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My CPA LLP CPA firm specializing in tax planning, accounting, audit, CFO and advisory services nationwide.

Are you ready for your next financial statement audit? A well-planned audit is typically more efficient, less disruptive...
10/23/2026

Are you ready for your next financial statement audit? A well-planned audit is typically more efficient, less disruptive and easier to manage than one that relies on last-minute preparation. Before fieldwork starts, inform your auditor about significant business developments, resolve accounting questions, review last year’s adjustments and control recommendations, and organize supporting documentation. Complete records, clear responsibilities and prompt responses can help avoid delays and minimize surprises. Contact us to coordinate audit planning and address potential issues early.

Did you file a refund or abatement claim based on Kwong v. United States? This case found that the IRS improperly assess...
10/23/2026

Did you file a refund or abatement claim based on Kwong v. United States? This case found that the IRS improperly assessed certain penalties and interest during the COVID-19 pandemic. The IRS has denied some Kwong claims, but that doesn’t necessarily end the matter. Litigation is ongoing. If you received a denial letter, keep your records and check applicable deadlines. A formal claim disallowance notice generally starts a two-year period to file a refund lawsuit. If your abatement request was denied and you later pay the disputed amount, you may still be able to file a refund claim. Different rules apply to unpaid amounts. Don’t ignore collection notices. Contact us to review your options.

Blended and nontraditional families shouldn’t assume inheritance and other laws will produce the results they expect. Fo...
10/22/2026

Blended and nontraditional families shouldn’t assume inheritance and other laws will produce the results they expect. For example, if you’re a stepparent, a stepchild generally will have no automatic right to inherit from you. Similarly, if you’re unmarried and raising a child with a long-term partner and the child is legally related to only your partner, you likely will have no automatic parental rights and the child will likely have no automatic right to inherit from you. Legal adoption can help, but you should understand all the consequences. You may instead be able to use estate planning documents and beneficiary designations to achieve your goals. Contact us to get started.

Catching wealthy individual and corporate tax evaders often requires cross-border cooperation. That’s why the IRS has pa...
10/22/2026

Catching wealthy individual and corporate tax evaders often requires cross-border cooperation. That’s why the IRS has partnered with the UK on its whistleblower program, the Strengthened Reward Scheme. According to the IRS, financial crimes increasingly employ “offshore accounts, shell companies, and fraudulent transfers that are incredibly difficult for external investigators to trace.” Among other things, whistleblowers can report money laundering, hidden assets and transfer pricing manipulation. Individuals with information don’t need to be U.S. or UK citizens to blow the whistle and potentially receive a monetary award.

Changes could be coming to your Health Savings Account (HSA). A new U.S. House bill would enable families to contribute ...
10/22/2026

Changes could be coming to your Health Savings Account (HSA). A new U.S. House bill would enable families to contribute additional funds to their HSAs in the year a child is born or adopted. In 2027, HSA participants normally will be able to contribute up to $4,500 (self-only coverage) and $9,000 (family coverage) pre-tax. The Savings for Tomorrow’s Opportunities, Raising Kids (STORK) Act would allow a one-time contribution of an additional $2,000 per qualifying child — so, for example, $4,000 for twins. HSA owners can take tax-free HSA withdrawals to pay medical expenses, and the STORK Act specifically aims to help offset the high cost of maternity and newborn care.

Year-end tax planning is especially important for business owners expecting substantial losses in 2026. The “excess” bus...
10/21/2026

Year-end tax planning is especially important for business owners expecting substantial losses in 2026. The “excess” business loss limitation restricts the amount of business losses noncorporate taxpayers can use to offset other income. Losses from these entities flow through to the owners and generally can offset income from other sources (such as salary, interest, dividends and capital gains) only up to the applicable excess business loss limit. For 2026, the limit drops to $256,000, or $512,000 for joint filers, down from $313,000 and $626,000, respectively, for 2025. Losses exceeding these limits generally become net operating loss carryforwards. Contact us for guidance.

The Social Security Administration has announced that Social Security benefits for 2027, including Old-Age, Survivors an...
10/21/2026

The Social Security Administration has announced that Social Security benefits for 2027, including Old-Age, Survivors and Disability Insurance (OASDI) and Supplemental Security Income (SSI) payments, will increase 3.6%. This is the largest annual cost-of-living increase since 2023, driven primarily by high inflation. Social Security retirement benefits will increase by about $75 per month on average starting in January. Increased payments to SSI recipients will begin on Dec. 31, 2026. (Note: Some people receive both Social Security benefits and SSI.) The maximum earnings subject to Social Security tax (the so-called “wage base”) will increase $7,800, from $184,500 to $192,300.

The IRS has released Standard Industry Fare Level (SIFL) rates for valuing noncommercial flights on employer-provided ai...
10/20/2026

The IRS has released Standard Industry Fare Level (SIFL) rates for valuing noncommercial flights on employer-provided aircraft from July 1, 2026, through Dec. 31, 2026. The rates, combined with an adjustment based on the aircraft’s weight and employee’s status, are used to calculate the taxable value of certain personal flights provided as employee fringe benefits. The rates are $0.3225 per mile for the first 500 miles, $0.2459 per mile for 501 through 1,500 miles, and $0.2364 per mile for miles exceeding 1,500. A $58.95 terminal charge also applies. The Dept. of Transportation calculates the SIFL rates and terminal charge. They’re reviewed semiannually. Contact us with questions.

Did a lender forgive or discharge some of your debt? You could face an unexpected federal income tax bill. Canceled debt...
10/20/2026

Did a lender forgive or discharge some of your debt? You could face an unexpected federal income tax bill. Canceled debt is generally treated as taxable income, even though you never received any cash. But exceptions and exclusions may apply. For example, debt discharged in bankruptcy or canceled while you’re insolvent may be partially or fully excluded from income. Insolvency generally means your total liabilities exceed the fair market value of your assets. Other exclusions may apply to specific types of debt, such as certain business-related real estate debt. If you receive a Form 1099-C, “Cancellation of Debt,” let us know. We can help determine how the canceled debt affects your taxes.

One of the 10 basic rights the IRS guarantees taxpayers is the right to a fair and just tax system. In practice, this me...
10/19/2026

One of the 10 basic rights the IRS guarantees taxpayers is the right to a fair and just tax system. In practice, this means that if you can’t pay your tax bill, you may be able to arrange a payment plan and can request an “offer in compromise” to reduce the debt. The IRS consults cost-of-living guidelines when assessing settlement offers. The agency can’t seize all of your wages to collect unpaid tax. It must leave you with enough to pay living expenses. The IRS is authorized to abate any interest that’s excessive or assessed erroneously, illegally or outside the legal collection period. Contact us for help if you believe the IRS is handling your situation unfairly. We can work with them.

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