Did you receive an incorrect W-2?

Many taxpayers are receiving their Forms W-2. But what if you receive an incorrect Form W-2 from a current or former employer? The IRS advises you first to request a correction from the employer. If you haven’t received it by the end of February, contact the IRS to initiate a complaint. What happens next? The […]

New Treasury Secretary Comfirmed

President Trump’s Secretary of the Treasury nominee, Scott Bessent, has been confirmed by a vote of 68-29. Bessent succeeds Janet Yellen, who has headed the Treasury since January 2021. Bessent has stated he supports raising the debt limit, while President Trump wants the limit abolished. As Treasury Secretary, he’ll play a central role in shaping […]

Understanding the Work Opportunity Tax Credit

According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024. With today’s hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face […]

If you want to pay your income taxes with a credit card, know the limitations

If you owe federal tax, you can typically use credit and debit cards to pay directly or through certain third-party apps. However, the number of cards you can use when submitting individual tax forms is limited: generally two per year or two per month (for details: https://bit.ly/40tUTMM). And there are processing fees involved. The cost […]

Trump imposes additional tariff on Chinese imports

President Trump announced he plans to impose an additional 10% tariff on Chinese imports. This follows a pledge to impose 25% tariffs on goods coming from Canada and Mexico, which Trump says is punishment for allowing drugs and illegal immigrants to enter the United States. All three tariffs may become effective Feb. 1, 2025. Foreign […]

Fraud risk assessment: What auditors watch for

Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here are some answers to questions about what auditors assess when interviewing company personnel to evaluate potential fraud risks. What’s on your auditor’s radar? When planning audit fieldwork, your […]

Changes made to combat Tax Scams

The IRS and partners in the Coalition Against Scam and Scheme Threats (CASST) have issued several changes for the 2025 filing season designed to help protect taxpayers against scams. One change is stepping up reviews on a variety of “other withholding” claims on Form 1040. Specifically, this refers to “Other forms” of withholding on Line […]

US pulls out of global corporate minimum tax plan

In an executive order, President Donald Trump declared that a global corporate minimum tax plan “has no force or effect” in the United States. This effectively pulls the U.S. out of the Organization for Economic Co-operation and Development (OECD) global tax proposal negotiated with nearly 140 countries by the Biden administration in 2021. Republicans on […]

Tax Season has started

The 2025 tax season kicked off on Jan. 27, which is the first day the IRS will accept income tax returns. If your address changed in 2024, you can navigate tax filing more smoothly by notifying the IRS of the correct address for your home or business. How? File Form 8822 (Change of Address) or […]

President Trump continues to issue Executive Orders

With a new administration comes an abundance of change. Among the changes, President Donald Trump issued an executive order (EO) placing “a freeze on hiring federal civilian employees” for vacant positions across the executive branch. Exceptions exist for military personnel and specific enforcement, security and public safety roles. The ban will expire when a new […]