Tax filing update for pass-through entities
Do you operate a business as a partnership, a limited liability company (LLC) treated as a partnership for tax purposes or an S corporation? In tax lingo, these are called “pass-through” entities because their taxable income items, tax deductions and tax credits are passed through to their owners and taken into account on the owners’ federal […]
Qualified Opportunity Zones Changes with the One Big Beautiful Bill Act
The landscape for Qualified Opportunity Zones (QOZs) has been dramatically reshaped by the One Big Beautiful Bill (2025 Act). This sweeping legislation not only makes the QOZ program permanent but also introduces a host of new rules, incentives, and compliance requirements. Here is what you need to know: The QOZ program is now a permanent […]
Postmark Changes by the United States Postal Service
Effective December 24, 2025 the United States Postal Service “USPS” postmark will no longer reflect the day you dropped the mail off at a post office or a blue collection box; the date on your mail now reflects when it is first processed at a regional sorting facility. This means mail can be postmarked a […]
New $10,000 Auto Loan Interest Deduction Under the One Big Beautiful Bill Act (OBBBA)
Signed into law on July 4, 2025, the One Big Beautiful Bill Act (officially the ‘Big Beautiful Bill,’ or OBBBA) is a sweeping tax and budget package. Among its many changes, one measure stands out for individuals and the auto market: a new auto loan interest deduction available beginning in tax year 2025! Important details […]
TREASURY ANNOUNCES IT WON’T ENFORCE BOI FINES OR PENALTIES – MARCH 3, 2025
On February 27th, the Financial Crimes Enforcement Network (FINCEN), a division of the United States Department of Treasury, announced that it will not issue any fines or penalties or take any enforcement action against companies that do not file their Beneficial Owner Information “BOI” report by the March 21st deadline. They are expecting to announce […]
TCJA Provisions Set to Expire in 2025/26
The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, brought significant changes to both individual and business tax provisions. While many provisions were made permanent, several key individual tax provisions are set to expire at the end of 2025 and 2026, reverting to pre-TCJA rules unless Congress acts. Below is a detailed breakdown […]
FEDERAL COURT ENJOINS ENFORCEMENT OF THE CORPORATE TRANSPARENCY ACT “CTA” AND BENEFICIAL OWNER INFORMATION REPORT DEADLINE
Here is an update on the pending Beneficial Owner Information “BOI” reporting requirements. On December 3rd, United States District Court for the Eastern District of Texas issued a nationwide preliminary injunction in favor of the plaintiffs, Texas Top Cop Shop, Inc., et al. v. Garland, et al, which states that reporting companies need not comply with […]
FEDERAL COURT ENJOINS ENFORCEMENT OF THE CORPORATE TRANSPARENCY ACT AND BENEFICIAL OWNER INFORMATION REPORT DEADLINE
Published December 5, 2024 On December 3rd, United States District Court for the Eastern District of Texas issued a nationwide preliminary injunction in favor of the plaintiffs, Texas Top Cop Shop, Inc., et al. v. Garland, et al, which states that reporting companies need not comply with the CTA’s January 1, 2025 Beneficial Owner Information […]
When do valuable gifts to charity require an appraisal?
If you donate valuable items to charity and you itemize deductions on your tax return, you may be required to get an appraisal. The IRS requires donors and charities to supply certain information to prove their right to deduct contributions. If you donate an item of property (or a group of similar items) worth more than $5,000, certain requirements apply. You must: get a qualified appraisal; receive the qualified appraisal before your tax return is due; attach an appraisal summary to the first tax return on which the deduction is claimed; include other information with the return; and maintain certain records. Other rules apply to larger gifts and there are exceptions. Questions? Contact us.
2024 Q2 tax calendar: Key deadlines for businesses and employers
Here are some key tax deadlines for businesses during the second quarter of 2024. APRIL 15: Calendar-year corporations file 2023 income tax returns (Form 1120) or file for a six-month extension (Form 7004) and pay any tax due. APRIL 15: Corporations pay the first installment of 2024 estimated income taxes. APRIL 30: Employers report income tax withholding and FICA taxes for the first quarter of 2024 (Form 941) and pay any tax due. MAY 15: Employers deposit Social Security, Medicare and withheld income taxes for April if the monthly deposit rule applies. JUNE 17: Corporations pay the second installment of 2024 estimated income taxes. Contact us to learn more about filing requirements.
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