Dec 31, 2024 | Personal Financial Planning, Tax News
You may be able to turn an IRS tax payment into a tax refund. Consult with your tax professional to determine if any of the following actions apply to your situation. Standard deduction versus itemized deductions For many taxpayers, taking the standard deduction is...
Dec 30, 2024 | Business Planning, Closely Held Business, Tax News
As of Dec. 26, the CTA’s BOI reporting requirements are suspended. Affected businesses can breath a sigh of relief. How did we get here? In brief: The much-debated CTA imposed heavy reporting requirements on a wide range of companies, starting in 2025. The...
Dec 26, 2024 | Business Planning, Closely Held Business, Tax News
The Fed’s big move Many economists were waiting for the Fed’s interest rate cut in September. It was the first time the Fed lowered its benchmark interest rate since it began raising it in 2022. Back then, the Fed increased its rate to combat inflation. In...
Dec 24, 2024 | Business Planning, Closely Held Business, Featured News and Events, Tax News
All over the business world, accountants, lawyers, financial executives and journalists are scrambling to keep up with the latest soap opera in the financial community: what’s happening with the Corporate Transparency Act and its ownership reporting rules....
