Another court ruling on BOI reporting: Requirements are halted again

In a surprising turn of events, a federal appeals court has issued another ruling that suspends a requirement for businesses to file reports about their beneficial ownership information (BOI). This came just days after the same court issued a ruling that resulted in the federal government announcing that millions of small businesses did have to […]

2025 Mileage Rates

The IRS has issued the 2025 cents-per-mile rates that can be used to calculate tax-deductible vehicle operating costs. Effective Jan. 1, 2025, the standard mileage rate for the business use of a car, van, pickup truck or panel truck is 70 cents per mile. (This is up from 67 cents per mile for 2024.) The […]

Gift Tax Exclusion begins anew for 2025

Wealthy taxpayers can reduce the size of their taxable estates by giving strategic holiday gifts to family members. For example, under the annual gift tax exclusion, you can give up to $18,000 ($36,000 from married couples) per recipient in 2024, with no federal tax implications. Such gifts don’t deplete your lifetime gift and estate tax […]

When can you deduct business meals and entertainment?

You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that […]

The Charitable Act

The Charitable Giving Coalition (CGC) has formally asked the U.S. House Ways and Means Committee and Senate Finance Committee to pass the bipartisan Charitable Act. The Tax Cuts and Jobs Act made many taxpayers ineligible to deduct charitable contributions because they must itemize to claim the deduction. The result: widespread declines in donations to charity […]

Happy New Year

“Write it on your heart that every day is the best day in the year.” —Ralph Waldo Emerson Wishing you a safe & happy New Year!

Final Regulations for Premium Tax Credit Issued

The IRS has issued final regulations that modify the definition of a “coverage month” for purposes of calculating the premium tax credit (PTC). The credit helps eligible individuals cover their premiums for health insurance purchased through the Health Insurance Marketplace. The regs clarify that a month qualifies as a coverage month if the amount of […]

How inflation will affect your 2024 and 2025 tax bills

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? […]

BOI filings under injunction again

Beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act have been suspended nationwide in a federal court ruling. The case is currently under appeal, and a future ruling could lift the injunction. Affected businesses can voluntarily submit BOI reports, according to the Financial Crimes Enforcement Network (FinCEN). To that end, FinCEN’s system for […]

Last minute tax break?

Can you claim the American Opportunity Tax Credit (AOTC) or Lifetime Learning Credit (LLC) for tuition expenses? If eligible, you may secure a last-minute tax break for 2024 if you pay these expenses by December 31. This is true even if the academic period begins in 2025, but no later than the end of March […]