All Posts

If you're involved in state or local government financing, you may have come across IRS Form 7217 , titled "Consent to Extend the Time to Assess Tax Under Section 6208."   This document is critical for extending the statute of limitations for certain excise taxes related to bonds. Below, we’ll explore what this form is, when it’s used, and how to file it. What Is IRS Form 7217? Form 7217 allows issuers of state or local bonds to extend the time for the IRS to assess excise t

Converting a C corporation to an S corporation  can offer significant tax advantages, including pass-through taxation  and avoiding the corporate double tax . However, the IRS has measures in place to prevent corporations from avoiding taxes on appreciated assets through a quick conversion. One such measure is the Built-In Gains (BIG) Tax  under IRC §1374 . This blog will explore the history, mechanics, example calculations, and strategic considerations  surrounding the BIG t

The South Carolina Senate approved a major income tax cut bill on February 25, 2026 , boosting tax relief for a significant share of residents and reshaping the state’s individual income tax structure. This development represents one of the most meaningful tax policy moves in South Carolina in recent years. Tax professionals, business owners, and individual taxpayers alike need to understand what changed, what it means for upcoming tax seasons, and how this fits into broader

On February 20, 2026, the U.S. Department of the Treasury and the IRS released Notice 2026-16. The guidance introduces a new 100 percent depreciation deduction for qualified production property under Internal Revenue Code Section 168(n). For decades, nonresidential real property has been recovered over 39 years. This new provision allows certain production facilities to be fully expensed in the year they are placed in service, provided specific timing and use requirements are

Colorado lawmakers introduced a new set of tax proposals on February 18 that would reshape how the state funds family tax relief while tightening certain business tax rules. At the center of the package is a redesigned Family Affordability Credit aimed at providing more predictable support to working households. To fund that credit, lawmakers are also proposing limits on certain state-level business deductions and changes to Colorado’s treatment of downloadable software for s

We are excited to announce that our February release is officially live. This update represents a major step forward in making Bizora more integrated, more intelligent, and more aligned with how modern tax professionals actually work. Every improvement in this release was shaped by direct user feedback and real workflow observations during busy season. Below is a closer look at what is now available inside Bizora. Copy and Print Options Across the AI Assistant One of the most

Most tax professionals know how to find the answer to a client's question. They can track down the right IRC section, pull the relevant Treasury Regulations, and even locate a supporting Tax Court case. Where things fall apart is in the writing.  Turning a pile of research into a tax research memo that holds up under partner review, documents the firm's position for the file, and communicates something the client can actually act on is a skill that rarely gets taught in any f

Your client files are scattered across email attachments, a shared Google Drive, your desktop, and "somewhere on the server." You know where everything is. Probably. Until a phishing email hits the wrong inbox and suddenly the question isn't where your files are, but who else has them. Cyberattacks on accounting firms have surged since 2020, and with IRS Publication 4557, the FTC Safeguards Rule, and WISP requirements all tightening the screws, having a real system for protec

Massachusetts lawmakers have introduced new legislation that could significantly impact healthcare providers, tax professionals, and workforce planning across the state. House Bill H.3218 and Senate Bill S.1960 propose creating a Massachusetts healthcare preceptor tax credit designed to incentivize licensed clinicians to supervise students in clinical training programs. At a time when healthcare workforce shortages remain a persistent issue, this proposed state income tax cre

Tax data extraction and memo drafting eat up more professional hours than almost any other part of an engagement. The workflow is always the same: pulling numbers from client documents, cross-referencing against prior-year returns, researching each issue separately, verifying citations, and writing the whole thing up from scratch. For a moderately complex client, that process takes anywhere from four to ten hours. Multiply that across your entire roster during busy season, an

As digital assets such as cryptocurrency and non-fungible tokens continue to move into the financial mainstream, the Internal Revenue Service has introduced a major reporting change. Beginning with transactions occurring January 1, 2025, taxpayers will start receiving Form 1099-DA, Digital Asset Proceeds From Broker Transactions , during the 2026 filing season. This marks the first standardized federal tax reporting form specifically designed for crypto and NFT transactions .

