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Tax News for the week of November 6
Tax Relief & Deadline Extensions for Wisconsin Storm VictimsThe IRS has announced federal tax relief for individuals and businesses in Wisconsin affected by severe storms and tornadoes that began on July 27, 2026. Eligible taxpayers residing or operating businesses in Forest, Outagamie, Vilas, and Winnebago counties, along with any additional counties subsequently included in the [...]
Let’s take a closer look at accrued expenses
At the end of the reporting period, most businesses have accumulated operating costs that won’t be paid until the next period. If your business prepares financial statements under U.S. Generally Accepted Accounting Principles (GAAP), certain unpaid costs may need to be reported as accrued expenses. Overlooking them can understate your business’s liabilities and overstate its [...]
Tax News for the week of October 26
IRS Issues Final Regulations for Card-Based Tax PaymentsThe IRS and Treasury Department have issued final regulations allowing the IRS to directly accept federal tax payments by credit or debit card, implementing provisions of the Taxpayer First Act. These regulations eliminate the need to route taxpayers through third-party payment processors, with the goal of simplifying the [...]
What are the common warning signs of financial distress?
Owners, lenders, investors and other stakeholders often rely on a business’s annual financial statements to assess profitability, liquidity and overall financial health. However, the financials generally report what has already happened and may not fully reflect recent developments. Even when financial information is prepared regularly, stakeholders who rely solely on historical results may miss warning [...]
Tax News for the week of October 19
IRS Finalizes Rules for Credit and Debit Card Tax PaymentsThe IRS has finalized regulations implementing provisions of the Taxpayer First Act of 2019, allowing the agency to directly accept tax payments made by credit and debit card without requiring taxpayers to navigate to a separate third-party payment processor website. Previously, taxpayers making payments by card [...]
Prepare now for a more efficient audit
Audit preparation should begin long before fieldwork starts. Giving your accounting team and external auditor time to address significant transactions, reconcile accounts and assemble supporting documents can help streamline the audit process and avoid financial-reporting delays. Communicate significant developments Internal and external changes may bring opportunities and risks that could affect your auditor’s procedures. Identify [...]
Tax News for the week of September 25
A Reminder for Taxpayers About Estimated Tax Payment RequirementsThe IRS recently reminded taxpayers that estimated tax payments may be required when income is not subject to withholding or when the amount withheld during the year is insufficient. While estimated payments are commonly associated with self-employed individuals, other taxpayers may also need to make them if [...]
4 tips to help seasonal businesses enhance cash-flow management
Most businesses experience cash-flow fluctuations, but the swings can be especially intense for seasonal businesses. Revenue may rise sharply during busy periods and fall in slower seasons, yet many expenses continue year-round — and some must be paid months before sales peak. This timing mismatch can leave an otherwise profitable business short on cash. Here [...]
Making smarter capital investment decisions
Whether you’re buying equipment, automating processes, launching a new product line or expanding your facilities, capital investment decisions shouldn’t be based on intuition alone. Your management team may identify several promising growth opportunities. Which ones can your business realistically support today with available cash flow, financing and staffing — and which ones can wait? A [...]
Tax News for the week of July 31
Tax Update for Clients on Minnesota 2025 Income and Business Tax ReturnsThe Minnesota Department of Revenue has released the final 2025 individual and business income tax forms, incorporating retroactive federal conformity provisions and Minnesota tax law changes enacted on May 27, 2026. As a result of these updates, certain taxpayers who have already filed their [...]