The IRS’s Taxpayer Bill of Rights represents 10 fundamental rights to which taxpayers are entitled when interacting with federal tax authorities. One of these is the right to confidentiality. Any information provided to the IRS can’t be disclosed to third parties unless the taxpayer requests it or the law requires it. If IRS employees or […]

Read More IRS’s Taxpayer Bill of Rights

U.S. Senate Minority Leader Chuck Schumer (D-NY) and Democratic senators who serve on the Senate Finance Committee are warning that an IRS hiring freeze and the firing of employees could spell disaster during tax season. In a Feb. 18, 2025, letter the senators asked U.S. Treasury Department and IRS leaders to explain how staffing reductions […]

Read More Schumer warns on IRS staffing cuts

Elon Musk and the Department of Government Efficiency (DOGE) have turned their attention to the IRS. DOGE is seeking to gain access to highly sensitive IRS taxpayer data to root out perceived fraud, waste and abuse. The DOGE team wants access to the IRS Integrated Data Retrieval System (IDRS), which contains individuals’ tax returns, Social […]

Read More DOGE turns to the IRS

ALERT: After another federal court ruling, the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect. The Financial Crimes Enforcement Network (FinCEN) is extending the reporting deadline for most companies to 30 calendar days from Feb. 19, 2025, to allow additional time to comply. The new deadline is March […]

Read More BOI deadline is March 21

Business owners, beware. Identity theft is a growing threat that can cripple your business or shut it down forever. Signs of business identity theft include the inability to file a tax return because a return has already been filed using the business ID number, a request for a routine extension is rejected, and tax transcripts […]

Read More Business Owners Beware of Business Identity Theft

If your business is in the market for new wheels this year, you should know the IRS has released the 2025 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2025, depreciation limits are as follows: $20,200 for year one, $19,600 for year two, $11,800 for year three and $7,060 for each […]

Read More IRS releases 2025 depreciation limits for luxury business vehicles

If you forgot or didn’t have the resources to contribute the maximum amount to your IRA or Roth IRA plan in 2024, there’s still time! Eligible participants have until April 15, 2025, to contribute as much as $7,000 to these retirement accounts ($8,000 if you’re age 50 or older) for the 2024 tax year. Making […]

Read More There is still time to contribute to your IRA