According to the Internal Revenue Service, there are approximately 1.5 million public charities and private foundations in the US. That’s a lot of good work being done! Public charities depend on donations from the general public to carry out their missions. With 1.5 million organizations to choose from, how do you decide which you want…
Read MoreReal estate has weathered its fair share of market shifts in recent years, but compared to more volatile asset classes, its resilience continues to buoy portfolios with diversification and long-term appreciation. For property owners, that resilience doesn’t eliminate the need for active oversight. Rising operating costs, periods of vacancies, and tax complexities can all chip…
Read MoreThe Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is the agency that enforces the Corporate Transparency Act (CTA). Earlier in 2025, FinCEN sent out a notice indicating a new deadline of March 21 for small businesses to comply with its beneficial ownership information (BOI) reporting requirement. But on March 21, it announced that…
Read MoreAt the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes: Self-employed and business: 70 cents/mile (up from 67 cents in 2024) Charities: 14 cents/mile (unchanged from 2024) Medical: 21 cents/mile (unchanged from 2024) Moving (military only): 21 cents/mile (unchanged…
Read MoreBusinesses that make structural adaptations or other accommodations for the elderly or for employees or customers with disabilities may be eligible to save money on their taxes through various tax credits and tax deductions. These tax incentives include the Disabled Access Credit (a tax credit) and the Architectural Barrier Removal tax deduction (a tax deduction).…
Read MoreIn 2017, Congress passed the Tax Cuts and Jobs Act (TCJA) making significant changes to the existing tax code. Many of the provisions of the act were set to expire at the end of 2025 and most of the sunsetting provisions apply to individual taxpayers. Incoming president Donald Trump favors extending all the provisions, and…
Read MoreSolar tax incentives have been in place for years, but recent expansions have sparked a surge in solar installations across the country. Both residential and rental property owners are now benefitting from new federal tax credits designed to accelerate the adoption of clean energy and sustainable practices. The Inflation Reduction Act (IRA) of 2022 expanded…
Read MoreWhen it comes to deducting business travel expenses, business owners and employers face a maze of rules that can be both complicated and prone to change. However, understanding these regulations can significantly help businesses maximize their tax write-offs and lower their annual tax bills. Following are some guidelines and tips to ensure compliance with IRS…
Read MoreThis is to alert you to recent developments regarding Beneficial Ownership Information reporting, commonly referred to as BOI or BOIR. BOI filing is a requirement to everyone that owns an entity that is formed or registered the State such as an LLC, Corporation, or similar. On December 3, 2024, a federal court in Texas issued…
Read MoreEffective January 1, 2025, residential rental property owners should no longer collect and remit any city transaction privilege tax (sales tax) on residential rentals. Not all Arizona cities assess this tax and there is currently no requirement to collect state or county sales tax from residential rentals. The City of Tucson does not charge this…
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