Tariffs paused on Vehicles from Canada and Mexico

On March 5, 2025, President Trump announced a month-long pause in imposing tariffs on vehicles and vehicle parts shipped from Canada and Mexico to the United States. A 25% tariff that became effective on March 4 triggered retaliatory tariffs from Canada and threats of tariffs from Mexico. But the president has said the one-month reprieve […]

Budget Bill making its way thru Congress

In his address to Congress on March 4, 2025, President Trump called on lawmakers to include several of his tax campaign promises in the budget plan currently being negotiated. Specifically, he asked them to eliminate income tax on Social Security benefits, tips and overtime pay. He also proposed allowing buyers of American-made vehicles to deduct […]

Taming the tax tangle if you’re retiring soon

Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications. […]

Workforce cuts at the IRS

The IRS is reportedly making plans to cut up to half of its workforce. The tax agency will do this through a combination of layoffs, attrition and incentivized buyouts. The IRS currently employs approximately 90,000 workers, according to its latest data. Nearly 7,000 probationary workers with one year or less of service were let go […]

Tariffs

On March 4, President Trump’s 25% tariffs went into effect for goods produced in Canada and Mexico. Trump also doubled the tariff on products from China to 20% (on top of other existing tariffs). Canada and China retaliated by announcing their own tariffs on American imports. Canadian Prime Minister Justin Trudeau said he’ll immediately enact […]

Questions about taxes and tips? Here are some answers for employers

Businesses in certain industries employ service workers who receive tips as a large part of their compensation. These businesses include restaurants, hotels and salons. Compliance with federal and state tax regulations is vital if your business has employees who receive tips. Are tips becoming tax-free? During the campaign, President Trump promised to end taxes on […]

Time to reconsider direct deposit

For taxpayers who are due refunds but are still reluctant to receive them by direct deposit, it might be time to reconsider. The Financial Crimes Enforcement Network (FinCEN) statistics showed that paper check fraud schemes using U.S. mail are alive and surging. The latest FinCEN figures available show that from 2020 to 2022, the number […]

BOI changes once again

The U.S. Treasury Dept. announced it won’t enforce fines and penalties associated with the beneficial ownership information (BOI) reporting rule under the Corporate Transparency Act. This applies to domestic reporting companies and their beneficial owners. The Treasury also noted its intention to narrow the scope of the BOI rule to foreign companies only. After several […]

Tax Foundation issues opinion on Extenders

Republicans in Washington want to extend most expiring Tax Cuts and Jobs Act (TCJA) provisions affecting businesses, individuals and estates. The nonprofit Tax Foundation has weighed in on the cost. Its analysis (https://bit.ly/43nacKt ) found that if TCJA provisions are permanently extended, long-term economic output would increase by 1.1%. But, the analysis states, tax revenues […]

IRS Business Tax Account

The IRS Business Tax Account (https://bit.ly/41olHi3 ) provides information to sole proprietors, partners of partnerships, and shareholders of S corps and C corps. Eligible business taxpayers who set up an account can use the hub to make electronic payments, schedule or cancel future payments and access other tools. They can also view their current balances, […]