Business Deadline: File W-2s and 1099-NECs by Jan 31
As the 2025 tax season begins, businesses must prepare for the upcoming deadline to submit certain information returns to the federal government and provide them to workers. By January 31, […]
Category: Tax
Confused about the BOI Reporting Requirement?
Over the past few weeks, there has been a lot of back-and-forth drama surrounding the BOI reporting requirements. Here’s what you need to know: As of 1/24/2025, FinCEN confirmed it […]
Identity Theft Awareness Week 2025
What would you do if your identity was stolen? In 2023, the Federal Trade Commission (FTC) received over 1.4 million reports of identity theft. This Identity Theft Awareness Week, the […]
Simplify Tax Season: Help Your CPA Help Your Business
As tax season begins, businesses are encouraged to take proactive steps to simplify the filing process, making it faster and more efficient for their CPA. Set Up Your IRS Online […]
Business Mileage Rate Increases in 2025
In 2025, the standard business mileage rate has increased slightly, reflecting a small rise in the national gas prices. The IRS has announced that the new cents-per-mile rate for business […]
How to Protect Yourself from Tax Season Scams
Remember: The IRS does not contact taxpayers by email, text messages, or social media channels to request personal or financial information. As tax season approaches, it’s important to stay alert […]
Understanding Section 1231 Tax Impacts
Understanding the tax consequences when selling business assets is essential. One key area to focus on is Section 1231 of the Internal Revenue Code, which outlines how gains and losses […]
Navigating the Work Opportunity Tax Credit (WOTC)
The U.S. Bureau of Labor Statistics reports that unemployment rates remain historically low, fluctuating between 4.0% and 4.3% from May to November 2024. Amid current hiring challenges, the Work Opportunity […]
BOI Injunction Reinstated, Reporting Paused Again
For business owners, monitoring the rules for BOI reporting this month has been like watching a ping pong match. As of Friday, December 27, the requirement to file a beneficial […]
BOI Reporting Deadline Reinstated
On 12/23/24, the 5th Circuit Court of Appeals granted the government’s emergency motion to stay the nationwide injunction issued in the Texas Top Cop Shop case. This means that businesses […]
IRS Increases Standard Mileage Rate for Business Use in 2025
The IRS has raised the standard mileage rate for business use by 3 cents, bringing it to 70 cents per mile for 2025. Other mileage rates remain unchanged from 2024. […]
Lower Business Taxes with Local Transportation Cost Deductions
Understanding how to claim deductions for transportation costs can help lower your small business’s tax burden. Each year, you and your employees likely incur various local transportation expenses that carry […]
