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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