There is still time to contribute to your IRA

If you forgot or didn’t have the resources to contribute the maximum amount to your IRA or Roth IRA plan in 2024, there’s still time! Eligible participants have until April 15, 2025, to contribute as much as $7,000 to these retirement accounts ($8,000 if you’re age 50 or older) for the 2024 tax year. Making […]

The standard business mileage rate increased in 2025

The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup […]

House passes bill to delay BOI reporting

Who says bipartisanship is dead? Recently, the U.S. House of Representatives unanimously passed the Protect Small Businesses from Excessive Paperwork Act. Under this bill, small businesses that existed before Jan. 1, 2024, would have until Jan. 1, 2026, to report beneficial ownership information to the U.S. Treasury Department’s Financial Crimes Enforcement Network. This mandate is […]

IRS reminds taxpayers to use on-line tools

Many Americans turned their attention to taxes over the President’s Day holiday (Monday, Feb. 17). According to the IRS, the federal holiday coincides with the peak time for IRS phone traffic. To avoid long hold times, the tax agency encourages taxpayers and tax professionals to use its online tools at irs.gov. The site includes information […]

Early bird tips: Answering your tax season questions

The IRS started the 2025 filing season for individual income tax returns on January 27. That’s when the agency began accepting and processing 2024 tax year returns. Even if you typically don’t file until much closer to the mid-April deadline (or you file for an extension), you may want to file earlier this year. The […]

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