Here are steps you can still take after the new year to reduce your tax liability.

Contact us to ensure you are meeting all applicable deadlines and to learn more about the filing requirements.

Corporations will continue to have to register and pay taxes, Act 2024-213 only removes the need to file an annual report.

A new policy announced by the Trump administration to suspend federal grants and loans has shocked local governments, nonprofits, and many community projects.

A federal judge issued a temporary injunction against the Trump administration’s January 27, 2025 federal funding freeze which provides municipalities and nonprofits relief through February 3 following legal challenges to the policy by nonprofits and state attorneys general.

Important update on the BOI / Corporate Transparency Act

Internships are a crucial phase in your professional journey, offering a chance to gain practical experience and build professional connections. To maximize the value of your internship, consider these strategies:

Traveling for business is an exciting idea for many young professionals. Some millennials have mastered the art of blending business travel with leisure travel, and research shows millennials associate business travel with job satisfaction.

Even if the taxpayer does not qualify for direct relief, they might be able to benefit in other ways using various potential tax saving opportunities.

By choosing the right allocation methods and applying them consistently, you can gain valuable insights into project costs, boost profitability, and make more informed decisions that will contribute to long-term success in the construction industry.

As real estate prices continue to rise, owners of undeveloped "raw" land are finding property development an increasingly attractive opportunity. However, those involved in development may face significantly different tax implications and investment returns depending on whether they are classified as investors who pay capital gains taxes, or dealers who are taxed at higher ordinary income rates.

While Section 179D offers significant benefits, navigating its complexities requires expertise. It’s vital to consult with a qualified tax advisor who specializes in the construction industry to maximize the benefits of 179D and avoid potential pitfalls.

There are several important tax deadlines for businesses and individuals just around the corner. Keep in mind that this list is not all-inclusive, so there may be additional deadlines that apply to you.

Preparing for an audit can feel burdensome, regardless of previous experience. There are various types of audits, each having different purposes and standards, making it difficult to navigate the process.

Making yourself aware of some of the common scams and using good judgement can help keep your money – and personal information – safe from criminals.

For individuals, trusts, and corporations who make quarterly estimated tax payments, the deadline to make second quarter payments for tax year 2024 is Monday, June 17th.

The Corporate Transparency Act BOI filing requirements have been reinstated by the Fifth Circuit Court of Appeals. FinCEN has extended the deadline for most entities until January 13, 2025, with a few exceptions for entities that were formed recently.

As the year comes to a close, many companies prepare for year-end audits, an important process that can impact financial reporting, regulatory compliance, and investor confidence.

Our 2024- 2025 Tax Planning Guides contain the insight needed to help navigate the latest legislation and plan for the year ahead, while taking advantage of tax saving strategies.

As published in IRS News Release IR-2024-285, Nov. 1, 2024

Starting January 1, 2024, dealers selling vehicles that are eligible for the Clean Vehicle Tax Credit (IRC Sections 30D and 25E) must file time-of-sale reports within three days via the IRS ECO Tool. To address compliance challenges, the IRS has introduced temporary relief.

Other federally declared disasters this year include widespread flooding in Illinois, wildfires in New Mexico, and tropical storms in Pennsylvania and Georgia. Victims of these disasters may be eligible for tax relief.