News

Trump 2025 Tax Bill – Timing and Likely Components

Timing As of March 30, 2025, the Trump administration, alongside congressional Republicans, is actively pursuing significant tax legislation aimed at extending and expanding upon the 2017 Tax Cuts and Jobs Act (TCJA). The exact timing and provisions are influenced by economic considerations and dynamics within the Republican Party. The goal is to finalize before the…
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Key IRS Adjustments for 2025: What Taxpayers Need to Know

In 2025, the Internal Revenue Service (IRS) introduced several inflation-adjusted changes to various tax provisions, aiming to align them with current economic conditions. Standard Mileage Rate for Business Use: The rate has increased to 70 cents per mile, up from 67 cents in 2024, reflecting higher vehicle operation costs. Standard Deductions: Single Filers and Married…
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FINCEN Removes Reporting Requirement for U.S. Companies and U.S. Persons

Domestic Companies No Longer Required to Report to FinCEN Effective immediately, all entities formed in the United States (such as corporations, LLCs, and other common U.S. business structures), along with the beneficial owners of such entities, are exempt from Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). This exemption also applies to…
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BOI Reports Now Due by March 21, 2025

A recent court ruling means businesses must file their Beneficial Ownership Information (BOI) reports under the Corporate Transparency Act (CTA). New Deadlines: Most businesses must file by March 21, 2025, if you have not already filed. New businesses (formed on or after Feb. 18, 2025) must file within 30 days of creation. Businesses with disaster…
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Is Your Retirement Plan Viable?

Most retirement discussions begin with how large a nest egg is needed for retirement and an estimate of the correct percentage withdrawal rate. While these questions are important, they are generalizations that don’t answer the most important questions. The Big Question Focusing on what your investments will generate is important but does not mean you’ll…
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Why Businesses Should Review Fidelity Coverage

Employee embezzlement, the act of an employee misappropriating company funds or assets for personal gain, is a pervasive risk that businesses cannot afford to ignore. While organizations often implement internal controls and monitoring mechanisms to mitigate this risk, no system is foolproof. Fidelity coverage, a specialized type of insurance that protects businesses against losses caused…
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Confused About Inherited IRA Rules? These Charts Simplify the New Guidelines

There seems to be a great deal of confusion about the required minimum distributions from inherited IRAs.  A wide variety of factual situations can occur, making a simple explanation impossible.  The following chart attempts to summarize the new rules for inherited IRA distributions. Due to confusion, the IRS has provided relief for beneficiaries who inherited…
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Trump Tax Plan

When one party controls the White House, House, and Senate, it significantly increases the chances of passing major tax legislation. Republicans are expected to use budget reconciliation to bypass Senate filibuster rules, allowing them to enact legislation without Democratic support. However, with narrow majorities in both chambers, they’ll need near-unanimous support within their ranks. Budget…
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BOI Reporting Injunction Reinstated Again – Enforcement Paused

The Fifth Circuit Court of Appeals reinstated the CTA injunction on December 26th. This follows a reinstatement of the CTA filing deadline on December 23rd. So, as of December 26th, the filing requirement is on hold. The following alert was issued by FinCEN via their website: In light of a recent federal court order, reporting companies…
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