The IRS has made it clear: the sun is setting on the Employee Retention Credit, and businesses that claimed it—or plan to amend past filings—need to tread carefully. The Employee Retention Credit 2025 update signals a shift in focus: with the filing window closed and a surge in enforcement activity, 2025 is shaping up to be the year of audits, repayment demands, and compliance pressure.
Here’s what employers should be watching now to avoid headaches or worse later.
A major shift in the way the federal government handles payments is underway. As part of an executive order issued in early 2025, the federal government is transitioning to a fully digital payment system—effectively ending the use of paper checks. For taxpayers and preparers, this isn’t just a policy update; it’s a timeline that could impact everything from tax refunds to estimated payments.
Each year, the IRS adjusts tax brackets, deductions, and credits to account for inflation. These updates can influence your tax liability, deductions, and financial planning. The 2025 tax inflation adjustments introduce several key changes that may impact how much you owe or how much you can deduct when filing your return.
The Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are officially back in effect following a recent court decision. After months of uncertainty, businesses across the U.S. must now comply with the reinstated regulations, with the filing deadline set for March 21, 2025 for most companies.
It’s January, and you’re kicking yourself for missing the December 31 tax deadline for key deductions. While it may feel like the window has closed, there’s still good news: many opportunities remain to recoup lost deductions and reduce your taxable income. By taking strategic action now, you can recover missed tax deductions and set yourself up for a smoother tax season next year.
Here’s a step-by-step guide to bounce back and maximize your deductions:
The landscape of New Beneficial Ownership Reporting Requirements has shifted once again. A recent court ruling has temporarily halted enforcement of the Corporate Transparency Act (CTA), which requires businesses to disclose Beneficial Ownership Information (BOI) to the Financial Crimes Enforcement Network (FinCEN). While this decision provides businesses with temporary relief, it also creates uncertainty around future compliance obligations.
The landscape of Beneficial Ownership Information (BOI) reporting has shifted with new beneficial ownership reporting requirements set by the Financial Crimes Enforcement Network (FinCEN). We covered the basics of BOI reporting in a previous blog post, but additional changes have since been introduced that impact a wide range of businesses and individuals required to submit BOI under the Corporate Transparency Act (CTA). If you’re a business owner or manager, understanding these updated requirements is essential to ensure compliance and avoid potential penalties. Here’s a comprehensive look at what’s new and what steps your business should take to meet these updated BOI reporting guidelines.
The IRS has announced vital tax relief for hurricane victims, both for individuals and businesses, affected by two major hurricanes in 2024—Hurricane Helene and Hurricane Milton. Both hurricanes caused widespread damage across several states, and taxpayers in those areas are now eligible for extensions on various tax filings and payments. Here’s what you need to know about the available relief.
As we approach 2025, major tax changes are on the horizon that could significantly impact estate planning. With the expiration of the Tax Cuts and Jobs Act (TCJA), estate tax exemptions could drop from $13.61 million per individual to between $5 million and $7 million — or even as low as $3 million. This upcoming change makes it essential for high-net-worth individuals and families to act now to maximize their estate planning opportunities.
Recent insights from Bank of America CEO Brian Moynihan highlight a noticeable slowdown in consumer spending, impacting small- and medium-sized businesses (SMBs) significantly. Americans’ spending growth has slowed from nearly 10% in May 2023 to about 3.5% this year. To survive and thrive in this changing economic landscape, business owners must adapt and implement proactive strategies.