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New Deadline of March 21, 2025
For BOI Filings with FinCen Corporate Transparency Act Reporting Requirements Back in Effect with Extended Reporting Deadline; FinCEN Announces Intention to Revise Reporting Rule Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the…
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Tax News
As of February 2025, several significant tax law changes are under consideration or have been implemented across various jurisdictions: United States International Developments These developments reflect ongoing debates and legislative efforts aimed at overhauling tax systems to address economic disparities, revenue needs, and social equity concerns.
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Installment Sale Income
IRS Form 6252 Purpose: IRS Form 6252 is used to report income from an installment sale using the installment method. An installment sale occurs when you sell property and receive at least one payment after the tax year in which the sale took place. This form helps taxpayers determine the taxable portion of each payment…
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Office Open on Presidents Day
Tax Filing Season in Full Swing The 2025 income tax filing season is officially underway, running from February 1st to April 15th. As we assist clients with their returns, we want to remind everyone of our extended office hours during this busy period: We are making steady progress, having already completed 439 of the 2,100…
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January 2025 Activity
As Reported by Google Each month, I receive a report that shows how many people called the office by clicking my telephone number from Google (102 calls last month). The report also tells me how many people ask for directions to the office (61 last month). We had 110 visits to our website from our…
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Tax Season Update
Today is Sunday February 9th and the Weather seems like Spring Although our tax filings are progressing very well, the hold-up for many is the delay in receiving 1099 forms from their investments. Investment Firm Forms 1099-DIV / 1099-INT Deadline Form 1099-B Deadline (if basis info required) Vanguard January 31, 2025 February 15, 2025 Fidelity…
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Scheduling In-Office or Telephone Appointments
Our Online Scheduler is So Easy and Convenient! Because the Internal Revenue Service opened their computer system for electronic filing on Monday, January 27th, this past week should count as our first week of Tax Season, even though we did not go on extended hours until Saturday, February 1st (yesterday). Our Tax Season (Feb. 1…
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IRS announces Jan. 27 Start to 2025 Tax Filing Season
The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the Tuesday, April 15 federal deadline. More than half of all tax returns are expected to be filed this year with the help of a tax professional, and the IRS urges people to use a trusted tax…
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Tax Tips for Marriage Status Change
A taxpayer’s filing status generally depends on their being married or unmarried on the last day of the year – which means that a taxpayer’s marital status as of December 31, 2024, determines their tax filing options for all of 2024. For filing purposes, the IRS generally considers taxpayers as married if they are separated…
