The just-completed tax season is plunking another 160 million tax returns on the IRS's front doorstep. And if you reported more than $400,000 in income, the likelihood you're going to be audited will be increasing dramatically.

I...

The U.S. tax system is suffering from deep and systemic rot and needs a ground-up rebuild. But with the IRS acting more as the infection than the cure, restoring effectiveness to America's tax system will require a revolutionary legislative ref...

Does the IRS deserve the heat it's taking for its lead role in the disastrously expensive and f...

Some high-profile personal finance commentators are big fans of the "backdoor Roth IRA." I'm not - at least not for high earners - and here's why: If you're making enough money to be considering a backdoor Roth, there are likely hig...

The IRS commissioner announced last month that the agency will now deploy artificial intelligence in pursuit of "wealthy tax cheats" who are using partnership structures to pay "little to no tax." But the announcement's logic doesn't...

Now that the U.S. Supreme Court has agreed to take up a lower court decision on taxation (Moore v United States) that could open or slam the door on a federal wealth tax, it's worth a deep dive into just how terrible a wealth tax would be for A...

The IRS is taking an increasingly aggressive and political anti-taxpayer tone in its public pronouncements. Successful entrepreneurs and businesspeople would do well to start listening - and step up the pace and intensity of their planning and prepar...

The U.S. Supreme Court has agreed to hear a landmark tax law case this fall, highlighting again the ever-changing extreme complexity of federal tax law. The case underscores an unfortunate reality: Businesspeople need a tax mitigation plan just a...

Many small and medium-sized companies are about to get hit with a new series of brutal financial shocks starting this year as key elements of the Trump-era Tax Cuts and Jobs Act of 2017 start to expire.

Having been written into law a...

A buzzword appeared in the world of small business about a decade ago: the accountant as "most trusted adviser."

As a certified public accountant, I'm flattered that we're consulted for a growing range of business needs, inclu...

Artificial intelligence is being hailed as a panacea that will help accountants work more efficiently and profitably and commit fewer errors. But the reality is much more complicated. At the same time, our profession's seemingly blind acceptance...

The year of 2023 is shaping up to be a rough one for small and midsize businesses. Borrowing costs are at 13-year highs, demand is slowing along with the economy and now they'll pay more in taxes.

Higher taxes come compliments of re...

Ask any business owner to name their most trusted adviser, and they usually mention their accountant. They assume their CPAs will accurately file their companies' tax paperwork on time, as well as develop a business tax plan with strategies to...

If you're one of the millions of small business owners considering retirement within the next few years, think twice before agreeing to any early, unplanned sale. You could be leaving millions of dollars on the table.

There are tax...

Come January 3, a new Congress will convene in Washington, DC, setting the stage for potential tax changes that could impact small and medium-sized businesses. With that in mind, it's important for businesses to engage in certain tax planning str...

Employee turnover is almost always costly for organizations, but it's rare that hiring new staff can hurt clients and raise their costs. The exception? The Internal Revenue Service.

The agency, which lost thousands of employees to...

There's no way to sugarcoat this: Small and midsize businesses should be scared to death about the consequences of the Inflation Reduction Act. Unless they provide goods and services to the green energy industry, the law's unforeseen conseque...

It's been one of the most tumultuous, uncertain years in modern history, and yet - at least in my line of work - we now have some form of certainty just in time for tax season.

With Democrats owning a voting majority in Congress...