by admin | Mar 14, 2025 | What's New
The requirement to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) is now not to be actively enforced or fined per recent announcements from the US Treasury and FinCEN. Background The Corporate Transparency Act requires...
by admin | Mar 7, 2025 | The Audit
Voluntary tax compliance is measured While more and more legislation is introduced that penalizes all of us for doing things wrong on our tax returns, please remember that at its origin, tax collection in the U.S. is a voluntary. In other words, the tax code is...
by admin | Feb 28, 2025 | What's New
During the recent chaos of Federal employment moves over the past couple of weeks, two actions will impact how filing your tax return this year could go and how to prepare accordingly. Voluntary termination After being offered voluntary termination, approximately...
by admin | Feb 21, 2025 | What's New
PLUS: Small Business FinCEN Update! In its most recent annual report to Congress, the Taxpayer Advocacy Service outlines troublesome trends it sees in the processing and administration of tax returns and taxpayer support. By law, the National Taxpayer Advocate’s...
by admin | Feb 14, 2025 | The Audit
The tax code allows deductions for qualified miles driven for business, medical, moving and charitable purposes. But to claim this deduction you must keep adequate records of actual miles driven. During an audit, this is an often disallowed deduction, despite the fact...
by admin | Feb 7, 2025 | Your Income
What to do to fix this thorny problem It’s sometime in February and you realize the Form 1099 you received is in error. In fact, it overstates your income by several thousand dollars. What should you do? Gather your facts. Put yourself in the shoes of the...
by admin | Jan 31, 2025 | Miscellaneous
Knowing the difference is very important As informational tax forms start flowing in, you are reminded to review the forms and determine the correctness of the form. One of the keys is whether your employer (or contractor) sends you the correct form. Getting it wrong...
by admin | Jan 24, 2025 | What's New
What you need to know In late December, the IRS announced plans to issue automatic payments to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns. The payments should be received in late January. No action is needed for eligible...
by admin | Jan 17, 2025 | What's New
New mileage rates announced by the IRS Mileage rates for travel are now set for 2025. The standard business mileage rate increases by 3 cents to 70.0 cents per mile. The medical and moving mileage rates stay at 21 cents per mile. Charitable mileage rates remain...
by admin | Jan 3, 2025 | Miscellaneous
PLUS: Small Business Judicial ALERT Update As a reminder, tax season is also tax scam season for savvy criminals. As you prepare to file your tax return, here are some things to know to reduce your risk of having your valuable personal information stolen. These tips...
