Practice Management & Growth - Recent Threads

Under What Circumstances May a Health Plan Rescind a Participant’s Coverage?

Nageshwaran Gopal — Mon, 31 Aug 2026 19:54:52 GMT

QUESTION: We are a plan sponsor and want to make sure we understand the rules around rescinding health coverage. Under what circumstances may we rescind a participant’s health plan coverage, and what steps must we follow if we do?

ANSWER: Group health plans and insurers are prohibited from rescinding an individual’s coverage except in cases where the individual has engaged in fraud or made an intentional misrepresentation of material fact, as prohibited by the terms of the plan. Advance notice is required. A “rescission” is a cancellation or discontinuance of coverage that has retroactive effect. But a retroactive cancellation or discontinuance of coverage is specifically not considered a rescission if (1) it is effective retroactively to the extent attributable to a failure to timely pay required premiums or contributions toward the cost of coverage; or (2) it is initiated by the individual, and the plan sponsor or insurer does not, directly or indirectly, take action to influence the individual’s decision or otherwise take any adverse action or retaliate against, interfere with, coerce, intimidate, or threaten the individual.

To dig deeper, visit the original article on the Thomson Reuters blog.

From invisible to indispensable: How indirect tax professionals can increase visibility

Nageshwaran Gopal — Mon, 31 Aug 2026 19:36:16 GMT

New research reveals why strategic tax professionals go unrecognized and what top performers do differently

Highlights

Indirect tax professionals shape major business decisions, yet only 32% say their function significantly contributes to organizational objectives
Regulatory complexity, fragmented data, and shallow AI adoption keep indirect tax's strategic value largely invisible.
Leading tax professionals close the gap by measuring impact, engaging the C-suite, and building hybrid skills.

To dig deeper, visit the original article on the Thomson Reuters blog.

Domestic entities off the hook for beneficial ownership reporting under final rule

Nageshwaran Gopal — Mon, 17 Aug 2026 13:44:42 GMT

Treasury’s Financial Crimes Enforcement Network (FinCEN) has released a long-awaited final rule removing the requirement for U.S. entities and persons to report their beneficial ownership information.

The reporting requirement was put in place under the 2021 Corporate Transparency Act. Initially, a large swath of business entities was required to file reports with FinCEN detailing their owners, officers, and other control persons.

The beneficial ownership information, said the law’s proponents, would help enforcement authorities uncover shell company abuses, such as money laundering, financing of terrorist activities, and tax evasion. The CTA passed with broad bipartisan support as part of the 2021 National Defense Authorization Act, P.L. 116-283 (§§ 6401 to 6403).

To dig deeper, visit the original article on the Thomson Reuters blog.

Delaware shortens protest timelines for trust funds, clarifies statute of limitations, standardizes information return due dates

Nageshwaran Gopal — Mon, 17 Aug 2026 13:37:21 GMT

Trust fund taxes

The bill creates a statutory definition for “trust fund tax.” These are taxes collected by a third-party for remittance to the state. Under the bill, trust fund taxes includes all of the following: 988 surcharge; E911 surcharge; Hazardous Substance Cleanup Act (HSCA) Tax; lessee tax lodging tax (public accommodation tax); marijuana tax; public utility tax; scrap tire fee; short-term rental lodging tax; and withholding tax.

Shortened protest timelines

For the newly defined trust fund taxes, the time for a taxpayer to protest a proposed assessment or a refund denial is shortened from 60 days to 30 days.

Statute of limitations for substantial understatement of tax

The trigger for the 6-year extended statute of limitations for substantial understatements is clarified. The extended period now applies if a misstatement on a return results in a tax liability that is understated by more than 25% of the tax shown on the return. The previous trigger was based on the amount of omitted income.

Information return due date

The filing deadline for all Delaware information returns (for example, Form 1099, W-2) is standardized to January 31 following the close of the tax year, conforming to the federal due date.

Other technical changes

The act also expands public disclosure for information on expired business licenses, clarifies a definition for real property transfer tax purposes, and, effective retroactively to February 3, 2026, makes technical corrections to the trade name registration process.

To dig deeper, visit the original article on the Thomson Reuters blog.

Salary alone can mask the true cost of global hiring, study finds

Nageshwaran Gopal — Tue, 07 Jul 2026 14:11:07 GMT

For employers evaluating international hiring opportunities, salary is often the first number examined. But according to a new study comparing employment costs in major U.S. and European markets, salary may be only part of the equation.

