The IRS has announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for […]

IRS officials have warned taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as “Charitable LLCs.” These promotions often target […]

Low- and moderate-income taxpayers can save for retirement now and possibly earn a tax credit in 2025 and future years thanks to the Retirement Savings Contributions Credit, also known as […]

The IRS has announced a change to the requirements that third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, have regarding reporting transactions during calendar years 2024 […]

The end of the year is fast approaching, and with it come a few deadlines that you should consider. If you are age 70½ or older and have an individual […]

The Internal Revenue Service recently announced updates to several amounts that are updated annually for inflation. The tax year 2025 adjustments described below generally apply to income tax returns to […]

The Internal Revenue Service recently announced that the annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased […]

The IRS has opened a second round of the Employee Retention Credit Voluntary Disclosure Program (or “ERC VDP”) for businesses who may have improperly claimed the ERC in the past. […]

Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, for charitable donations, or […]

If you’d like to avoid surprises next year at tax time, consider doing an end-of-summer tax update and make any tax withholding or payment updates that are necessary. While most […]