Dec 27, 2024 | Blog Posts
As we previously updated you, on December 3, 2024, a federal court in Texas temporarily blocked enforcement of the Corporate Transparency Act (CTA) just weeks before the filing deadline. The government appealed, and on December 23, the Fifth Circuit reinstated the...
Dec 27, 2024 | Blog Posts
An appeals court reinstated the Beneficial Ownership Information (BOI) reporting provision of the Corporate Transparency Act (CTA) as of December 23, 2024. The Financial Crimes Enforcement Network (FinCEN) issued new extended deadlines for: Reporting companies created...
Dec 24, 2024 | Blog Posts
You may qualify for tax deductions based on the miles driven if you use your vehicle for business, charitable, medical, or moving purposes. Understanding the options and rates for 2025 can help you maximize your deductions. 2025 Mileage Rates The IRS standard mileage...
Dec 17, 2024 | Blog Posts
The IRS is sending out up to 30,000 Employee Retention Credit (ERC) recapture letters this fall, affecting over $1 billion in claims. They notify business taxpayers that the IRS is reversing or recapturing their previous ERC credit. If you receive an ERC Recapture...
Dec 17, 2024 | Tax Talk Tuesdays
The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) has initiated efforts to create an online tool, the Retirement Savings Lost and Found database, to help workers locate lost retirement savings. This initiative, directed by the SECURE 2.0...
Dec 9, 2024 | Tax Talk Tuesdays
There’s still time to leverage significant tax breaks for purchasing equipment before December 31. Here’s what you need to know about the Section 179 tax deduction and bonus depreciation for 2024: Section 179: Full Deduction Available 100% Deduction: Section 179...
Dec 5, 2024 | Blog Posts, Tax
A federal district court has issued a nationwide injunction preventing the enforcement of the Corporate Transparency Act (CTA) and its associated beneficial ownership information (BOI) reporting rule, citing potential constitutional violations. The ruling, part of...
Dec 3, 2024 | Tax Talk Tuesdays
Flexible spending accounts (FSAs), also known as Section 125 plans, offer employers and employees a valuable way to save on taxes. The most commonly used FSAs are the medical expense FSA and the dependent care FSA. These plans allow employees to set aside a portion of...
Nov 26, 2024 | Tax Talk Tuesdays
As the end of the year approaches, it’s time to focus on one of the most critical financial tasks: year-end tax planning. For both individuals and business owners, taking proactive steps before December 31 can lead to significant tax savings and a smoother filing...
Nov 26, 2024 | Tax Talk Tuesdays
As we wrap up 2024, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on the horizon and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire...
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