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 […]

Going to court? Don’t forget your independent financial expert

Executive Order Issued

President Trump signed an executive order on Jan. 20 titled “Unleashing American Energy.” It calls for an immediate pause on disbursing funds under the Inflation Reduction Act of 2022 until agency heads submit reports on the funds. It also calls for eliminating “the electric vehicle (EV) mandate.” (The federal government doesn’t mandate that consumers buy […]

Update from the IRS

Danny Werfel has stepped down from his post as IRS Commissioner. He was scheduled to leave the job in Nov. 2027. However, President Trump has nominated former Republican Congressman Billy Long for the position. During his tenure, Werfel oversaw the Inflation Reduction Act infusion of funds to, among other things, upgrade IRS technology and boost […]

2025 State Corporate Income Tax Rates and Brackets

2025 State Corporate Income Tax Rates and Brackets https://bit.ly/3WIy1bo

Deductions versus Credits

Two commonly misunderstood tax terms are deductions and credits. What’s the difference? Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can take the standard deduction or itemize deductions depending on which strategy will most reduce your taxable income. Credits, on the other hand, reduce […]

Tax Cuts and Jobs Act provisions discussed

President Trump’s nominee for Secretary of the Dept. of the Treasury, Scott Bessent, said that making permanent the expiring provisions in the Tax Cuts and Jobs Act is “the single most important economic issue of the day.” During confirmation hearings, Bessent added that “if we do not fix these tax cuts, if we do not […]

2025 tax calendar

To help make sure you don’t miss any important 2025 deadlines, we’re providing this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance meeting them. January 31 Businesses: Provide Form 1098, Form […]

IRS warns taxpayers to beware

Taxpayers beware, warns the IRS. As tax-filing season nears, scammers ramp up their targeting of taxpayers. One common scheme is to threaten taxpayers with fake tax bills and pressure them to pay the bills by gift card. Scammers may pose as IRS agents, leaving voicemails that suggest there has been criminal activity. The IRS reminds […]

Where’s my refund?

Each year, some taxpayers file their tax returns and eagerly await a refund, only to find it has been reduced or withheld. When taxpayers have unpaid federal or state tax debts, including child support, tax law allows the IRS to offset the debt by applying a refund toward it. For some taxpayers, this refund is […]