Dr. Sheri Thomas, CPA

10/16/2026

If a tax “strategy” seems too good to be true, it’s usually a bad idea.

Thomas Weickgenant, along with three other people named in the indictment who live in North Texas, promoted and sold a fraudulent trust scheme that was used to shelter more than $1.5 billion of income.

10/12/2026

October 15 Filing Extension Deadlines

Taxpayers who timely requested an extension to file their 2025 federal income tax returns generally must file by Thursday, October 15, 2026. The same deadline generally applies to calendar-year C corporations that received an extension to file their 2025 corporate returns (Form 1120).

In addition, U.S. persons with a financial interest in or signature authority over foreign financial accounts whose combined value exceeded $10,000 at any time during 2025, and who are required to file a Report of Foreign Bank and Financial Accounts (FBAR), generally must file by October 15, 2026. The FBAR extension is automatic; no extension request is necessary.

10/05/2026

Up to $5,120 of the Adoption Tax Credit Is Refundable for 2026 – Did You Know?

The Adoption Tax Credit helps eligible families manage qualified costs such as adoption fees, travel, legal services and home studies. In recent years, the credit was nonrefundable: it could reduce a person's federal income tax, but any unused amount generally had to be carried forward.

Under rules that took effect in 2025, part of the credit is now refundable. For tax year 2026, up to $5,120 per eligible child may be refundable, even if the taxpayer owes no federal income tax. Any unused nonrefundable portion may be carried forward for up to five years, but a carryforward cannot become refundable in a later year.

The Adoption Tax Credit is subject to income limits and other restrictions, and the timing of a claim depends on the circumstances of the adoption. A tax professional can help determine whether you qualify and how much credit you may claim.

09/08/2026

Quarterly Estimated Tax Payments - Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the June 1 - August 31, 2026 payment period is coming up next week on Tuesday, September 15, 2026.

For payments made using IRS Direct Pay, you can make payments until 11:45 p.m. ET on the due date. Debit and credit card payments may also be made online through an IRS-approved payment processor.

09/03/2026

🚨 IRS DIRTY DOZEN TAX SCAMS FOR 2026 🚨

The IRS has released its annual “Dirty Dozen” list of tax scams and schemes taxpayers should watch for:

1️⃣ IRS impersonation emails and texts
Scammers send alarming messages containing suspicious links or QR codes designed to steal personal information.

2️⃣ AI-generated IRS phone scams
Criminals use artificial intelligence, voice imitation and spoofed caller ID to sound legitimate. The IRS generally contacts taxpayers by mail first and does not demand immediate payment or threaten arrest.

3️⃣ Fake charities
Scammers create fraudulent charities following disasters and tragedies. Always verify that an organization is legitimate before donating.

4️⃣ Misleading social media tax advice
Viral “tax hacks” may encourage taxpayers to claim credits or deductions they do not qualify for, resulting in audits, penalties or delayed refunds.

5️⃣ IRS Online Account identity theft
Criminals may pose as helpers while trying to obtain information needed to access a taxpayer’s IRS account. Create and access your account directly through IRS.gov.

6️⃣ Fake undistributed capital-gain claims
Scammers promote fabricated or inflated Form 2439 claims to generate improper refundable credits.

7️⃣ Bogus “Self-Employment Tax Credit” promotions
There is no broad tax credit available simply because someone is self-employed. The IRS is closely reviewing questionable claims promoted online.

8️⃣ Ghost tax preparers
Avoid preparers who refuse to sign the return or include their PTIN. Never sign a blank or incomplete tax return.

9️⃣ Inflated noncash charitable deductions
Promoters may encourage exaggerated values for donated art, conservation easements or other property to improperly reduce taxes.

🔟 Fabricated withholding
Scammers encourage taxpayers to report withholding that was never paid to create a larger refund. The IRS verifies withholding against information reported by employers and financial institutions.

1️⃣1️⃣ Spear-phishing attacks targeting tax professionals
Fraudulent “new client” emails and document-sharing requests may contain malicious links or attachments designed to steal taxpayer information.

1️⃣2️⃣ Offer in Compromise mills
Aggressive companies may charge large fees while promising tax-debt settlements to people who do not qualify. Eligibility can be checked directly through the IRS.
Protect yourself:

✅ Do not click unexpected links or attachments.
✅ Hang up on threatening or suspicious callers.
✅ Verify information directly through IRS.gov.
✅ Use a reputable tax professional.
✅ Report suspicious IRS-related messages to [email protected].

