Feb 06 IRS Announces Mileage Change For 2025
At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes:...
Feb 06 Fraud Alert: FinCEN Reports on BOI Scams
FinCEN has learned of fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act....
Jan 29 Important BOI Update
In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to...
Jan 23 Is This Your Situation: Deciding Between a Compilation and a Review
Even a successful and growing small business may be asked for an audited financial statement by a banker, investor, creditor, or buyer. These third parties often want some assurance that the financial statements provided by your business are reasonably accurate and free of any major...
Jan 23 Tax Benefits for Homeowners
What tax deductions, programs, and housing allowances are available to you as a homeowner? Let's explore a few options that the IRS makes available....
Jan 23 Top Benefits of Hiring Outsourced Accounting Services
Do you outsource HR and IT but feel squeamish about letting someone else get too close to your numbers? You probably have a fluctuating need for a bookkeeper, an accountant, a controller, and a chief financial officer. You could hire all these people, but outsourcing...
Jan 10 Form W-2: The Basics
In many ways, Form W-2 is simple and straightforward: You enter information that is already available from payroll and personnel records. You then use your employer identification number and, in most cases, a state ID number to complete most of the form. The main challenge comes...
Jan 10 New IRS Guidance on State and Local Taxes
The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It's a reminder that federal law controls payments for federal income tax purposes no matter how state law wants to view things. The Tax Cuts and Jobs Act...
Jan 10 Is Long-Term Care Insurance Worth the Investment?
For many people in their 50s and 60s, the decision of whether to purchase long-term care insurance is a pressing concern. Yet, despite this, only a small fraction—around 2.3%—of individuals in this age group choose to buy such policies. The long-term care insurance industry has...