Bills are making their way thru Congress

The U.S. Senate and House of Representatives are on two separate paths as they move toward the same goal of passing tax legislation. The former is taking a two-bill approach. The Senate passed its first budget resolution on Feb. 21 covering immigration, defense and energy. It’s planning to tackle taxes in a second bill later […]

Offer in Compromise (OIC)

Certain taxpayers who can’t pay their entire tax liabilities may seek an Offer in Compromise (OIC) from the IRS. An OIC agreement settles the debt for less than owed if a taxpayer can show verifiable financial hardship. One married couple that operated an education facility owed $605,597 but proposed to pay only $75,000, citing “exceptional […]

Deadline Day for Farmers

A vital tax deadline is coming up on March 3 (due to the weekend) for certain farmers and fishers. To avoid estimated tax penalties, they must file their 2024 federal tax returns and pay all taxes due by March 1 if they didn’t make estimated tax payments by Jan. 15, 2025. According to the IRS, […]

IRS’s Taxpayer Bill of Rights

The IRS’s Taxpayer Bill of Rights represents 10 fundamental rights to which taxpayers are entitled when interacting with federal tax authorities. One of these is the right to confidentiality. Any information provided to the IRS can’t be disclosed to third parties unless the taxpayer requests it or the law requires it. If IRS employees or […]

Schumer warns on IRS staffing cuts

U.S. Senate Minority Leader Chuck Schumer (D-NY) and Democratic senators who serve on the Senate Finance Committee are warning that an IRS hiring freeze and the firing of employees could spell disaster during tax season. In a Feb. 18, 2025, letter the senators asked U.S. Treasury Department and IRS leaders to explain how staffing reductions […]

DOGE turns to the IRS

Elon Musk and the Department of Government Efficiency (DOGE) have turned their attention to the IRS. DOGE is seeking to gain access to highly sensitive IRS taxpayer data to root out perceived fraud, waste and abuse. The DOGE team wants access to the IRS Integrated Data Retrieval System (IDRS), which contains individuals’ tax returns, Social […]

BOI deadline is March 21

ALERT: After another federal court ruling, the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect. The Financial Crimes Enforcement Network (FinCEN) is extending the reporting deadline for most companies to 30 calendar days from Feb. 19, 2025, to allow additional time to comply. The new deadline is March […]

Business Owners Beware of Business Identity Theft

Business owners, beware. Identity theft is a growing threat that can cripple your business or shut it down forever. Signs of business identity theft include the inability to file a tax return because a return has already been filed using the business ID number, a request for a routine extension is rejected, and tax transcripts […]

IRS releases 2025 depreciation limits for luxury business vehicles

If your business is in the market for new wheels this year, you should know the IRS has released the 2025 depreciation limits for “luxury” business vehicles. For vehicles placed in service in 2025, depreciation limits are as follows: $20,200 for year one, $19,600 for year two, $11,800 for year three and $7,060 for each […]

There is still time to contribute to your IRA

If you forgot or didn’t have the resources to contribute the maximum amount to your IRA or Roth IRA plan in 2024, there’s still time! Eligible participants have until April 15, 2025, to contribute as much as $7,000 to these retirement accounts ($8,000 if you’re age 50 or older) for the 2024 tax year. Making […]