May 12 – Social Security, Medicare and Withheld Income Tax File Form 941 for the first quarter of 2025. This due date applies only if you deposited the tax for the quarter in full and on time. May 15 – Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, May 15 is […]
May 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 12. Your employer is required to withhold FICA taxes and income tax withholding for […]
Choosing the right business entity is a critical decision for entrepreneurs and business owners. The type of entity you select can have significant implications for liability, taxation, and the overall management of your business. In this article, we will explore the pros and cons of various business entities, including sole proprietorships, partnerships, limited partnerships, limited […]
In the wake of NCAA policy changes and state-level legislation, student-athletes are cashing in on their name, image, and likeness (NIL) like never before. But with this wave of monetization comes a new challenge: navigating the complex tax implications of NIL income—for students and for the alumni, donors, and collectives supporting them. With every passing […]
When managing finances, both individuals and businesses often seek ways to minimize their tax liabilities through deductions. However, not all expenses qualify as tax deductions, and penalties are a particularly tricky area. This article explores whether penalties can be deducted as business expenses or itemized deductions, providing clarity on a topic that often confuses taxpayers. […]
April 15 – C-Corporations File a 2024 calendar year income tax return (Form 1120) and pay any tax due. If you need an automatic 6-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information and Other Returns, and deposit what you […]
April 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 10. Your employer is required to withhold FICA taxes and income tax withholding […]
The Internal Revenue Service (IRS) has released its annual “Dirty Dozen” list of tax scams for 2025, cautioning taxpayers, businesses, and tax professionals to remain vigilant against prevalent schemes that endanger their tax and financial data. These fraudulent tactics, which range from phishing email schemes to deceptive tax credits, tend to surge during the tax […]
Business owners across the United States can breathe a sigh of relief with the latest announcement from the Financial Crimes Enforcement Network (FinCEN) about BOI reporting. On March 21, 2025, FinCEN revealed an interim final rule that lifts the burden of Beneficial Ownership Information (BOI) reporting requirements on domestic companies. This move, aimed at relieving […]
Tax planning is a crucial aspect of financial management, yet it often remains underutilized by many taxpayers. One area that frequently causes confusion and potential financial strain is the management of estimated tax payments and the associated penalties for underpayment. Understanding the intricacies of estimated safe harbors, the requirement for payments to be made ratably, […]