As Tax Season Opens, We Must Stay Alert to Rising Scam Threats

As tax filing season begins, scammers are ramping up efforts to steal taxpayers’ personal information through increasingly sophisticated schemes. Below, we discuss the latest scam, what to look out for in general, and what to do if you suspect something malicious. New Scam of the Season The U.S. Treasury Inspector General for Tax Administration (TIGTA) … Continue reading “As Tax Season Opens, We Must Stay Alert to Rising Scam Threats”

2025 U.S. Tax Legislation Forecast: What to Expect

As 2025 unfolds, U.S. tax policy is poised for significant shifts, particularly with a new Republican administration under President Donald Trump. The year ahead will likely see a range of tax reforms, largely driven by the GOP’s objectives and campaign promises. In this article, we’ll explore the major tax policy trends, legislative developments, and administration … Continue reading “2025 U.S. Tax Legislation Forecast: What to Expect”

What is Innocent Spouse Relief?

The word “innocent” in innocent spouse relief can be misleading. It doesn’t imply you’re perfect or blameless – it’s more about whether you knew or should have known about the tax issue. The IRS defines “innocence” in a specific way, and it hinges on the concept of reasonable ignorance. In short, the issue isn’t one … Continue reading “What is Innocent Spouse Relief?”

Tax Planning 2024

Personal Income Tax Planning Strategies for Year-End 2024 As 2024 draws to a close, it’s the perfect time to review your personal income tax situation and implement strategies to minimize your tax liability for the year. Proactive year-end tax planning can lead to significant savings, as well as ensure that you take full advantage of … Continue reading “Tax Planning 2024”

2025 Projected Tax Brackets

According to estimates, inflation adjustments to the internal revenue code are expected to yield increases of 2.8 percent compared to 2024 amounts. This means wider tax brackets and increased exemptions, among other things. With the U.S. Bureau of Labor Statistics consumer price index (CPI) moderating, this increase is about 50 percent less than 2024’s inflation … Continue reading “2025 Projected Tax Brackets”

The New Era of “No Tax” Policies: Selective Tax Exemptions and Their Side Effects

Former President and current candidate Donald Trump introduced a new policy of his in a recent Arizona rally: No more income tax on overtime pay. This follows both Trump and Vice President Harris’ proposal for a no income tax on tips policy, as well. Below we will look at the two recent proposals and what … Continue reading “The New Era of “No Tax” Policies: Selective Tax Exemptions and Their Side Effects”

Important Update on New Company Reporting Laws CTA – BOI

On Jan. 1, 2024, the U.S. government debuted the Corporate Transparency Act (CTA). This legislation established the requirement for the majority of private companies, both big and small, to file information with the Financial Crimes Enforcement Network (FinCEN). As with most new laws, the initial guidance and interpretations have been both challenged and questioned. In … Continue reading “Important Update on New Company Reporting Laws CTA – BOI”

 
 
 
 
 
 
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