BOI reporting remains paused while litigation plays out

In a recent post on its website, the Financial Crimes Enforcement Network (FinCEN) said it’s keeping beneficial ownership information (BOI) reporting voluntary. This comes despite the fact that a Jan. 23, 2025, U.S. Supreme Court ruling halted a Dec. 3, 2024, federal district court’s order barring enforcement of the Corporate Transparency Act’s BOI reporting requirements. […]

Trump renews call for tax-free tips

President Trump recently renewed his call for tax-free tips. He first mentioned eliminating taxes on tips during the 2024 campaign. The proposal was included in the 2024 Republican platform on a more limited basis, calling for tax-free tips “for millions of restaurant and hospitality workers.” But the president’s most recent call appeared to be considerably […]

Maximize your 401(k) in 2025: Smart strategies for a secure retirement

Saving for retirement is a crucial financial goal and a 401(k) plan is one of the most effective tools for achieving it. If your employer offers a 401(k) or Roth 401(k), contributing as much as possible to the plan in 2025 is a smart way to build a considerable nest egg. If you’re not already […]

Did you receive an incorrect W-2?

Many taxpayers are receiving their Forms W-2. But what if you receive an incorrect Form W-2 from a current or former employer? The IRS advises you first to request a correction from the employer. If you haven’t received it by the end of February, contact the IRS to initiate a complaint. What happens next? The […]

New Treasury Secretary Comfirmed

President Trump’s Secretary of the Treasury nominee, Scott Bessent, has been confirmed by a vote of 68-29. Bessent succeeds Janet Yellen, who has headed the Treasury since January 2021. Bessent has stated he supports raising the debt limit, while President Trump wants the limit abolished. As Treasury Secretary, he’ll play a central role in shaping […]

Understanding the Work Opportunity Tax Credit

According to the U.S. Bureau of Labor Statistics, the unemployment rate continues to be historically low, ranging from 4.0% to 4.3% from May to November of 2024. With today’s hiring challenges, business owners should be aware that the Work Opportunity Tax Credit (WOTC) is available to employers that hire workers from targeted groups who face […]

If you want to pay your income taxes with a credit card, know the limitations

If you owe federal tax, you can typically use credit and debit cards to pay directly or through certain third-party apps. However, the number of cards you can use when submitting individual tax forms is limited: generally two per year or two per month (for details: https://bit.ly/40tUTMM). And there are processing fees involved. The cost […]

Trump imposes additional tariff on Chinese imports

President Trump announced he plans to impose an additional 10% tariff on Chinese imports. This follows a pledge to impose 25% tariffs on goods coming from Canada and Mexico, which Trump says is punishment for allowing drugs and illegal immigrants to enter the United States. All three tariffs may become effective Feb. 1, 2025. Foreign […]

Fraud risk assessment: What auditors watch for

Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here are some answers to questions about what auditors assess when interviewing company personnel to evaluate potential fraud risks. What’s on your auditor’s radar? When planning audit fieldwork, your […]

Changes made to combat Tax Scams

The IRS and partners in the Coalition Against Scam and Scheme Threats (CASST) have issued several changes for the 2025 filing season designed to help protect taxpayers against scams. One change is stepping up reviews on a variety of “other withholding” claims on Form 1040. Specifically, this refers to “Other forms” of withholding on Line […]