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 […]
June 16 – Employer’s Monthly Deposit Due If you are an employer and the monthly deposit rules apply, June 16 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for May 2025. This is also the due date for the nonpayroll withholding deposit for May 2025 if […]
June 2 – Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2024. The FMV of an IRA on the last day of the prior year (Dec 31, […]
Summer jobs for kids offer more than just extra cash—they provide valuable life lessons and skills that can benefit young individuals in their personal and professional lives. Whether they are saving up for a special purchase, gaining work experience, putting the money away for the future or simply looking to spend their time productively, summer […]
Navigating the labyrinth of return filing requirements for tax-exempt entities can seem daunting at first glance. However, understanding these requirements is crucial for maintaining your organization’s tax-exempt status and ensuring compliance with the Internal Revenue Service (IRS). This comprehensive guide will walk you through the various forms that may need to be filed, their specific […]