Tax Gap estimate update provided by the IRS

The “tax gap” is the difference between what the IRS estimates as the U.S. tax liability and the amount of tax that’s actually paid on time. Recently, the IRS announced its tax gap estimate for tax year (TY) 2022 is $606 billion, less than the TY 2021 estimated gap of $617 billion. A majority of […]

Eyes on the income statement

When reviewing their income statements, business owners tend to focus on profits (or losses). But focusing solely on the bottom line can lead to mismanagement and missed opportunities. Instead, you should analyze this financial report from top to bottom for deeper insights. Think like an auditor Review your company’s income statement with an auditor’s mindset. […]

IRS grants disaster relief extension to May 2025

In the wake of Hurricanes Milton and Helene, the IRS is reassuring storm victims that it stands ready to provide tax-related assistance needed to help recover from these disasters. The IRS automatically gives taxpayers located in federally declared disaster areas additional time to file tax returns and pay taxes. Currently, taxpayers in the states of […]

Business presence and sales tax collections

SSA announces increase in maximum earnings for 2025

The Social Security Administration (SSA) has announced that for 2025 the maximum earnings subject to Social Security tax will increase $7,500, from $168,600 to $176,100. This is referred to as the “wage base.” In addition, the SSA announced that Social Security and Supplemental Security Income (SSI) benefits will increase by 2.5%. These changes reflect cost-of-living […]

Health Savings account contribution limits increase for 2025

Are you familiar with Health Savings Accounts (HSAs)? These are accounts that participants, their family members and employers can contribute to on a tax-advantaged basis. Such contributions are considered employer-provided coverage of medical costs and are therefore excludable from the employer’s income. The 2024 limit for employee and employer contributions combined is $4,150 for individual […]

2025 Tax Brackets

2025 Tax Brackets https://bit.ly/4hkF4PZ

Donating a Conservation easement?

Donating property for a conservation easement is a way to preserve land for the future. It can also bring the donor hefty tax breaks, which is why the IRS closely scrutinizes such donations. To qualify for tax deductions, donations must meet specific reporting and disclosure requirements and a qualified appraisal must establish the donation’s value. […]

The IRS unveils higher capital gains tax brackets for 2025

The IRS unveils higher capital gains tax brackets for 2025 – CNBC https://bit.ly/4fdg3Vf

Self-Insured plans required to report coverage information

Health insurers, employers that sponsor self-insured health plans and other minimum essential coverage providers are required to report certain coverage information to the IRS. The tax agency uses it to determine employer shared responsibility penalties and eligibility for premium tax credits under the Affordable Care Act (ACA). The IRS has just released final forms and […]