Schumer warns on IRS staffing cuts

U.S. Senate Minority Leader Chuck Schumer (D-NY) and Democratic senators who serve on the Senate Finance Committee are warning that an IRS hiring freeze and the firing of employees could spell disaster during tax season. In a Feb. 18, 2025, letter the senators asked U.S. Treasury Department and IRS leaders to explain how staffing reductions […]

DOGE turns to the IRS

Elon Musk and the Department of Government Efficiency (DOGE) have turned their attention to the IRS. DOGE is seeking to gain access to highly sensitive IRS taxpayer data to root out perceived fraud, waste and abuse. The DOGE team wants access to the IRS Integrated Data Retrieval System (IDRS), which contains individuals’ tax returns, Social […]

Just remarried? Some financial advice

BOI deadline is March 21

ALERT: After another federal court ruling, the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect. The Financial Crimes Enforcement Network (FinCEN) is extending the reporting deadline for most companies to 30 calendar days from Feb. 19, 2025, to allow additional time to comply. The new deadline is March […]

Business Owners Beware of Business Identity Theft

Business owners, beware. Identity theft is a growing threat that can cripple your business or shut it down forever. Signs of business identity theft include the inability to file a tax return because a return has already been filed using the business ID number, a request for a routine extension is rejected, and tax transcripts […]

IRS releases 2025 depreciation limits for luxury business vehicles

If your business is in the market for new wheels this year, you should know the IRS has released the 2025 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2025, depreciation limits are as follows: $20,200 for year one, $19,600 for year two, $11,800 for year three and $7,060 for each […]

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 […]