Insights
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) announced on February 27 that it will not take any action to enforce the upcoming beneficial ownership information (BOI) deadline that was originally mandated under the Corporate Transparency Act. No fines or penalties will be issued, and no enforcement actions will be taken until a…
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 MoreIRS Takes Steps to Help Prevent Refund Delays on Duplicate Dependent Returns
If someone else claims your dependent on their tax return and files before you do, your e-filed return will be rejected by IRS. Duplicate dependent returns can be the result of identity theft or a misunderstanding of who is entitled to the deduction. In the past, the second to file a duplicate dependent return would…
Update – Significant Expiring Provisions of the Tax Cuts and Jobs Act
In 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…
Good Record Keeping Practices You Should Know
I don’t know about you, but paper represents a major problem for me at home and in the office. How long should I keep records of purchases like appliances, real estate, or assets used in a business? Should I keep copies of bills and invoices? Discarding records that should be kept poses a wide range…
What Documents Do I Need to File My Individual Income Tax Returns?
Seems like I just barely put my holiday decorations away, and now it’s already time to start gathering documents for my 2024 income tax returns. Whether you are super-organized or the type who thinks about taxes only on April 14, this article is meant to help make the document gathering and filing process a little…
Solar Tax Credits: What Residential and Rental Property Owners Need to Know
Solar 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…
How Trusted Employees Commit Fraud
Many small businesses are family-owned and operated with employees that have been with the company for years. Manager oversight can become lax. Staff and co-workers are like “family,” or they may actually be family. Long-term employees are trusted. But it is when owners and managers don’t maintain proper controls over their processes that those closest…
Estate Planning – What to Know
Thinking about one’s own mortality is no one’s favorite way to pass the time. Yet if you own any stuff or love anyone, it is something you will eventually have to consider. You work hard to provide a home, a living, a fulfilling present, and a secure future for yourself and your family, so it…