NEWS
Looking ahead to 2025 tax limits as you prepare to file your 2024 return
Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension). However, it’s a good...
The standard business mileage rate increased in 2025
The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile...
DOL’s final rule on overtime eligibility appears doomed
In April 2024, the U.S. Department of Labor (DOL) announced it was rolling out a new final rule on eligibility for overtime pay. The move prompted mixed reactions from observers, much concern among employers and, inevitably, legal challenges from its staunchest...
It’s not too late to trim your 2024 taxes
As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors. Indeed, many of the Tax Cuts and Jobs Act (TCJA) provisions are set to expire at the end of...
Businesses can still cut their 2024 taxes
President-Elect Trump will take power early next year along with a unified GOP Congress. However, it’s still unknown how the tax landscape will change in the coming years. The good news is that businesses have several avenues to explore before year end to trim their...
Business alert: BOI reporting requirements have been suspended for now
New beneficial ownership information (BOI) reporting requirements that many small businesses were required to comply with by January 1, 2025, have been suspended nationwide under a new court ruling. However, businesses can still voluntarily submit BOI reports,...
Federal court rules against DOL’s “white collar” overtime rule
A federal district court judge has struck down the Biden administration’s new rule regarding the salary threshold for determining whether certain employees are exempt from federal overtime pay requirements. The first phase of the rule took effect for most employers in...
Now what? Assessing the likely tax impacts of the 2024 election
President-Elect Donald Trump will return to the White House in 2025 — a year that already was expected to see significant activity on the federal tax front. A projected unified GOP Congress is poised to help him notch early legislative tax victories. (Republicans have...
How much can you contribute to your retirement plan in 2025? The IRS just revealed the answer
The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024 but not as much as in the previous year. Take these...
Businesses: Do you have to comply with the new corporate transparency reporting rules?
A repost of an item originally posted on January 3, 2024. Your business may have to meet new reporting requirements that took effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide...