For many business owners, tax season is the time when they step back and review the financial performance of their business. Tax returns bring the numbers together and provide a clear record of how the past year unfolded. That review is valuable. But tax returns, by design, focus on historical information. By the time they’re completed, [...]

Families are hearing more about “Trump Accounts” and wondering whether they’re worth paying attention to. Like many new tax-related tools, the details matter. Here’s what parents and guardians need to know—and how these accounts may (or may not) fit into a broader financial plan. What Is a Trump Account? A Trump Account is a newly created, [...]

What is MD&A? Management’s Discussion and Analysis (MD&A) is a required section of your annual financial report under GASB standards. It appears at the beginning of the financial statements and must be prepared by management, not the auditors. MD&A is classified as Required Supplementary Information (RSI) under GASB and is included as part of your audited [...]

Tax season brings a lot of important communication—and unfortunately, it can also bring scams. Each year, fraudsters take advantage of increased tax activity to try to collect personal and financial information.  At Abacus!, better guidance means helping you know what to watch for and when to pause before acting.  Awareness Is Your First Line of Defense  Tax-related scams often appear during this [...]

When you mail important tax documents,  like your federal return or an estimated tax payment, the date printed on the envelope matters. For decades, taxpayers have relied on the U.S. Postal Service (USPS) postmark date to meet IRS filing and payment deadlines under the “timely mailing = timely filing/paying” rule found in federal tax law (Internal [...]

As tax season begins, W-2s and 1099s are landing in mailboxes and inboxes. Before you file your return, it is important to take a few minutes to review these forms for accuracy. Catching errors early can help prevent delays, IRS notices, or amended returns later. How to Review Your W-2 or 1099 for Errors Start by [...]

Tax season is here, and it’s time to get everything in order for a smooth and stress-free filing. Whether you’re doing it yourself or working with a tax professional, being organized is key to making the process as simple as possible. To help you prepare, we’ve put together a comprehensive tax season checklist of the documents [...]

Wrapping Up the Year: Your 2025 Financial Checklist As the holidays approach and the year winds down, it’s natural to focus on celebrations, family gatherings, and a well-earned break. But before you turn the page to 2026, taking a few moments to review your finances can save you time, stress, and money later. A little organization [...]

Giving Thanks, Giving Back: How Charitable Contributions Can Benefit You at Tax Time November is a season for reflection and generosity. As you look back on the year and all that you’re thankful for, you may also be thinking about how to give back to the people and causes that matter most. Whether you’re writing a [...]

AICPA Requests IRS Guidance on New Tip and Overtime Deductions The American Institute of Certified Public Accountants (AICPA) recently asked the IRS and U.S. Treasury Department to provide clear guidance on how to report and document the new tip and overtime pay deductions created under the One Big Beautiful Bill Act. These new deductions apply to [...]