IRS grants disaster relief extension to May 2025

In the wake of Hurricanes Milton and Helene, the IRS is reassuring storm victims that it stands ready to provide tax-related assistance needed to help recover from these disasters. The IRS automatically gives taxpayers located in federally declared disaster areas additional time to file tax returns and pay taxes. Currently, taxpayers in the states of […]

Business presence and sales tax collections

SSA announces increase in maximum earnings for 2025

The Social Security Administration (SSA) has announced that for 2025 the maximum earnings subject to Social Security tax will increase $7,500, from $168,600 to $176,100. This is referred to as the “wage base.” In addition, the SSA announced that Social Security and Supplemental Security Income (SSI) benefits will increase by 2.5%. These changes reflect cost-of-living […]

Health Savings account contribution limits increase for 2025

Are you familiar with Health Savings Accounts (HSAs)? These are accounts that participants, their family members and employers can contribute to on a tax-advantaged basis. Such contributions are considered employer-provided coverage of medical costs and are therefore excludable from the employer’s income. The 2024 limit for employee and employer contributions combined is $4,150 for individual […]

2025 Tax Brackets

2025 Tax Brackets https://bit.ly/4hkF4PZ

Donating a Conservation easement?

Donating property for a conservation easement is a way to preserve land for the future. It can also bring the donor hefty tax breaks, which is why the IRS closely scrutinizes such donations. To qualify for tax deductions, donations must meet specific reporting and disclosure requirements and a qualified appraisal must establish the donation’s value. […]

The IRS unveils higher capital gains tax brackets for 2025

The IRS unveils higher capital gains tax brackets for 2025 – CNBC https://bit.ly/4fdg3Vf

Self-Insured plans required to report coverage information

Health insurers, employers that sponsor self-insured health plans and other minimum essential coverage providers are required to report certain coverage information to the IRS. The tax agency uses it to determine employer shared responsibility penalties and eligibility for premium tax credits under the Affordable Care Act (ACA). The IRS has just released final forms and […]

Make year-end tax planning moves before it’s too late!

With the arrival of fall, it’s an ideal time to begin implementing strategies that could reduce your tax burden for both this year and next. One of the first planning steps is to ascertain whether you’ll take the standard deduction or itemize deductions for 2024. You may not itemize because of the high 2024 standard […]

SCOTUS denies R+D Credit claimed by taxpayers

The U.S. Supreme Court has upheld a U.S. District Court ruling that denied research and development tax credits claimed by a married couple. The taxpayers own a construction company operating as an S corporation, and the lower court had ruled that the corporation’s projects failed to meet the business components test. It also found the […]