Research conducted by Payoneer Workforce Management found that employer-side obligations such as payroll taxes, social security contributions, pension funding requirements, healthcare-related payments, and other statutory costs can substantially alter the total cost of employment depending on where a worker is located. The study examined six U.S. cities and six European cities using both a standardized salary benchmark and local-market compensation data.

To dig deeper, visit the original article on the Thomson Reuters blog.

Blåkläder scales compliant e-invoicing across Europe with ONESOURCE Pagero

Nageshwaran Gopal — Mon, 22 Jun 2026 15:20:29 GMT

Introduction

Blåkläder is one of Sweden’s leading manufacturers of heavy-duty workwear, with production of approximately 4.5 million garments annually and a growing footprint across Europe and North America. As the company expanded its operations across multiple markets, it needed a scalable invoicing setup that could support country-specific requirements while giving teams greater control and consistency across the business. The company operates sales offices in 19 countries and distributes its products to approximately 85 countries worldwide.

To dig deeper, visit the original article on the Thomson Reuters blog.

Inheritance tax strategies: A guide for tax and accounting professionals

Nageshwaran Gopal — Mon, 08 Jun 2026 15:22:21 GMT

Why technically sound inheritance tax plans often fail when emotions run high, and how to build client preparedness that goes beyond the balance sheet.

Highlights

Emotional readiness is as crucial as technical knowledge in inheritance tax strategies and generational wealth transfer.
Tax professionals can enhance client outcomes by fostering psychological resilience and explicit communication around expectations.
Integrating emotional intelligence with technical expertise leads to more durable, confident wealth transfer decisions.

To dig deeper, visit the original article on the Thomson Reuters blog.

Experts Share Refund Opportunities After Kwong, Abdo Decisions

Nageshwaran Gopal — Mon, 25 May 2026 14:10:10 GMT

A panel of tax controversy experts at the 2026 ABA May Tax Meeting on May 8 discussed two court decisions establishing a mandatory, multi-year suspension of many tax deadlines during the COVID-19 pandemic, laying out a range of potential refund claims and approaching action deadlines for practitioners.

The Mandatory Relief Period Explained

The panel’s discussion centered on IRC § 7508A, which grants the IRS authority to postpone tax deadlines for taxpayers affected by federally declared disasters. Following President Trump’s COVID-19 disaster declaration, which established an incident period “beginning on January 20, 2020, and continuing,” the IRS issued discretionary relief in Notice 2020-23 and Notice 2021-21.

To dig deeper, visit the original article on the Thomson Reuters blog.

5 audit tasks AI masters — and 3 it doesn’t

Nageshwaran Gopal — Mon, 25 May 2026 13:36:31 GMT

Discover how leading audit teams are using AI to accelerate document review, risk assessment, and knowledge management while maintaining the human oversight that defines audit quality.

What you'll learn:

The five audit tasks where AI delivers measurable efficiency gains, with adoption rates from 63% to 86% of professionals
The three critical areas where human judgment, skepticism, and relationship skills remain non-negotiable
Real-world applications you can implement immediately in document review, risk assessment, and compliance monitoring
A clear framework for deciding which workflows to automate and which to keep human-led

To dig deeper, visit the original article on the Thomson Reuters blog.

From manual to AI-powered: The evolution of trade classification

Nageshwaran Gopal — Mon, 11 May 2026 16:35:26 GMT

As global supply chains become increasingly complex and tariff landscapes shift unpredictably, the traditional approach to Harmonized System (HS) product classification is breaking down. IDC research reveals that companies using manual classification processes spend 60% more time on compliance activities. Here’s how we got here — and where the industry is headed.

To dig deeper, visit the original article on the Thomson Reuters blog.

Maryland Amends MPU Sales and Use Tax Certificate Provisions for Digital Products or Services

Nageshwaran Gopal — Mon, 11 May 2026 16:19:14 GMT

MPU Certificate Authorization

Authorized buyers: Specifically, the amendment requires an authorization by the Maryland Comptroller prior to the issuance of an MPU certificate by a buyer to a vendor. An authorized buyer can present to the vendor a fully completed certificate indicating MPUs of a digital code; digital product; data or information technology service described under NAICS Sector 518, 519, or 5415; or system software or application software publishing service described under NAICS Sector 5132. The amendment also requires an authorized buyer to deliver to the vendor the certificate indicating MPU at or before the time of purchase (i.e., previously, only at the time of purchase).

