Did You Pay IRS Penalties or Interest During the Pandemic?
Take Action Now If you paid IRS penalties or interest between January 20, 2020, and July 10, 2023, or had returns or payments assessed as late during that period, you may wish to file a protective refund claim before July 10, 2026. Please contact us as soon as possible if you would like assistance assessing your situation or preparing a claim. A recent U.S. Court of Federal Claims decision, Kwong v. United States, potentially opens the door to tax refunds [...]
Setting Up Your IRS Online Account
Managing your tax information has become significantly easier in today’s digital world. To help reduce long phone wait times and delays with mailed correspondence, the IRS created secure online accounts that allow taxpayers to access key information anytime, anywhere. With an IRS online account, you can view your tax transcripts and payment history, check your account balance, receive important IRS notices, make payments, set up payment plans, and update personal information without the delays associated with paper mail. As more [...]
Simplify Your Tax Payments by Paying the IRS Online
On March 25, 2025, President Donald Trump signed Executive Order 14247, which requires all federal disbursements and receipts to be made electronically. This includes tax payments and refunds! In August, the U.S. Treasury announced that the government would stop issuing paper checks for most federal payments after Sept. 30, 2025. For now, the IRS continues to accept paper checks, but is encouraging everyone to transition to electronic payments. Last year, approximately 10 million individual taxpayers received their tax refunds by [...]
If You Inherited an IRA, RMDs May Be Required in 2025!
If you inherited an IRA from someone other than your spouse, required minimum distributions (RMDs) must be withdrawn from the IRA in 2025 and future years, if the original account owner had already begun taking RMDs before their death. Failing to take these required annual distributions can result in significant IRS penalties. The SECURE Act of 2019 introduced the 10-year withdrawal rule, requiring most non-spouse beneficiaries to withdraw the entire balance of an inherited IRA within 10 years of the [...]
Effective Year-End Tax Planning
As we approach the end of 2025, it’s time to take a fresh look at your tax picture. The tax landscape changed significantly with the enactment of the One Big Beautiful Bill (OBBB) in July 2025. Many provisions from the 2017 Tax Cuts and Jobs Act (TCJA) were originally scheduled to expire after 2025, but OBBB replaced or modified a number of those rules — creating unique opportunities and nuances for 2025 year-end planning, particularly for state income taxes, charitable [...]
Small taxpayers with Research and Experimental (R&E) Expenses may need to take immediate action before September 15, 2025
As we noted in our prior blog post, the IRS recently released long-awaited procedures for elections and accounting method changes under the One Big Beautiful Bill (OBBB) Act, which reinstated immediate expensing of domestic R&E expenditures. The IRS is expected to issue updated guidance on Research and Experimental (R&E) expense following the recently issued guidance in Rev. Proc. 2025-28. Under the OBBB Act, small businesses—those with average annual gross receipts of $31 million or less—may elect to retroactively deduct R&E [...]
IRS issued highly anticipated guidance on Research and Experimental (R&E) Expense deductions for 2024
The IRS has released highly anticipated guidance on R&E expenditures. New procedures have been issued for the elections and accounting method changes related to the One Big Beautiful Bill (OBBB) Act which re-instated immediate expensing of domestic R&E expenditures. Small businesses with average annual gross receipts of $31 million or less are permitted by the OBBB Act to elect to take the R&E deductions retroactively for the years 2022 through 2024. Immediate expensing starts for all other taxpayers as of [...]
Important Update For Making Individual Estimated Tax Payments
Save the stamp and make your Federal tax payments electronically with IRS Direct Pay via the IRS’ website at https://www.irs.gov/Payments/Direct-Pay. This service is for individuals only and offers a free, secure electronic payment method through the IRS’ website. IRS Direct Pay requires the individual to provide information from a on previously filed return and answer questions aimed to authenticate the individual. Payments can be scheduled up to 30 days in advance and payments can be modified or cancelled until two [...]
“One Big Beautiful Bill Act” Tax Provisions Highlights
Enacted July 4, 2025 The One Big Beautiful Bill Act is a $3.4 trillion tax and spending package structured as a reconciliation bill. It includes tax reforms, spending and program changes. Additionally, it increases the debt ceiling by $5 trillion. Key tax provisions are: Individual Provisions Extends currently enacted tax rates permanently and modifies the inflation adjustment for some tax rate brackets after 2025. Reinstates and expands 2020-2021 $300 above-the-line charitable contribution deduction for non-itemizers at up to $2,000 joint/$1,000 [...]
Significant Update – BOI Reporting Enforcement SUSPENDED against US Citizens and DOMESTIC Reporting Companies
The US Department of the Treasury has announced a major development regarding the Corporate Transparency Act and beneficial ownership interest (BOI) filing requirements. It is suspending enforcement against US citizens and domestic reporting companies. For more information, see the press release below: PRESS RELEASES Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies March 2, 2025 The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, [...]
LATE-BREAKING DEVELOPMENT –BOI Reporting Requirements Are Once Again Back in Effect with a Deadline of March 21, 2025 For Most Filings
On Monday, February 17, 2025, the Federal District Court in Smith v. U.S. Department of Treasury lifted the injunction that was preventing enforcement of the beneficial ownership interest (BOI) filing requirements. The Financial Crimes Enforcement Network (FinCEN) promptly issued an alert on its website confirming that the reporting requirements are back in effect and announcing an extended deadline of March 21, 2025 for the vast majority of reporting companies. FinCEN indicated it will assess its options for potentially modifying the [...]
LATE-BREAKING DEVELOPMENT – US Supreme Court allows BOI Reporting enforcement
Today, in a short, unsigned order, the US Supreme Court granted the government’s request to implement the Corporate Transparency Act (CTA), which potentially revives the Beneficial Ownership Interest (BOI) reporting requirement for many businesses. An estimated 32 million existing entities and an estimated 5 million new businesses annually could need to report information about their beneficial owners - the individuals who ultimately own or control the company. With today’s Supreme Court order, the government can move ahead with enforcing the [...]