The way tax professionals interact with the Internal Revenue Service continues to evolve as the agency accelerates its digital modernization efforts. In February 2026, the IRS announced an important expansion to its Tax Pro Account platform that directly affects accounting firms, tax preparation companies, and other organizations representing multiple taxpayers. For years, tax professionals have managed client authorizations through a combination of digital portals, mailed f

With the 2026 tax filing season underway, refund timing is once again a major concern for taxpayers, business owners, and tax professionals across the United States. Each year, millions of Americans rely on their federal tax refunds to manage cash flow, pay down debt, or build savings early in the year. The Internal Revenue Service  has stated that most taxpayers who file electronically and choose direct deposit should receive their refunds within about 21 days. This benchma

Biofuels sit at the crossroads of farming, fuel production, and tax. When tax rules change, the impact does not stay on paper. It shows up in investment decisions, supply contracts, and how much risk producers and lenders are willing to take. That is the context behind the latest update from the IRS and Treasury. This week, both agencies released proposed regulations for the Section 45Z clean fuel production credit. The credit applies to transportation fuels produced in the

A client calls with a multi-state nexus question. You know the answer involves Section 199A, a recent revenue ruling, and at least two state-level guidance documents. Now you need to put that in a memo your client can hand to their board and your firm can defend in case of audit. That’s exactly where AI tax tools for drafting tax memos either earn their keep or fall short. Getting a quick answer from an AI tax research assistant is one thing. Getting a structured, citation-ba

Each tax filing season brings a predictable rise in fraud, but the current filing period shows how much tax scams have evolved. As taxpayers rely more on digital filing, text notifications, and rapid refund processing, scammers are embedding themselves into what looks like normal tax activity. Today’s scams rarely rely on extreme threats or obvious red flags. Instead, they imitate routine filing season interactions. Refund updates, verification requests, payroll changes. The

The Taxpayer Advocate Service has released the National Taxpayer Advocate’s 2025 Annual Report to Congress , one of the most important documents tax professionals rely on to understand how the IRS is really functioning. The report is designed to be fully independent. It is delivered directly to Congress without prior review by the IRS or the Treasury Department. While it notes that taxpayer service improved in 2025, the central message is forward-looking. The 2026 filing seas

The standard vs. itemized decision matters again. Before the One Big Beautiful Bill Act was passed in July 2025, you probably had a quick answer. The $10,000 SALT cap made itemizing a losing proposition for most filers. But the rules shifted dramatically this year. The SALT cap quadrupled to $40,000, new senior deductions appeared, and the standard deduction amounts increased again. For the 2025 tax year (returns filed in 2026), every client conversation about deductions req

Starting January 1, 2026 , many types of federal student loan forgiveness previously excluded from taxable income under pandemic-era tax law are once again treated as taxable income by the IRS . For borrowers in Illinois and other states that conform to federal tax rules, this means the forgiven debt may be taxable at both the federal and state levels, a situation often referred to as a student loan tax bomb . This change has major implications for borrowers planning their fi

The average CPA works 50 to 80 hours per week during tax season , with partners hitting 100+ hours. Yet most firms can’t tell you where those hours actually go. These time management tips for tax season target the specific bottlenecks that matter: when you track it, 15 to 20 hours per week disappear into inefficiencies that have nothing to do with preparing actual tax returns. The data confirms it. Tax managers spend 8–15% of their time on complex research alone, and even dec

The Internal Revenue Service has officially opened the 2026 federal tax filing season , marking the start of the annual process for individuals and businesses to file 2025 tax year returns . For taxpayers and advisors, the opening of filing season signals more than just a deadline on the calendar. It sets the tone for compliance, planning, and cash flow decisions in the months ahead. This year’s tax season is particularly important due to recent federal tax law changes , new

January marks an important step forward for Bizora users. This release focuses on improving how you work with documents, increasing research accuracy for complex tax questions, and making it easier to verify every answer with trusted source material. From deeper file integration inside the AI Assistant to a new Xero connection, these updates are designed to reduce friction in daily tax research workflows and help users move faster with confidence. Here is a complete breakdow

Indiana lawmakers are advancing a targeted tax relief proposal aimed at hourly and service-industry workers. A state Senate committee has approved legislation that would temporarily exempt overtime pay and tip income from Indiana state income tax for one year . While narrow in scope, the proposal carries meaningful implications for employers, payroll compliance, and individual tax planning across the state. For CPAs , tax attorneys, and business owners, this development deser

The best tax research software for small firms combines three things: citation-backed answers from authoritative sources, transparent reasoning you can verify, and pricing that makes sense when you’re the only one using it. For solo practitioners specifically, the tool also needs to handle the full range of questions you face (federal, state, entity-level, individual) without requiring separate subscriptions or modules for each. This guide covers how to evaluate tax research