An authorized buyer can issue an MPU certificate to vendors if: (1) the buyer registers with the Comptroller for a sales and use tax account; (2) following registration, the buyer requests and obtains authorization from the Comptroller to issue a certificate; and (3) the buyer has paid all undisputed taxes payable to the Comptroller or provided for payment in a manner satisfactory to the unit responsible for collection of the tax.

To dig deeper, visit the original article on the Thomson Reuters blog.

How agentic AI and new tax and audit research tools will shape 2026

Nageshwaran Gopal — Mon, 11 May 2026 16:03:22 GMT

The shift from search-and-find to reason-and-act is transforming professional judgment in the tax and accounting world.

Highlights

Agentic AI will transform tax research by integrating reasoning and workflow automation in 2026.
Tax professionals will benefit from scalable expertise, improved quality, and faster client deliverables.
CoCounsel Tax and Audit exemplify AI tools designed to amplify professional judgment, not replace it.

To dig deeper, visit the original article on the Thomson Reuters blog.

Chair Atkins: SEC Nears Proposal to Allow Semi-Annual Reporting for Public Companies

Nageshwaran Gopal — Mon, 27 Apr 2026 13:28:49 GMT

Securities and Exchange Commission (SEC) Chairman Paul Atkins has indicated that the commission is very close to issuing a proposal to seek public comment on allowing public companies to provide semi-annual reports.

This is part of his goal to “make IPOs great again,” and is in response to President Trump’s personal recommendation in September 2025 that the SEC revise the reporting rules so that public companies would not be required to report on a quarterly basis.

Speaking at the Economic Club of Washington on April 21, 2026, which marks his one-year anniversary as head of the SEC, Atkins said that there has been debate and change in the frequency of corporate reporting.

To dig deeper, visit the original article on the Thomson Reuters blog.

Act Fast: Protect Pandemic Era Claims for Refund

Nageshwaran Gopal — Mon, 27 Apr 2026 13:22:57 GMT

A Major Taxpayer Victory — Kwong v. U.S.

In a significant taxpayer victory, the U.S. Court of Federal Claims in Kwong v. U.S. (11/2025) delivered a broad interpretation of disaster relief provisions for taxpayers affected by the COVID19 pandemic. The court acknowledged the practical reality that during a federally declared disaster, taxpayers are rightfully focused on personal safety and reestablishing their lives and businesses, making tax compliance a secondary concern. The court held that the version of IRC Sec. 7508A in effect during the pandemic tolled certain statutory tax deadlines for the entirety of the federally declared disaster period, plus the statutorily mandated 60 days resulting in an automatic postponement period that began on 1/20/20 and ended on 7/10/23.

The Window Is Closing — Act Before 7/10/26

The Kwong decision creates an opportunity for taxpayers who were charged penalties or interest between 1/20/20 and 7/10/23. During this multiyear COVID19 disaster period, penalties and interest charges should not have accrued on missed filing deadlines. Taxpayers who were assessed these amounts but have not paid them can request an abatement. For those who did pay, a refund is possible, but practitioners must act quickly.

Any claim for refund related to the COVID19 pandemic disaster, including claims related to the Employee Retention Credit (ERC), must be filed within three years from the legally recognized deadline of 7/10/23. This means the final day to submit claims to the IRS is 7/10/26. Claims for refund and requests for abatement are filed using Form 843.

To dig deeper, visit the original article on the Thomson Reuters blog.

Experts Mull Revenue Raisers to Combat Budget Deficits

Nageshwaran Gopal — Mon, 20 Apr 2026 14:58:28 GMT

The Revenue Gap and How to Close It

Louise Sheiner, a senior fellow at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution, opened by challenging the premise that mounting debt points inevitably toward sudden collapse. She argued that the primary effect of rising debt is a gradual reduction in future living standards rather than a looming catastrophe.

“It’s a slow, moving, gradual erosion of future living standards,” she said. “It’s not crisis or catastrophic.” Sheiner said the greater risks to fiscal stability are political rather than arithmetic, including threats to Federal Reserve independence, the credibility of statistical agencies, and the rule of law.

To dig deeper, visit the original article on the Thomson Reuters blog.

