How Much Revenue Can Tariffs Really Raise for the Federal Government?

How Much Revenue Can Tariffs Really Raise for the Federal Government? https://bit.ly/4ilbj0O

Selling your business? You might want to move first

Did you file?

Did you file? Not everyone is legally required to file a tax return, so it may be tempting to skip it. But if you had federal income tax withheld, made estimated payments or qualify for a refundable tax credit, you could be missing out. The Child Tax Credit is for those with qualifying children under […]

IRS employees offered voluntary buyout

Some IRS employees are being offered another chance to accept a voluntary buyout, known as the Treasury Deferred Resignation Program (TDRP). This comes after the U.S. Supreme Court blocked a ruling that would require thousands of fired probationary employees at the IRS to be rehired. Employees had until April 14, 2025, to accept the TDRP, […]

90-day Tariff pause announced

President Trump partially paused some of the highest tariffs imposed on foreign goods coming into the United States. The 90-day pause was announced 13 hours after the tariffs went into effect on April 9. There’s still a 10% tariff on goods from most countries, instead of the higher tariffs announced previously. In addition, Trump immediately […]

Turning stock downturns into tax advantages

Have you ever invested in a company only to see its stock value plummet? (This may become relevant in light of recent market volatility.) While such an investment might be something you’d rather forget, there’s a silver lining: you can claim a capital loss deduction on your tax return. Here are the rules when a […]

Education Credits worth $2,500 per student

Two education credits may help you reduce your income tax bill. The American Opportunity Tax Credit is worth as much as $2,500 per student for up to four tax years. If the credit brings the amount of tax you owe to zero, up to $1,000 can be refunded. The student must pursue a degree at […]

Pennsylvania man sentenced to 15 years in prison

Recently, a Pennsylvania man was sentenced to more than 15 years in prison for perpetrating an elaborate investment fraud scheme. He committed multiple tax crimes as part of the scheme, including diverting close to $20 million in taxable income to a company he falsely claimed he didn’t own and failing to report to the IRS […]

Planning for the future: 5 business succession options and their tax implications

When it’s time to consider your business’s future, succession planning can protect your legacy and successfully set up the next generation of leaders or owners. Whether you’re ready to retire, you wish to step back your involvement or you want a solid contingency plan should you unexpectedly be unable to run the business, exploring different […]

Payment Plan Options

If taxpayers are unable to pay their tax bills in full by April 15, there are IRS payment plan options available. The tax agency urges those who can’t pay the full amount to file their tax returns and pay as much as they can on or before April 15. Filing on time avoids the late […]