On February 20, 2025, the IRS fired approximately 6700 people during its busiest time of the year, which will likely lead to some challenges for taxpayers. So, how will this impact you and other taxpayers? We, of course, aren’t sure, but here are some things to consider. Understanding the Current Situation IRS staffing fluctuations and
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The Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act (CTA) is officially back in effect, with a new compliance deadline of March 21, 2025. This follows a recent court decision reversing a previous hold, meaning businesses once again need to comply. While this requirement could face further legal challenges, the safest course of action is to go ahead
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In 2025, IRS-related scams have become increasingly sophisticated, posing significant threats to taxpayers. Fraudsters continually adapt their tactics – and take advantage of AI tools – making it crucial to stay informed about prevalent schemes and protective measures. Common IRS Scams in 2025 Phishing Emails and Texts: Scammers send fraudulent messages impersonating the IRS, urging
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The IRS has updated its depreciation limits for business vehicles in 2025, and for the first time in three years, those limits have actually gone down. These changes, which adjust for inflation, impact how small businesses deduct vehicle expenses and manage their tax planning. Here’s what you need to know. Lower Depreciation Limits for Purchased Vehicles Each
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Tax season is stressful enough without worrying about whether your tax preparer is trustworthy. Yet, choosing the wrong preparer can lead to serious consequences, including audits, penalties, and even identity theft. The IRS consistently reminds taxpayers to choose their tax professionals carefully, as they are ultimately responsible for the accuracy of their tax returns—even if
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The IRS has made significant changes to the reporting requirements for third-party payment networks, and small business owners need to be aware of how these adjustments may impact their tax obligations. What is Form 1099-K? Form 1099-K is issued by third-party payment processors and credit card networks to businesses and individuals who receive digital payments
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If you were eligible for the 2021 Recovery Rebate Credit but didn’t claim it on your tax return, you might be in for a pleasant surprise. The IRS recently announced that special payments will be issued this month to more than one million taxpayers who missed out on the credit. What Is the 2021 Recovery
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The IRS has issued proposed regulations concerning catch-up contributions for retirement plans, as outlined in the SECURE 2.0 Act of 2022. These regulations, detailed in the Federal Register, aim to provide guidance for retirement plans that permit participants aged 50 and above to make additional elective deferrals known as catch-up contributions. Key Proposals: Mandatory Roth
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As we approach the 2024 tax season, it’s important for Connecticut residents and businesses to be aware of several key tax changes that could impact their upcoming state tax filings. These changes, passed in 2024, aim to provide some financial relief while ensuring continued state revenue. Below is a summary of what’s new and what
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The Social Security Fairness Act, a hot topic in financial and retirement planning, was signed into law by President Biden on Sunday, January 5, 2025. Designed to repeal two controversial provisions—the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO)—this legislation could significantly change the retirement landscape for millions of public-sector workers, including teachers, police
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This is getting ridiculous, and we share your annoyance with this back and forth confusion. The Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) to increase financial transparency and combat money laundering, have been halted once again, adding to the confusion and frustration for business owners. Here’s a quick timeline of
BOI Filing Requirement Halted Again! Read More »
The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are officially back in effect following a brief legal suspension. After a court injunction temporarily halted the rule, the Fifth Circuit Court of Appeals reinstated the reporting obligation on December 23, 2024. To accommodate the disruption, the Financial Crimes Enforcement Network (FinCEN)
BOI Filing Requirements Reinstated: What Business Owners Need to Know Read More »