2025-2028 Vehicle Loan Interest Deduction: What You Need to Know

Nageshwaran Gopal — Mon, 30 Mar 2026 14:50:09 GMT

By Patricia Brandstetter, senior specialist editor at Thomson Reuters

For nearly 40 years, personal car loan interest has been off-limits as a tax deduction. That changed with the One Big Beautiful Bill Act (P.L. 119‑21, 7/4/2025), which temporarily allows the deduction under IRC Sec. 163(h)(4). For tax years 2025-2028, up to $10,000 of “Qualified Passenger Vehicle Loan Interest” (vehicle loan interest) per year is deductible – whether you itemize or take the standard deduction. Eligibility depends on the loan origination date, your income, and the type of vehicle.

If you bought a “qualified passenger vehicle” (qualifying vehicle) with a “specified passenger vehicle loan” (qualifying loan) in 2025, now is the time to claim the vehicle loan interest deduction on your tax return (Form 1040). If you plan to buy a new vehicle, you still have time: the deduction is available for loans originated through December 31, 2028.

To dig deeper, visit the original article on the Thomson Reuters blog.

Before Economic Nexus There Was Physical Presence Nexus: Why Overlooking Your Physical Footprint Creates Sales Tax Risk

Nageshwaran Gopal — Tue, 17 Mar 2026 11:54:31 GMT

Despite this fundamental shift, physical presence remains a fully independent basis for taxpayers to establish sales and use tax nexus in a state due to their physical footprint. With the rise of economic nexus, many businesses have lost sight of common bases for establishing physical presence, including in-state remote workers, independent contractors, inventory, or other supply-chain relationships. Courts and state tax authorities continue to affirm physical presence as an alternative basis for establishing nexus, and historical cases remain instructive for understanding how courts evaluate the sufficiency of minimal in-state activities. Tax practitioners who advise multistate retailers must maintain a firm command of physical presence principles alongside the economic nexus framework. The lack of uniformity among states intensifies this challenge. The stakes are high: a 2024 Arizona case resulted in an $8 million assessment because third-party distributors created physical-presence nexus that the retailer overlooked. Since then, multiple state tax agencies have issued guidance continuing to stake out aggressive physical presence nexus policies.

To dig deeper, visit the original article on the Thomson Reuters blog.

Wealth Planning Expert’s Advice on New Charitable Giving Floors

Nageshwaran Gopal — Tue, 17 Mar 2026 11:52:01 GMT

New Deduction Floors for Individual and Corporate Donors

The OBBB introduces deduction floors for both individuals and corporations, a change that may reduce or eliminate the tax benefit of smaller contributions.

For individuals, the law provides for a floor of 0.5% of a taxpayer’s contribution base, which is generally their Adjusted Gross Income (AGI.) The practical effect of this change is that an otherwise deductible charitable contribution must be reduced by 0.5% of an individual’s contribution base for the tax year.

To dig deeper, visit the original article on the Thomson Reuters blog.

From hours to minutes: How CoCounsel reimagined tax workflow efficiency at Copeland Buhl

Nageshwaran Gopal — Tue, 17 Mar 2026 11:26:30 GMT

Introduction and executive summary

With 14,000+ questions answered in six months and firmwide adoption, CoCounsel delivered faster insights, better quality work, and hundreds of hours recaptured across the tax practice.

Copeland Buhl is a top 20 Midwest accounting and advisory firm headquartered in Plymouth, Minnesota. Founded in 1971, it delivers a client experience that combines deep expertise in accounting, tax, and advisory services with a practical, relationship-driven approach.

Allison Stevens, Tax Partner and firm-wide technical lead, is part of the Compliance team responsible for reviewing tax returns. She is responsible for all technical issues, tracking new legislation and guidance, and technical training. With 67 professionals now licensed and actively using CoCounsel, the organization has fully integrated AI-driven research into daily tax workflows. This widespread adoption is yielding benefits of time savings and improved responsiveness to clients.

To dig deeper, visit the original article on the Thomson Reuters blog.

How tax teams can reclaim thousands of hours by eliminating manual work

Nageshwaran Gopal — Tue, 03 Mar 2026 15:47:46 GMT

Independent evidence from Forrester

Highlights

Tax teams lose significant time to manual, repetitive work
Organizations using standardized, integrated tax workflows (via ONESOURCE solutions) can reduce tax preparation time by 50%
Forrester’s independent TEI study found that these improvements deliver substantial financial gains

To dig deeper, visit the original article on the Thomson Reuters blog.

