Trump memorandum on Tariffs

President Trump signed a memorandum outlining his plans to impose reciprocal tariffs on foreign nations (both allies and adversaries). The tariffs will be based on five areas: 1) tariffs imposed on U.S. products, 2) unfair taxes imposed by trading partners, 3) costs to U.S. businesses and consumers from another country’s policies, 4) exchange rates, and […]

Watch out for Scams

Did you receive an unexpected package with no sender listed? If so, the Federal Trade Commission (FTC) urges caution. Scammers are relentless in finding new ways to steal your assets and personal information. Tax season may incentivize them even more. If thieves snag your data, they may file a fraudulent tax return in your name […]

SEC reverses course on crypto accounting

On January 23, 2025, the U.S. Securities and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB) No. 122, reversing its controversial 2022 guidance to safeguard crypto-asset holdings. This reversal comes amidst growing pressure from the American Bankers Association (ABA) and a joint congressional resolution to remove barriers that a previous rule imposed on banks and other […]

Change made to deduct certain disaster losses

There’s good news for taxpayers who suffered casualty losses from disasters during earlier periods. Typically, losses can only be claimed when itemizing deductions on a tax return. However, the Federal Disaster Tax Act, signed by then-President Biden on Dec. 12, 2024, changed that. It allows eligible taxpayers to deduct personal casualty losses without itemizing if […]

When tax collectors accepted rocks as payment

Did you receive a 1099-K?

Did you get a Form 1099-K (Payment Card and Third Party Network Transactions) in the mail? You should have received one from each platform on which you sold more than $5,000 in goods or services, regardless of the number of transactions, in 2024. Form 1099-K is new for many taxpayers because the previous threshold for […]

DOGE temporarily stopped by courts

A federal judge in New York state has temporarily stopped Elon Musk and the Department of Government Efficiency (DOGE) from accessing the U.S. Treasury Department’s payment system. Attorneys general (AGs) from 19 states have sued the Trump administration, alleging that it’s violating the Administrative Procedure Act. The AGs say DOGE associates don’t have the legal […]

2025 State Individual Income Tax Rates & Brackets

2025 State Individual Income Tax Rates & Brackets https://bit.ly/4i2ebzS Individual income taxes are a major source of state government revenue, accounting for more than a third of state tax collections. How do income taxes compare in your state?

Steel and Aluminum Tariffs

President Trump has signed an executive order that will substantially increase tariffs on imported steel and aluminum. The increase is a flat 25%. The president said the tariffs will help struggling U.S. industries. This latest round of tariffs is an increase over the 10% tariffs on steel and aluminum Trump enacted during his first term […]

Legislation to extend tax cuts

Congressional Republicans continue to work toward legislation to extend and expand provisions of the Tax Cuts and Jobs Act as well as incorporate some of President Trump’s tax-related campaign promises. House Republicans had planned to unveil a single package of tax and other provisions by this point but the party’s various factions haven’t yet come […]