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Sunday Morning Blog – April 6, 2025
Tax Deadline Extended in Alabama for 2024 Tax Filings Due to FEMA-Declared Disaster Residents and businesses in Alabama affected by Hurricane Helene, which struck on September 22, 2024, have been granted significant tax relief by the Internal Revenue Service (IRS). Following a disaster declaration by the Federal Emergency Management Agency (FEMA), the IRS has extended…
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Disaster Victims in 9 States have Automatic Extensions
IRS reminder: Disaster victims in nine states have automatic extensions to file and pay their 2024 taxes WASHINGTON — The Internal Revenue Service today reminds individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are due on Thursday, May 1,…
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Payment Plan Options
Reminder to those who owe: Payment plan options are available WASHINGTON — The Internal Revenue Service today reminds taxpayers that they don’t need to wait until April 15 to file their 2024 federal return, and if they owe and are unable to pay the balance in full, there are payment plans available to help them…
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Education Credits
Review the education credits before filing a federal tax return There are two tax credits designed to help taxpayers reduce education costs: the American Opportunity Tax Credit and the Lifetime Learning Credit. Eligibility requirements For both tax credits, to be eligible: Things taxpayers should know about the education tax credits The American Opportunity Tax Credit is: The Lifetime Learning Credit…
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Happy April Fools’ Day
Just a Reminder … No April Fool Jokes or Pranks allowed at the office. Although many theories have been proposed, the exact origin of April Fools’ Day is not exactly known. A disputed association between 1 April and foolishness is in Geoffrey Chaucer’s The Canterbury Tales (1392). In the “Nun’s Priest’s Tale”, a vain cock, Chauntecleer, is tricked by…
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Interest Rates
Remain the Same for the Second Quarter of 2025 For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the new rates: Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment…
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Round-Up Settlement Issue
The recent Round-Up cancer settlement cases continue to generate frustration among claimants, particularly highlighting the complicated nature of legal and medical expense deductions. In a case we reviewed today, one client received an initial settlement of $70,000 but was left stunned after deductions significantly reduced her payout. After attorney fees, court costs, and medical liens…
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The Last Week of March, First Week of April
This is always our busiest time at the office … Tax season can be stressful, especially if you’re not quite ready by the filing deadline. Fortunately, the IRS offers taxpayers an option to file an extension, granting extra time to complete their tax returns. Here’s what you need to know: What is a Tax Extension?…
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FinCEN Removes Beneficial Ownership Reporting Requirements for U.S.
FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial…
