IRS publishes annual data book

The IRS has published its annual Data Book for fiscal year (FY) 2024. It provides a statistical overview of the tax agency’s operations. A few highlights: In FY 2024, for the first time, revenue collected exceeded $5 trillion ($5.1 trillion), an increase of almost 9% compared to FY 2023’s total of $4.7 trillion. Note: Revenues […]

Tariff plan faces setback in Court

President Trump’s trade war has suffered a major setback. The U.S. Court of International Trade ruled that the Trump administration overstepped its authority by invoking the International Emergency Economic Powers Act to impose tariffs on imports from U.S. trading partners. The court ordered a halt to most of Trump’s tariffs and further barred future modifications. […]

Back to basics: A practical playbook for reporting PPE

Under U.S. Generally Accepted Accounting Principles (GAAP), property, plant and equipment (PPE) assets aren’t immediately expensed. Instead, they’re capitalized on your company’s balance sheet and gradually depreciated over their useful lives. While that sounds easy enough, subtle nuances may trip up small businesses. Here are some tips to help get it right. Capitalize the full […]

The difference between a fradulent return and a abusive return

What’s the difference between a fraudulent tax return and one that’s “potentially abusive”? The IRS states that the latter is a return that a taxpayer is required to file, which isn’t fraudulent but may contain inaccuracies that could lead to understated income or overstated credits. A fraudulent return is one in which a person attempts […]

“Big Beautiful Bill” House GOP Tax Plan: Preliminary Details and Analysis

“Big Beautiful Bill” House GOP Tax Plan: Preliminary Details and Analysis https://bit.ly/4dYh58k

What’s better than a tax refund?

A donation for charity for those that don’t itemize in Tax bill

One of the lesser-known benefits of The One, Big, Beautiful Bill making its way through Congress is that it gives a boost to some charitable donors. Currently, donations to charity are only deductible by taxpayers who itemize deductions. If enacted, the bill would add a provision that lets non-itemizers deduct up to $150 for single […]

Overseas filing deadline approaching

If you live and work abroad, you have until Monday, June 16, 2025, to file your 2024 federal income tax return and pay any tax due. June 16 is actually an extended filing date. U.S. citizens (including military members) and resident aliens living and working outside the U.S., automatically receive a two-month extension from the […]

House bill limits future deductions for professional sports team owners

One of the tax provisions in the One, Big, Beautiful Bill recently advanced by the U.S. House affects a small number of people but could have an outsized impact. For two decades, professional sports team owners have been able to deduct the total value of intangible assets (including player contracts and sponsorships) over 15 years. […]

Email scam alert!

Email scam alert! An ID.me account is a secure digital identity verification service used to confirm an individual’s identity online. It’s widely used by government agencies (including the IRS and Social Security Administration), as well as healthcare providers and others. The accounts help ensure that people are who they say they are when accessing sensitive […]