Remember: If a tax strategy sounds too good to be true, it probably is. Taxpayers remain legally responsible for the information reported on their returns.

09/01/2026

Educator Classroom Expense Deduction – Did You Know?

Eligible K-12 teachers, instructors, counselors, principals and aides who pay for classroom supplies out of pocket may deduct up to $350 of qualifying expenses per year. Married couples filing jointly who are both eligible educators may deduct up to $350 each, for a combined maximum of $700.

You do not need to itemize deductions to claim this deduction. Be sure to keep receipts and other records for any classroom expenses you plan to deduct.

08/30/2026

📘 New Business Owner’s Financial Survival Guide

Starting a business is exciting—but managing the financial and tax responsibilities can quickly become overwhelming.

I created the New Business Owner’s Financial Survival Guide to help new and aspiring business owners understand the financial basics they need to build a strong foundation.

This practical, easy-to-understand guide covers:

✅ Choosing a business structure
✅ Obtaining an EIN
✅ Separating business and personal finances
✅ Establishing an effective bookkeeping system
✅ Understanding self-employment and estimated taxes
✅ Tracking and categorizing business expenses
✅ Preparing for Schedule C and tax filing
✅ Following monthly and year-end financial checklists

You don’t need an accounting degree to manage your business finances—but you do need a reliable system and a clear understanding of your responsibilities.

Get your downloadable copy here:

https://sherithomascpa.gumroad.com/l/newbusinessguide

Stop Guessing. Start Building.Most new business owners don't fail because they worked too hard — they fail because nobody told them the financial rules before they broke them.The New Business Owner's Financial Survival Guide is a step-by-step roadmap written by a CPA with 25+ years of experience h...

08/24/2026

Major Higher Education Tax Credits Now Require Valid SSN – Did You Know?

The American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) help many Americans pay for higher education. For eligible students pursuing a degree or other recognized credential, the AOTC can cover up to $2,500 in tuition, required school fees and certain course materials per year. Meanwhile, the LLC can offset up to $2,000 per tax return for qualified education expenses for eligible students taking higher education courses for a variety of reasons.

Beginning with tax year 2026, the taxpayer claiming either the AOTC or LLC (and spouse, if filing jointly) must have a Social Security number (SSN) valid for work in the United States that was issued before the due date of the tax return, including extensions. If the eligible student is not the person claiming the credit (for example, if the student is that person's dependent or spouse), then the student must also have a valid SSN issued by that deadline. Other qualification requirements, such as income limits, remain in effect. A tax professional can help you determine whether the higher education expenses you pay for yourself, your spouse or a dependent qualify for a tax benefit.

08/18/2026

🚨 IRS FOCUS ON S CORPORATION REASONABLE COMPENSATION 🚨

The IRS is moving toward adding an artificial intelligence overlay to its legacy computer systems. 🤖

One area expected to receive increased attention during the next 12–18 months is reasonable compensation for S corporation shareholder-employees. Letters may be sent when an S corporation return reports shareholder distributions but little or no officer compensation. 📬

This is an important reminder that shareholder-employees generally must receive reasonable compensation for the services they perform before taking non-wage distributions. S corporation owners should review compensation annually and maintain documentation supporting how the amount was determined. 📋✅

08/18/2026

Seasonal Employers - Did You Know?

Summer is a peak time for many businesses to hire seasonal employees. In general, the same federal tax rules apply to these workers as to permanent staff. Employers typically must withhold federal income tax and F**A (Social Security and Medicare) taxes and pay the employer share of F**A. Employers subject to FUTA must also pay federal unemployment tax on taxable wages.

Seasonal employers often must file Form 941 (Employer's Quarterly Federal Tax Return) for quarters in which they pay wages. However, they generally do not need to file for quarters in which they paid no wages and have no employment tax liability. If this applies, check the "Seasonal Employer" box on every Form 941 you file.

Employment taxes generally must be deposited monthly or semiweekly, based on the applicable lookback period. FUTA follows separate deposit rules and generally must be deposited when accumulated FUTA tax exceeds $500 for a quarter. Federal tax deposits must be made electronically, including through EFTPS.