A reminder to report large cash transactions

A reminder for businesses: Use IRS Form 8300 to report cash transactions of $10,000 or more within 15 days of a transaction. If you file electronically, the forms are delivered to the Financial Crimes Enforcement Network. Paper forms are submitted to the IRS. Generally, you also should provide written statements to parties whose names you’ve […]

Can I mail my tax return?

Tax returns are generally due on April 15, or the next business day if the 15th falls on a weekend or legal holiday. But does that mean a taxpayer can just drop a return into a mailbox on April 15th? Possibly, but issues can occur. If a return is waylaid after it’s mailed, it may […]

Property Taxes by State and County, 2025

Property Taxes by State and County, 2025 https://bit.ly/3FhOQUu

Alternative method available for essential health care reporting

Until recently, large employers (generally with 50 or more full-time employees) that provide workers with minimum essential health care coverage were required to furnish them with proof of coverage once a year. However, an alternative method is available as part of the Paperwork Burden Reduction Act. Instead of providing individual statements to all employees, employers […]

House approves budget resolution

On the evening of Feb. 25, the U.S. House of Representatives approved a budget resolution that includes $4.5 trillion in tax cuts and $2 trillion in federal spending cuts over 10 years. Approving the resolution was the first step for Republicans to pass a wide-ranging bill using reconciliation, which requires a simple majority vote. If […]

Looking ahead to 2025 tax limits as you prepare to file your 2024 return

Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension). However, it’s a good time to familiarize yourself with tax amounts that may […]

Receive a incorrect refund?

What should you do if you receive a tax refund that’s more than you’re entitled to? Or what if you receive one that you’re not entitled to? Handling these situations largely depends on the details. A paper check refund should be voided and returned within 21 days of receipt to the address in the link […]

Bills are making their way thru Congress

The U.S. Senate and House of Representatives are on two separate paths as they move toward the same goal of passing tax legislation. The former is taking a two-bill approach. The Senate passed its first budget resolution on Feb. 21 covering immigration, defense and energy. It’s planning to tackle taxes in a second bill later […]

Many business tax limits have increased in 2025

A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases aren’t as great as they have been in the last few years. Here are some amounts that may affect you and your business. 2025 deductions as compared with 2024 Section […]

Offer in Compromise (OIC)

Certain taxpayers who can’t pay their entire tax liabilities may seek an Offer in Compromise (OIC) from the IRS. An OIC agreement settles the debt for less than owed if a taxpayer can show verifiable financial hardship. One married couple that operated an education facility owed $605,597 but proposed to pay only $75,000, citing “exceptional […]