The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025 including more than 60 tax provisions that will impact taxpayers when they file their returns in 2026. Notable changes for tax year 2025 The tax year 2025 adjustments described below generally apply to income tax returns [...]
In light of the recent federally declared disasters, we want to extend our thoughts to those affected. The IRS has extended certain tax deadlines for individuals and businesses in impacted areas. If you’ve been affected, you may have more time to file your tax returns or make payments. Please check [...]
Important Reminder: The third quarter estimated tax payment deadline is September 16, 2024. It’s crucial for gig workers, business owners, retirees, or those with investment income to make sure they meet their federal and state tax obligations. Missing payments or underpaying will result in penalties. If you’re unsure about how [...]
The Internal Revenue Service (IRS) has recently addressed some common misconceptions surrounding Form 1099-K, aiming to clear up confusion and assist taxpayers in understanding their obligations. With changes and myths circulating, it’s crucial to know the facts about receiving and reporting via Form 1099-K. In November 2023, the IRS [...]
In a decisive move to clamp down on tax evasion, the IRS has announced a new series of audits targeting the use of corporate jets by high-income individuals, large corporations, and partnerships. This initiative, backed by the Inflation Reduction Act, aims to dissect the allocation of aircraft usage between business [...]
Understanding the Tax Implications of Bonuses Receiving a bonus from your employer is not just a sign of recognition for your hard work; it's also a boost to your income that can have various tax implications. Unlike regular wages, bonuses are taxed under specific rules that you should be aware [...]
To make an Estimated Tax payment today for Tax Year 2024... Jump to Direct Pay Or go to IRS.gov, Select Make a Payment, then Pay Now with Direct Pay, Make a Payment Select the Reason for Payment, Type of Tax, and Tax Year as indicated here -> Verify Identity The [...]
Unlock Savings for Your Business with the Employer-Provided Childcare Tax Credit In today's competitive business environment, offering childcare to employees is not just a perk—it's a strategy. It's a way to attract and retain top talent, improve employee satisfaction, and enhance overall productivity. Recognizing the importance and the challenges of [...]
Essential Guide to Reporting Cryptocurrency and Digital Asset Income on Your 2023 Tax Returns The Internal Revenue Service (IRS) has issued a reminder that all taxpayers must diligently report digital asset-related income when filing their 2023 federal income tax returns. What’s New This Year? The IRS has updated the digital [...]
Understanding the 2023 Tax Changes for Your Business As we step into a new tax year, it's crucial for business owners to stay informed about the latest tax changes and adjustments. The 2023 tax year brings several significant updates, largely influenced by recent legislative acts such as the SECURE 2.0 [...]
