TJCA extension under debate

Economic policy experts across the political spectrum are debating Republican lawmakers’ plan for a “current-policy baseline” to extend Tax Cuts and Jobs Act (TCJA) provisions. The baseline assumes that current laws will remain in effect and that tax cuts will have no budgetary impact. Rep. Mike Crapo (R-ID) claims, “If you’re not changing the tax […]

Don’t forget to file your FBAR on any foreign financial account held

If you have assets that include foreign bank or financial accounts, you may be required to file a Report of Foreign Bank and Financial Accounts (FBAR) by April 15. Specifically, those who must file have foreign financial accounts where the aggregate value of all such accounts exceeds $10,000 at any time during the calendar year […]

Turn 73 in 2024? RMDs due April 1

For those who turned age 73 in 2024, there’s an important date fast approaching. Those individuals must begin taking required minimum distributions (RMDs) from their IRAs, 401(k) plans or similar workplace retirement plans by April 1, 2025. Be aware that the April 1 RMD deadline is for the first year only. For subsequent years, the […]

Owe Taxes?

With the tax due date of April 15 just around the corner, taxpayers who owe taxes may be feeling a pinch. The IRS offers several ways to pay, including by check, electronic funds transfer or same-day wire. But what if you need more time to pay? The IRS Taxpayer Advocate Service (TAS) reminds taxpayers to […]

Open for Business until September 30

On March 15, President Trump signed into law a bill to continue funding the government through Sept. 30. Hours before a possible government shutdown, the U.S. Senate passed the bill, which faced opposition from Democrats. In the end, enough Democrats joined Republican senators to advance the spending bill, and it passed by a mostly party-line […]

Filing electronically?

Are you filing your 2024 income tax return electronically? If not, why not? Filing and paying tax online is quick and safe. Recent federal government turmoil, including IRS layoffs, may lead to slower tax return processing and delayed refunds. So the sooner you file and receive confirmation that the IRS has accepted your return, the […]

TechNet issues letter to encourage innovation and growth

TechNet, a bipartisan group of tech executives from companies such as Apple, Amazon and Google, communicated its tax priorities to lawmakers in a recent letter. To encourage “innovation, spur economic growth and strengthen the global competitiveness of American businesses,” TechNet advocates maintaining the current 21% corporate tax rate and favorable tax treatment for qualified small […]

Budget deficit tops $1 trillion

The Congressional Budget Office (CBO) reports that the fiscal year 2025 federal budget deficit has topped the $1 trillion mark. The CBO estimates in its Monthly Budget Review for February that the deficit is $1.1 trillion. That amount is $319 billion more than the deficit recorded during the same period last fiscal year. Revenues were […]

Clean energy tax credits have an uncertain future

The fate of the Inflation Reduction Act’s (IRA’s) clean energy tax credits and projects is uncertain as Republican lawmakers continue work on President Trump’s tax agenda. While many Republican lawmakers favor rescinding the credits, a group of them are asking that some remain intact. In a letter to the chairman of the House Ways and […]

2021 refund window is closing

Did you or someone you know miss filing a 2021 tax return? If so, and if you were expecting a refund, time’s running out. The deadline to file and claim a 2021 tax year refund is April 15, 2025. The IRS estimates that refunds worth more than $1 billion are still unclaimed by taxpayers who […]