August 11 – Social Security, Medicare and Withheld Income Tax File Form 941 for the second quarter of 2025. This due date applies only if you deposited the tax for the quarter in full and on time. August 15 – Social Security, Medicare and Withheld Income Tax If you are an employer and the monthly deposit rules apply, […]
August 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 11. Your employer is required to withhold FICA taxes and income tax withholding for […]
Let’s get one thing straight: Scammers are not slowing down. They’re getting slicker, faster, and disturbingly good at sounding like someone you trust—especially now that AI can mimic voices, emails, and even your tax pro’s writing style. The IRS sees it too. That’s why, every year, they publish a list of the biggest, most dangerous […]
As we approach the closing chapters of the Tax Cuts and Jobs Act (TCJA), implemented during President Trump’s first term, taxpayers find themselves at a crossroads. With many of the TCJA’s provisions set to expire after 2025, the introduction of the One Big Beautiful Bill Act (OBBBA) offers timely extensions and nuanced modifications to these […]
On July 4th, the President signed into law the so-called “One Big Beautiful Bill” Act (OBBBA), a significant piece of legislation that ushers in a plethora of tax provisions designed to impact taxpayers across the spectrum. Though the act introduces measures that stretch beyond this year, our focus here narrows to changes coming into effect […]
July 1 – Self-Employed Individuals with Pension Plans If you have a pension or profit-sharing plan, you may need to file a Form 5500 or 5500-EZ for the calendar year 2024. Even though the forms do not need to be filed until July 31, you should contact this office now to see if you have […]
July 1 – Time for a Mid-Year Tax Check Up Time to review your 2025 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips […]
If you hire a domestic worker to provide services in or around your home, you probably have a tax liability that you don’t know about – or one that you do know about but are ignoring. Either situation can come back to bite you. When the worker is your employee, your liability includes both withholding […]
You’ve probably seen the headlines:“IRS funding slashed.” “Audit rates down.” “Staffing cuts.” If you’re a business owner, investor, or part of a high-earning household, you may be thinking: Finally, some breathing room. But here’s the reality:The IRS isn’t pulling back. It’s just getting smarter about who it goes after. The IRS Isn’t Auditing Everyone—Just the “Right” PeopleWith fewer […]
In recent months, legislative activity in Congress has spurred considerable discussion around the proposed One Big Beautiful Bill Act (OBBBA). This article explores the key components of the OBBBA House and Senate versions of the tax bill as deciphered from various Congressional documents and highlights the importance of cautious tax planning given the potential changes […]