Tax Cuts and Jobs Act provisions discussed

President Trump’s nominee for Secretary of the Dept. of the Treasury, Scott Bessent, said that making permanent the expiring provisions in the Tax Cuts and Jobs Act is “the single most important economic issue of the day.” During confirmation hearings, Bessent added that “if we do not fix these tax cuts, if we do not […]

2025 tax calendar

To help make sure you don’t miss any important 2025 deadlines, we’re providing this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance meeting them. January 31 Businesses: Provide Form 1098, Form […]

IRS warns taxpayers to beware

Taxpayers beware, warns the IRS. As tax-filing season nears, scammers ramp up their targeting of taxpayers. One common scheme is to threaten taxpayers with fake tax bills and pressure them to pay the bills by gift card. Scammers may pose as IRS agents, leaving voicemails that suggest there has been criminal activity. The IRS reminds […]

Where’s my refund?

Each year, some taxpayers file their tax returns and eagerly await a refund, only to find it has been reduced or withheld. When taxpayers have unpaid federal or state tax debts, including child support, tax law allows the IRS to offset the debt by applying a refund toward it. For some taxpayers, this refund is […]

Savings bonds and taxes: What you need to know

When considering the advantages of U.S. Treasury savings bonds, you may appreciate their relative safety, simplicity and government backing. However, like all interest-bearing investments, savings bonds come with tax implications that are important to understand. Deferred interest Series EE Bonds dated May 2005 and after earn a fixed rate of interest. Bonds purchased between May […]

When does my divorce count for income taxes?

As you likely know, marital status affects many federal tax filing requirements, including your standard deduction, credit eligibility and tax owed. However, you may not know that informally separated couples are considered married by the IRS. Unless you became divorced or legally separated by Dec. 31, 2024, you must file as married filing jointly or […]

Withholding Required

Employers are required to withhold federal tax from supplemental wages paid to employees. These include bonuses, commissions, reimbursements (so long as you don’t have an accountable plan), severance, cash prizes, retroactive raises and taxable fringe benefits. If you pay a supplemental wage of $1 million or less separately from regular wages, you must either 1) […]

Operating as a C corporation: Weigh the benefits and drawbacks

When deciding on the best structure for your business, one option to consider is a C corporation. This entity offers several advantages and disadvantages that may significantly affect your business operations and financial health. Here’s a detailed look at the pros and cons of operating as a C corporation. Tax implications A C corporation allows the […]

IRS announces pilot program on alternative dispute resolution

The IRS announced it has initiated pilot programs to make the alternative dispute resolution (ADR) process faster and easier. This process helps taxpayers who have unresolved issues with the IRS. It’s informal, confidential and voluntary. The pilot programs focus on Fast Track Settlement (FTS) and Post-Appeals Mediation (PAM). FTS is a program that allows the […]

Filing Season Opens

Tax filing season is set to begin on Jan. 27. Businesses must file wage statements and certain information returns with the federal government by Jan. 31. Filing the required forms error-free by the deadline not only helps payers and recipients avoid penalties but also helps the IRS fight fraud by making it easier to verify […]