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IRS Extends Tax Deadlines in Some States Due to Natural Disasters

Last updated Nov. 5, 2026. The Internal Revenue Service (IRS) has announced tax relief for taxpayers in areas impacted by […] The post IRS Extends Tax Deadlines in Some States Due to Natural Disasters appeared first on .

Important Tax Dates and Deadlines in 2027

Tax Day 2027 is April 15, 2027, which is when most people need to file their 2026 federal income tax […] The post Important Tax Dates and Deadlines in 2027 appeared first on .

Can I Claim My Boyfriend or Girlfriend as a Dependent on My Tax Return?

Updated for tax year 2026. If you and your significant other are living together without being married, you probably share […] The post Can I Claim My Boyfriend or Girlfriend as a Dependent on My Tax Return? appeared first on .

Smart Small Business Purchases to Make Before the End of the Year

Updated for tax year 2026. Small business owners, it’s time to expand your holiday shopping list. You’re not restricted to […] The post Smart Small Business Purchases to Make Before the End of the Year appeared first on .

9 Ways to Lower Your Tax Bill

Erin Mckendrick

It’s easy to ignore taxes before tax season rolls around, but if you’d like to pay less next season, you […] The post 9 Ways to Lower Your Tax Bill appeared first on .

The new skill nobody’s teaching accountants: How to review AI’s work

liz.cappon@thomsonreuters.com

For years, professional services firms have focused on a familiar challenge: how to complete more work with fewer resources. … The post The new skill nobody’s teaching accountants: How to review AI’s work appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

The 1099-DA problem: How IRS automated matching can turn crypto sales into CP2000 notices

Crypto has entered the information-reporting era, and practitioners have already flagged a gap. For 2025 transactions, brokers report gross … The post The 1099-DA problem: How IRS automated matching can turn crypto sales into CP2000 notices appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

What are clients getting wrong about tax changes? OBBBA compliance updates for 2027

Many tax clients perceive the One Big Beautiful Bill Act (OBBBA) as a singular tax law with one deadline. … The post What are clients getting wrong about tax changes? OBBBA compliance updates for 2027 appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

How to use AI in audit without creating inspection risk

AI is already entering audit workflows, whether firms have formally adopted it or not. Staff may use AI to … The post How to use AI in audit without creating inspection risk appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Payroll Pulse: Can you defend it? Pay transparency laws in 2026

Three payroll, HR and technology experts look at whether pay transparency compresses wages, why data skills may matter more … The post Payroll Pulse: Can you defend it? Pay transparency laws in 2026 appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

End-to-end compliance for Oracle Fusion Cloud ERP users

kayla.malone@thomsonreuters.com

Thomson Reuters has been named 2026 Oracle North America Independent Software Vendor (ISV) Partner of the Year, recognizing our … The post End-to-end compliance for Oracle Fusion Cloud ERP users appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Section 232 supplier data: Why it’s suddenly so hard to get

Ask a trade compliance manager what changed under Section 232, and most won’t start with tariff rates. They’ll start … The post Section 232 supplier data: Why it’s suddenly so hard to get appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

The 3 benchmarks changing how tax leaders justify automation

A recent Forrester Total Economic Impact study commissioned by Thomson Reuters benchmarks the financial return of automating direct tax—and … The post The 3 benchmarks changing how tax leaders justify automation appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Season-proofing the team: Protecting tax compliance continuity through turnover

Every direct tax team carries a quiet risk into compliance season: institutional knowledge that lives in one or two … The post Season-proofing the team: Protecting tax compliance continuity through turnover appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

6 signs your real-time compliance architecture may not scale, and what good looks like

victoriabradford

Real-time compliance has changed what tax authorities can see, and when. In some countries, invoices must pass government validation before … The post 6 signs your real-time compliance architecture may not scale, and what good looks like appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

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.

2027 State Tax Competitiveness Index

Janelle Fritts, Jared Walczak, Nicole Fox, 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.

What a Democratic Congress Means for Federal Tax Policy in 2027

Andrew Lautz, Garrett Watson

With Democrats retaking control of the US House of Representatives and US Senate, several new federal tax issues are on the table for 2027.

How Tax Policy Fared on the Ballot in 2026

In red and blue states alike, voters showed wariness toward novel changes to the tax code, with two notable exceptions.

UK Autumn Budget Prioritizes Short-Term Relief over Long-Term Growth

Cristina Enache, Alex Mengden

The UK’s 2026 Autumn Budget largely favors short-term relief over growth, highlighting the need for pro-growth reforms such as replacing the Stamp Duty Land Tax with annual property or land taxes.

Economic Education Includes Addressing Tax Confusion

Daniel Bunn, Zoe Callaway

Economics isn’t just a course with supply and demand graphs and a quirky usage of “guns and butter.” It’s a discipline focused on incentives and responses, and we can see its impact all around us, shaping our world and our choices.

What Is the US Debt Limit and Why Does It Matter?

The debt limit is one of Congress’s few chances to debate unsustainable borrowing, and reforms should create more room for bipartisan deficit reduction, not less.

Congress Has a Chance to Improve the Taxpayer Experience in 2026

Tyler Parks, Andrew Lautz

The Senate recently passed the Taxpayer Assistance and Service Act, which contains 65 provisions to improve tax administration and the IRS.

Pillar Two Implementation in Europe, 2026

22 of the 27 EU Member States have implemented both the income inclusion rule and the qualified domestic minimum top-up tax in 2026.

New Research Finds That Revenue-Maximizing Top Tax Rate Likely Lower Than Previous Estimates

A new paper shows raising top income tax rates on the current tax base may not yield as much revenue as previously estimated, due to opportunities to shift income to different tax bases within the tax code.

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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

If your business recently received IRS Notice CP210 or IRS Notice CP220, the Internal Revenue Service has adjusted a previously filed business tax return. Whether the adjustment stems from a mathematical calculation error, payroll tax deposit discrepancy, or missing tax schedule, understanding the difference between these two notices and meeting the response deadline are [...]

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. [...]

Options on GLD, IBIT, USO, and VXX: Why They Get 60/40 Section 1256 Treatment, Not Section 475

The companion article, “Trading GLD, IBIT, USO, or VXX? Your Section 475 Election May Not Cover All of Them,” asks whether the products themselves are securities under Section 475(c)(2). This post asks a different question: how are listed options on those products taxed? The four products are: SPDR Gold Shares (GLD) iShares Bitcoin Trust (IBIT) […]

Trader’s 2026 Year-End Tax Playbook: OBBBA, TTS, and Smart Moves Before December 31

Start Here: Your Year-End Tax Planning Checklist Before December 31, review your trading results, deductions, and tax payments. The One Big Beautiful Bill Act (OBBBA) changed several planning rules, but trader tax status, Section 475, and wash-sale planning remain central. Here are the key moves to consider: Review trader tax status (TTS). Qualifying traders can […]

2026 Year-End Planning for Trading Entities: S-Corps, LLCs, and PTET

In Part 1 of my 2026 year-end playbook, I covered the planning every trader should do before December 31: TTS, Section 475, excess business losses, QBI, wash sales, Section 1256, estimated taxes, and charitable giving. This post is for traders who trade through an S-Corp or LLC, or who are thinking about forming one for […]

Trading GLD, IBIT, USO, or VXX? Your Section 475 Election May Not Cover All of Them

Short version: Many active traders assume a Section 475 election covers everything in their trading account. It doesn’t. Section 475 mark-to-market treatment applies only to positions that meet the Section 475 tax law’s definition of a “security” and that you hold in your trading business. Exchange-traded products (ETPs) come in several legal forms, and the […]

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 […]

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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