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 [...]
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 [...]
If you inherited an IRA from someone other than your spouse, required minimum distributions (RMDs) must be withdrawn from the IRA in 2025 and future years, if the original account owner had already begun taking RMDs before their death.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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]