Self-Employed IRS Tax Forms

Updated for tax year 2025. If you’re even a moderately successful freelancer, you likely know you must file a tax […] The post 5 Self-Employed IRS Tax Forms appeared first on .

What is Mississippi Income Tax? Rates & Tax Brackets

Erin Mckendrick

Get answers on Mississippi income tax, MS income tax rates, and Mississippi state tax brackets. Review 2025 updates, deductions, exemptions, and FAQs. The post What is Mississippi Income Tax? Rates & Tax Brackets appeared first on .

What is North Carolina Income Tax? Rates & Tax Brackets

Updated for tax year 2025. If you live or work in North Carolina, you’ll likely need to file a North […] The post What is North Carolina Income Tax? Rates & Tax Brackets appeared first on .

What is Georgia Income Tax? Rates & Tax Brackets

Updated for tax year 2025. If you live or work in Georgia, you’ll likely need to file a Georgia state […] The post What is Georgia Income Tax? Rates & Tax Brackets appeared first on .

How global trade professionals are using APIs to keep tariff, duty, and export control data current where decisions happen

A tariff rate changes on a Tuesday. Your team is working from a spreadsheet pulled two weeks earlier. By Thursday, … The post How global trade professionals are using APIs to keep tariff, duty, and export control data current where decisions happen appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

How can junior tax staff become advisors? A practical training guide

Tax season puts junior staff closer to client data than almost anyone else at the firm. They’re the ones … The post How can junior tax staff become advisors? A practical training guide appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

How to bring near real-time global trade data into procurement, finance, and operations

Picture three moments happening in the same week, in the same company, on completely different floors. Procurement is comparing suppliers … The post How to bring near real-time global trade data into procurement, finance, and operations appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

60 economies, two tariff tiers, and one deadline that’s already passed: Is your trade team ready for the next wave?

Highlights USTR’s Section 301 action imposes new tariffs on 60 economies covering 99.4% of all U.S. imports over forced-labor enforcement … The post 60 economies, two tariff tiers, and one deadline that’s already passed: Is your trade team ready for the next wave? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Tax industry trends 2026: Why accuracy is the new standard for AI

Thomson Reuters released its 2026 State of Tax Professionals Report, and the headline is hard to miss: tax, audit, … The post Tax industry trends 2026: Why accuracy is the new standard for AI appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

What is the true cost of not upgrading tax software?

Every tax partner and manager who’s pitched a new technology knows the objections before they’re even said out loud: … The post What is the true cost of not upgrading tax software? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Why your indirect tax compliance process is only as strong as the people running it

victoriabradford

The AI adoption timeline in tax is accelerating faster than anyone predicted. According to Thomson Reuters Institute’s 2026 Corporate Tax … The post Why your indirect tax compliance process is only as strong as the people running it appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

5 warning signs your corporate tax year-end close is at risk

Highlights Scattered data, single points of knowledge, and reactive fire drills put your year-end close at risk. Most tax departments … The post 5 warning signs your corporate tax year-end close is at risk appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

AI and reasonable care in trade compliance: What professionals actually need

The numbers tell the story. In 2020, US Customs and Border Protection published fewer than 180 regulatory updates for the … The post AI and reasonable care in trade compliance: What professionals actually need appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Is your tax department actually understaffed?

Most CFOs treat the tax department the way they treat the boiler room of a building. As long as nothing … The post Is your tax department actually understaffed? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Wealth Taxes in Europe, 2026

Cristina Enache

Wealth taxes not only collect little revenue and create legal uncertainty, but an OECD report argues that they can also disincentivize entrepreneurship, harming innovation and long-term growth.

Cigarette Taxes by State, 2026

Jacob Macumber-Rosin, Adam Hoffer

The highest state tax on cigarettes is levied by New York at $5.35 per pack of 20. The next highest tax jurisdiction is the District of Columbia at $5.07 per pack of cigarettes, followed closely by Maryland at $5.00 per pack, Rhode Island at $4.50 per pack, and Connecticut at $4.35 per pack.

Tariff Refunds Have Wiped Out Tariff Revenue Since May

Guy Cardwell, Erica York

The economic damage from a chaotic tariff regime can outweigh the revenue itself, and unlike the tariffs, it cannot be refunded.

How Expensing for Capital Investment Transforms Project Economics: A Case Study Approach

The OBBBA made substantial improvements to cost recovery, but more opportunities remain for policymakers looking to improve the investment climate in the US.

Does the EU Tax Omnibus’ R&D Expensing Proposal Make the EU More Competitive?

Martha Caziero, Alex Mengden, Sean Bray, Julius Graack

The EU Tax Omnibus proposal would create an EU-wide minimum standard for full expensing, but it confines that standard to qualifying tangible assets used in research and development (R&D) rather than to broader asset classes.

Full Expensing in the United States and Canada Boost Worldwide Investment Climate

Cristina Enache

Rather than adopt temporary policies that phase out and expire, policymakers should focus their efforts on long-term reforms to support investment.

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 $900 in 2026.

Overview of the Tax Foundation’s General Equilibrium Model

Huaqun Li, Garrett Watson, Erica York

The Tax Foundation uses and maintains a General Equilibrium Model, known as our Taxes and Growth (TAG) Model to simulate the effects of government tax and spending policies on the economy and on government revenues and budgets.

Capital Cost Recovery across the OECD, 2026 Update

Cristina Enache

The ongoing economic uncertainty from global geopolitical threats, supply chain disruptions, rising interest rates, and lagging economic growth in many developed countries have highlighted the importance of private business investment.

Capital Allowances in Europe, 2026

Cristina Enache

Although sometimes overlooked in discussions about corporate taxation, capital allowances play an important role in a country’s corporate tax base and can impact investment decisions—with far-reaching economic consequences.

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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. [...]

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 payroll, filing, and state-tax costs. Many active traders begin as sole proprietors, often the right choice. A trader who qualifies for trader tax status (TTS) may […]

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 […]

Washington B&O Tax and Active Traders (2026 Update): Still No Trader-Specific Safe Harbor, and the Statutory Base Remains Harsh

Key Risks for Washington Traders Possible Washington B&O tax on realized trading gains. Potential inability to offset realized trading losses. No trader-specific DOR safe harbor or formal guidance. Broad statutory definition of “investments” under RCW 82.04.4281 potentially reaching many financial instruments. No formal incorporation of federal Trader Tax Status (TTS) or Section 475 MTM rules […]

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 […]

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 […]

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.

What is the maximum ATO late lodgement penalty?

Ashley Debenham

The maximum fine handed out by the Australian Taxation Office (ATO) for not lodging your tax return by the 31 October deadline is $1,820! Fines can start at $364 for being just one day overdue, then increase over time, as follows: Days overdue Total fine amount 1 – 28 days $364 29 – 56 days […] The post What is the maximum ATO late lodgement penalty? 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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