Common refund myths

On its website, the IRS has posted a list of common refund myths (https://bit.ly/3FEnhoH). For example, if the online Where’s My Refund tool or automated hotline doesn’t specify when a refund will be approved, there’s no point in calling the IRS. The tax agency won’t have additional details yet. You’re advised to contact the IRS […]

How a business owner’s home office can result in tax deductions

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here […]

TJCA extension under debate

Economic policy experts across the political spectrum are debating Republican lawmakers’ plan for a “current-policy baseline” to extend Tax Cuts and Jobs Act (TCJA) provisions. The baseline assumes that current laws will remain in effect and that tax cuts will have no budgetary impact. Rep. Mike Crapo (R-ID) claims, “If you’re not changing the tax […]

Don’t forget to file your FBAR on any foreign financial account held

If you have assets that include foreign bank or financial accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) by April 15. Specifically, those who must file have foreign financial accounts where the aggregate value of all such accounts exceeds $10,000 at any time during the calendar year […]

You may be able to make a deductible IRA contribution for last year this year

If you’re getting ready to file your 2024 tax return and your tax bill is higher than you’d like, there may still be a chance to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA until this year’s April 15 filing deadline and benefit from the tax savings on […]

Turn 73 in 2024? RMDs due April 1

For those who turned age 73 in 2024, there’s an important date fast approaching. Those individuals must begin taking required minimum distributions (RMDs) from their IRAs, 401(k) plans or similar workplace retirement plans by April 1, 2025. Be aware that the April 1 RMD deadline is for the first year only. For subsequent years, the […]

Owe Taxes?

With the tax due date of April 15 just around the corner, taxpayers who owe taxes may be feeling a pinch. The IRS offers several ways to pay, including by check, electronic funds transfer or same-day wire. But what if you need more time to pay? The IRS Taxpayer Advocate Service (TAS) reminds taxpayers to […]

7 common M&A due diligence pitfalls

In 2025, global merger and acquisition (M&A) volume is expected to surge to the highest level in four years, according to Reuters. M&As require thorough due diligence to minimize risks and maximize long-term value. Some business combinations fail to achieve expected results due to financial missteps, overlooked liabilities and integration challenges. Here’s an overview of […]

Open for Business until September 30

On March 15, President Trump signed into law a bill to continue funding the government through Sept. 30. Hours before a possible government shutdown, the U.S. Senate passed the bill, which faced opposition from Democrats. In the end, enough Democrats joined Republican senators to advance the spending bill, and it passed by a mostly party-line […]

PODs can make estate planning easier