Author: Admin
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Photo: FCPA-ProfessorQ1 Estimates 2026
This is our friendly reminder that 1st quarter estimates will be due on April 15th, 2026. Federal and state estimates are required for Schedule C filers, c-corporations and on pass-through entities such as s-corporations or partnerships since the tax structure is a pay-as-you-go system. Estimates may also be required if you have had any substantial taxable transactions where…
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Photo: Simco Services2% SH S-Corporation Health Insurance Reminder
As we approach the end of the 2025 tax year, we want to remind S-corporation owners of the important rules that apply to health insurance benefits for shareholders who own more than 2% of the corporation. Proper payment, reporting, and timing are essential to ensure the deduction is allowed. Important Deadline ReminderTo qualify for the…
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Photo: ourcac.orgApril Insights
IRS announces tax relief for victims of Hurricane Helene in North Carolina; various deadlines postponed to May 1, 2025 NC-2024-08, Oct. 1, 2024 WASHINGTON — The Internal Revenue Service announced today tax relief for individuals and businesses in the entire state of North Carolina that were affected by Hurricane Helene that began on Sept. 25,…
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Photo: HolmescpaMarch Insights
BOI REPORTING NOT REQUIRED FOR DOMESTIC ENTITIES AND OWNERS 1. Summary. All entities created in the United States and their U.S. beneficial owners are no longer required to file Beneficial Ownership Information (BOI) reports. Existing foreign companies have at least 30 days from March 21 to file. 2. Background. The Financial Crimes Enforcement Network (FinCEN)…
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Photo: LGA, LLPFebruary Insights
March 21 BOI reporting deadline set; further delay possible By Martha Waggoner and Neil Amato February 19, 2025 Most small businesses required to file beneficial ownership information (BOI) reports will have until March 21 to do so after a federal district court lifted the last remaining nationwide injunction that halted the filings, the Financial Crimes…
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Photo: LinkedinJanuary Insights
Issue Number: IR-2024-311 Inside This Issue – From IRS Prepare to file in 2025: Get Ready for tax season with key updates, essential tips WASHINGTON — With the 2025 filing season quickly approaching, the Internal Revenue Service encouraged taxpayers to take key steps now to prepare for filing their 2024 federal income tax returns next…
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Photo: Nick Fewings- Unsplash2024 Mileage Rates
Mileage rates for 2024 – for taxes filed in 2025 Effective January1 through Dec. 31, 2024, the standard mileage rates are as follows: Mileage Rate through 2024 (for Taxes filed in 2025) Purpose For business use 70 cents per mile For medical care and for moving active-duty members of the Armed Forces…
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Photo: Wouch-Maloney