Jan 13, 2025 | Tax Talk Tuesdays
Correctly classifying workers as employees or independent contractors is essential for business owners to meet tax obligations and avoid costly penalties. The IRS provides clear guidelines, including a 20-factor test, to help determine the correct classification....
Jan 12, 2025 | Blog Posts, Tax
The U.S. Department of Justice (DOJ) has petitioned the Supreme Court to lift a nationwide injunction that currently blocks the enforcement of the Corporate Transparency Act (CTA). Enacted in 2021, the CTA mandates that millions of companies disclose their beneficial...
Jan 6, 2025 | Tax Talk Tuesdays
As we enter 2025, significant changes to federal tax brackets and critical updates will impact taxpayers’ financial planning strategies. Here’s a detailed look at what’s new and remains unchanged in the tax landscape for the year ahead. 2025 Tax Brackets...
Dec 31, 2024 | Tax Talk Tuesdays
As 2025 approaches, taxpayers can align their financial strategies with their tax obligations to ensure a more secure financial future. By proactively engaging with an accountant, taxpayers can uncover ways to minimize tax burdens and maximize savings. Here are...
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...
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