Michigan Treasury Department Discusses Impact of Nationwide Agribusiness Case on Insurance Companies

Nageshwaran Gopal — Tue, 03 Mar 2026 14:49:30 GMT

Background

The Michigan Corporate Income Tax is composed of three distinct taxes: (1) a tax on C corporations; (2) a tax on financial institutions; and (3) a tax on insurance companies. The general insurance company tax under Chapter 12 of the Michigan Income Tax Act is a 1.25% tax on insurance premiums written on property or risk located in Michigan. Insurance companies pay either the general insurance company tax or the so-called “retaliatory tax” imposed under Mich. Comp. Laws Ann. § 500.476a of the Michigan Insurance Code, whichever is greater.

The Nationwide opinion arose from a dispute between the Department and a group of out-of-state insurance companies affiliated with Nationwide Mutual Insurance Company dating back to the 2014 and 2015 tax years. In an opinion reversing a decision by the Michigan Tax Tribunal, the court of appeals interpreted Mich. Comp. Laws Ann. § 206.611(5), which defines “taxpayer,” to require that “when a group of companies qualify as a UBG, the UBG, and not the individual companies within the UBG, is the taxpayer and the UBG is required to file a unitary tax return.” Accordingly, the court ultimately held that, with respect to both the premiums tax and retaliatory tax liability, UBGs are required to file on a unitary basis, calculating and imposing these taxes at the UBG level.

To dig deeper, visit the original article on the Thomson Reuters blog.

Firms Need to Keep Pace With Gov’t AI Adoption, Tax Pro Says

Nageshwaran Gopal — Mon, 16 Feb 2026 13:43:29 GMT

Digital Shift

Modern tax administration has shifted towards an increasingly digital ecosystem, a change accelerated by the COVID-19 pandemic, which led to a massive backlog in unprocessed paper filings. Mailed returns, checks, and correspondence take longer to process and integrate into computer systems, an issue flagged during the pandemic frequently by the National Taxpayer Advocate and other watchdog agencies.

To dig deeper, visit the original article on the Thomson Reuters blog.

Thomson Reuters offers an end-to-end compliance platform for Oracle Fusion Cloud ERP users

Nageshwaran Gopal — Mon, 16 Feb 2026 13:40:06 GMT

Highlights

Fragmented compliance stacks create vendor sprawl, integration strain, and operational inefficiencies.
A unified end‑to‑end approach brings tax, e-invoicing, and global trade compliance together within an Oracle-native framework.
Embedding compliance directly into Oracle workflows enables global scale without added complexity.

To dig deeper, visit the original article on the Thomson Reuters blog.

ONESOURCE Global Trade product releases

Nageshwaran Gopal — Mon, 02 Feb 2026 13:49:16 GMT

Stay up to date on the latest product releases for ONESOURCE Global Trade.

By filling out this form you will gain access to the following release webinars and associated release notes:

February 2026 - 26.1 Release
November 2025 - 25.4 Release
August 2025 - 25.3 Release
May 2025 - 25.2 Release
February 2025 - 25.1 Release
November 2024 - 24.4 Release
August 2024 - 24.3 Release
May 2024 - 24.2 Release
February 2024 - 24.1 Release
November 2023 - 23.4 Release
August 2023 - 23.3 Release
May 2023 - 23.2 Release
February 2023 - 23.1 Release

To dig deeper, visit the original article on the Thomson Reuters blog.

What the OECD Side-by-Side Deal Means for US Multinationals

Nageshwaran Gopal — Mon, 02 Feb 2026 13:42:48 GMT

Pillar Two and the Side-by-Side Safe Harbor

The Pillar Two framework, part of the Global anti-Base Erosion (GloBE) rules, is designed to ensure that large multinational enterprises (MNEs) with annual revenue over 750 million euros are subject to a minimum effective tax rate (ETR) of 15% on income in each jurisdiction where they operate.

The framework functions through a combination of mechanisms, chiefly the income inclusion rule (IIR), which imposes a top-up tax on a parent entity for low-taxed foreign income, and the undertaxed profits rule (UTPR), which serves as a backstop. Many jurisdictions are also implementing qualified domestic minimum top-up taxes (QDMTTs) to collect any top-up tax on profits generated within their borders. The so-called “side-by-side” framework was put forth by the G7 in June to create a system that would exempt U.S.-parented MNEs from the Pillar Two rules.

To dig deeper, visit the original article on the Thomson Reuters blog.