IRS letter?

Receiving a letter from the IRS requesting a meeting to discuss a tax issue can be a taxpayer’s biggest nightmare. The good news is you can authorize a third-party representative to communicate with the IRS on your behalf. Before this can happen, you must grant the representative formal permission. There are several ways to do […]

The 2024 gift tax return deadline is coming up soon

If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway. Requirements to file The annual gift tax exclusion […]

Tariffs on autos and parts announced

On March 26, President Trump announced 25% tariffs on imported automobiles, light trucks and key parts (such as engines and electrical components), and said they’ll be permanent. Trump expects the move to raise $100 billion in annual revenue and spur domestic auto manufacturing. U.S. auto manufacturers will be affected because they source parts from other […]

Missing your W-2?

You should have received a Form W-2 from your employer by Jan. 31, 2025. This form is used to file your federal income tax return. What if you didn’t receive it or you’ve requested a replacement and haven’t received that either? The IRS allows you to estimate your wages and any taxes your employer may […]

Can I itemize deductions on my tax return?

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the […]

DOGE faces court challenges

The Department of Government Efficiency (DOGE) has faced several court challenges to block its employees from gaining access to personally identifiable information (PII) held by various agencies, including the Treasury Dept. In one case, a U.S. District Court judge barred DOGE from accessing Treasury’s payment processing systems, which contain many taxpayers’ Social Security numbers and […]

Extension?

The April 15 tax filing deadline is around the corner. Need extra time? Not a problem. Filing for a six-month extension (until Oct. 15) is an easy option. Bear in mind that filing for an extension will avoid late filing penalties and provide extra time for filing your return, but it doesn’t extend the amount […]

Ways to manage the limit on the business interest expense deduction

Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), businesses were able to claim a tax deduction for most business-related interest expense. The TCJA created Section 163(j), which generally limits deductions of business interest, with certain exceptions. If your business has significant interest expense, it’s important to understand the impact of the […]

FinCEN issues new rule removing requirement that US companies file BOI

The Financial Crimes Enforcement Network (FinCEN) has issued an interim final rule that removes the requirement for U.S. companies to report beneficial ownership information (BOI). This comes after the U.S. Dept. of the Treasury’s announcement that it’ll no longer enforce fines and penalties associated with the BOI reporting rule under the Corporate Transparency Act. Under […]

Using an ITIN?

Do you file tax returns using an Individual Taxpayer Identification Number (ITIN) instead of a Social Security number (SSN)? If so, be sure it’s up to date before filing. In general, ITINs are used by certain resident and nonresident aliens, their spouses, and dependents who aren’t eligible for SSNs. If your ITIN has expired, the […]