Insights
2024 Year-End Reminders & Planning Tips
By: Morgan Hunt, CPA As the end of the year quickly approaches, we want to remind you of things to consider before December 31 and to provide you with some important reminders as you prepare for the tax filing season. Protect Your Personal Information – Identity Theft continues to be an issue for the IRS…
Read MoreBeneficial Ownership Information (BOI) Reporting Update
As you may remember, we notified you on August 30, 2024 about the Beneficial Ownership Information report due to be filed by December 31, 2024. On December 3, 2024, a federal district court in Texas issued an order granting a nationwide preliminary injunction that stayed all deadlines to comply. Today, The Financial Crimes Enforcement Network…
Read MoreGet tax breaks for energy-saving purchases this year because they may disappear
The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. On the campaign trail, President-Elect Donald Trump pledged to “terminate” the law and “rescind all unspent funds.” Rescinding all or part of the law would require action…
Read MoreHow inflation will affect your 2024 and 2025 tax bills
Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? A…
Read MoreACA Reporting Requirements for Plan Year 2024: Key Points and Deadlines
By: Drema Foster, PAFM The Affordable Care Act (ACA) mandates specific reporting requirements for applicable large employers (ALEs), generally those with 50 or more full-time equivalent (FTE) employees, as well as self-insured employers of any size. For plan year 2024, the reporting process for employer-provided health coverage is largely unchanged, but deadlines remain crucial. Here…
Read MoreEmployers: In 2025, the Social Security wage base is going up
As we approach 2025, changes are coming to the Social Security wage base. The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $176,100 for 2025 (up from $168,600 for 2024). Wages and self-employment income above this amount aren’t subject to Social Security tax. If your business…
Read MoreFederal Court Strikes Down Rule Raising Salary Threshold for White Collar Overtime Exemptions
By: Drema Foster, PAFM On November 15, 2024, the U.S. District Court for the Eastern District of Texas vacated and set aside the U.S. Department of Labor (DOL)’s final regulation increasing the salary threshold for the “white collar” overtime exemption under the Fair Labor Standards Act (FLSA) on a nationwide basis. The court held that each of the three…
Read MoreFrom flights to meals: A guide to business travel tax deductions
As a business owner, you may travel to visit customers, attend conferences, check on vendors and for other purposes. Understanding which travel expenses are tax deductible can significantly affect your bottom line. Properly managing travel costs can help ensure compliance and maximize your tax savings. Your tax home Eligible taxpayers can deduct the ordinary and…
Read MoreMaximize your year-end giving with gifts that offer tax benefits
As the end of the year approaches, many people start to think about their finances and tax strategies. One effective way to reduce potential estate taxes and show generosity to loved ones is by giving cash gifts before December 31. Under tax law, you can gift a certain amount each year without incurring gift taxes or…
Read MoreThe nanny tax: What household employers need to know
Hiring household help, whether you employ a nanny, housekeeper or gardener, can significantly ease the burden of childcare and daily chores. However, as a household employer, it’s critical to understand your tax obligations, commonly called the “nanny tax.” If you hire a household employee who isn’t an independent contractor, you may be liable for federal…
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