NEWSLETTER

Form 1099-DA Is Here—How It Will Impact Your Crypto Taxes After four years of work, the IRS has finalized its cryptocurrency regulations, and crypto tax reporting now begins. Starting with the 2025 tax year, custodial crypto platforms must report taxable crypto...

We want to take a moment to remind you about the upcoming 1099 reporting requirements. The 1099 form is used to report various types of income, and as our valued client, we want to ensure that you have all the necessary information to comply with the Internal Revenue...

Your 2025 Year-End Tax Planning Guide As we approach the end of 2025, there’s still time to take action and make a real difference in your tax outcome for the year. With thoughtful planning and a few strategic steps, you can reduce your tax bill, strengthen your...

Learn How to Beat 2025 Estimated Tax Penalties Instantly, Today Here’s an important tax planning strategy that can save you thousands in penalties if you’ve missed estimated tax payments for 2025. The Penalty Problem When you don’t make your 2025 estimated tax...

OBBBA Restores and Creates New 100 Percent Deductions for You Now If you plan to buy equipment, furniture, computers, or other personal property for your business, the recently enacted One Big Beautiful Bill Act (OBBBA) delivers great news. You can now deduct the full...

 September Tax Saving Tips OBBBA: Convert Personal Vehicle to Business, Deduct Up to 100% Do you have a personal vehicle? Thanks to the One Big Beautiful Bill Act (OBBBA), you may be eligible for a valuable “no new cash outlay” tax deduction beginning in 2025. Here’s...

Urgent: Want an Electric Vehicle? Act by September 2025 If you’re considering the purchase of an electric vehicle for your business or personal use, now is the time to pay close attention. On July 4, the president signed the One Big Beautiful Bill Act that terminates...

Your Retirement Plan Exposes You to a $150,000 Penalty How would you like to owe the IRS a $150,000 penalty because you failed to file a simple two-page form? It can happen all too easily if you have a solo 401(k) or another self-employed retirement plan. If you’re...

IRS Makes It Harder to Use the Section 530 Safe Harbor It can cost you a bundle if you misclassify a worker as an independent contractor instead of an employee for federal employment tax purposes.The IRS can make you pay back payroll taxes plus penalties—in some...

Alert: California, Illinois, and New York Laws Require Written Freelance Agreements If your business hires freelance workers—also known as independent contractors—you need to be aware of new laws now in effect in California, Illinois, and New York. These laws are...

Deducting Disaster Losses for Individuals: Navigating the Rules The federal tax law provides relief if a disaster—such as a fire, flood, or hurricane—damages your personal (non-business) property, including your home, belongings, and vehicle. You may be able to deduct...

Almost the Last Chance to Claim the 2021 Employee Retention Credit! If your business has not yet claimed the 2021 Employee Retention Credit (ERC), you still have time—but you must act soon. What Is the ERC, and How Much Can You Claim? The ERC is a refundable tax...

Can Real Estate Professional Status Free Up Old Passive Losses? Deducting your rental property tax losses against your other income is tricky, as you likely know. You have to get the tax law to treat you—say, a computer engineer—as a tax-code–defined real estate...

Game On: TCJA Winners and Losers—Business on the Chopping Block Prepare for tax changes. There is considerable uncertainty regarding the legislative agenda and which of the expiring provisions will be allowed to expire or extended by the new administration. We expect...

We are writing to inform you of a recent development regarding Beneficial Ownership Information (BOI) reporting. A federal court in Texas has issued an injunction suspending the BOI reporting requirements nationwide. At this time, the final ruling remains uncertain,...

2024 Last-Minute Year-End General Business Income Tax Deductions The purpose of these strategies is to get the IRS to owe you money. Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but you’ll...

Got IRS Penalties? Know the Rules, Pay Nothing If the IRS has recently claimed that you owe a penalty for late filing, late payment, or missed employment tax deposits, pause before making any payment. You may not have to pay that penalty at all. The IRS often imposes...

The Internal Revenue Service has announced tax relief for individuals and businesses throughout Louisiana affected by Hurricane Francine. Key Details: Extended Deadline: Affected individuals and businesses in Louisiana will have until February 3, 2025, to file their...

BOI Reporting Deadline Is Closing In The clock continues to tick. Here are the upcoming deadlines for filing your Business Ownership Information (BOI) reports with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). Deadlines If your...

Tax Guide to Deducting Long-Term Care Insurance Premiums Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways to deduct...

Beginning on January 1, 2024, many companies in the United States must report information about their beneficial owners (i.e., the individuals who ultimately own, or control the company). Companies must report the data to the Financial Crimes Enforcement Network...

Tax relief is available for people living in areas declared disasters by the Federal Emergency Management Agency. To find out if an area qualifies for disaster tax relief, check IRS news from around the nation. Affected taxpayers have more time to file and pay If...

Claim Up to $32,220 in Missed 2021 Self-Employed COVID-19 Sick and Family Leave Credits Today Were you self-employed during 2021? If so, there is a good chance that you could have qualified for COVID-19 sick and family leave credits worth as much as $32,220.If you’re...

Cost Segregation: Is This Strategy for You? One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money. But regular depreciation for...

BOI Reporting Deemed Unconstitutional for Some On January 1, 2024, the Corporate Transparency Act (CTA) went into effect. The CTA requires most smaller corporations, most limited liability companies, and some other business entities to file a beneficial ownership...

IRAs for Young Adults As we navigate the complexities of financial planning, one opportunity stands out for young adults: individual retirement accounts (IRAs). With the 2023 tax-year contributions deadline fast approaching on April 15, 2024, now is the perfect time...

Estimated Tax Penalties The United States has a “pay as you go” tax system in which payments for income tax (and, where applicable, Social Security and Medicare taxes) must be made to the IRS throughout the year as income is earned, whether through withholding, by...

Corporate Transparency Act Requires BOI Reporting to FinCEN The Corporate Transparency Act (CTA) is upon us. It took effect on January 1, 2024, and imposes a new federal filing requirement for most corporations, limited liability companies (LLCs), and other business...

New FinCEN Filings Go into Effect on January 1 For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited...

Last-Minute Year-End General Business Income Tax Deductions The purpose of this article is to reveal how you can get the IRS to owe you money.Of course, the IRS will not likely cut you a check for this money (although in the right circumstances, that will happen), but...