IRS layoffs ongoing

IRS layoffs and voluntary separation programs are ongoing. It’s estimated that the agency’s staff could ultimately shrink by 25% or more. Such cuts may have consequences for tax collection. The IRS took in approximately $5.1 trillion in tax revenue in fiscal year 2024. Without adequate staffing to investigate tax evaders, revenues could fall. According to […]

6 essential tips for small business payroll tax compliance

Staying compliant with payroll tax laws is crucial for small businesses. Mistakes can lead to fines, strained employee relationships and even legal consequences. Below are six quick tips to help you stay on track. 1. Maintain organized records Accurate recordkeeping is the backbone of payroll tax compliance. Track the hours worked, wages paid and all […]

Debt cancellation income

If a credit card company or mortgage lender cancels your debt, it could result in taxable income that you must report to the IRS. Your lender will mail you Form 1099-C with the amount of canceled debt for you to report as ordinary income on your income tax return. However, certain exceptions or exclusions (https://bit.ly/3XXW2vG […]

China announces reciprocal tariffs

The global trade war has escalated as China announced a reciprocal tariff on American-made products. On April 11, China increased the tariff on U.S. goods from 84% to 125%. The tariff will begin on April 12 and affect U.S.-produced products such as soybeans, drugs and aircraft. For goods from most countries, President Trump recently announced […]

6 practical tips to lower business travel expenses

Travel remains a critical expense for many businesses, whether for client meetings, networking, industry conferences or sales opportunities. However, travel and entertainment (T&E) costs can quickly spiral out of control, cutting into profits. Consider taking these six proactive measures to keep T&E costs in check. 1. Set clear travel policies A formal, written T&E policy […]

Trump’s “one big, beautiful bill” becomes more likely

On April 10, the U.S. House of Representatives approved the budget blueprint recently passed by the U.S. Senate, making President Trump’s “one big, beautiful bill” a more likely reality later this year. Republican lawmakers will begin drafting the bill, which, among other things, would generally extend expiring provisions in the Tax Cuts and Jobs Act. […]

How Much Revenue Can Tariffs Really Raise for the Federal Government?

How Much Revenue Can Tariffs Really Raise for the Federal Government? https://bit.ly/4ilbj0O

Selling your business? You might want to move first

Did you file?

Did you file? Not everyone is legally required to file a tax return, so it may be tempting to skip it. But if you had federal income tax withheld, made estimated payments or qualify for a refundable tax credit, you could be missing out. The Child Tax Credit is for those with qualifying children under […]

IRS employees offered voluntary buyout

Some IRS employees are being offered another chance to accept a voluntary buyout, known as the Treasury Deferred Resignation Program (TDRP). This comes after the U.S. Supreme Court blocked a ruling that would require thousands of fired probationary employees at the IRS to be rehired. Employees had until April 14, 2025, to accept the TDRP, […]