News & Tips

We’d like to take a moment to bring your attention to the current government shutdown. Since the timing of when the shutdown will end is uncertain, this may have an impact on our service deliveries to you as Internal Revenue Service (IRS) operations will be affected. Rest assured that we will continue business as usual…

For years, retirement plans have allowed employees aged 50 and older to make catch-up contributions-additional amounts beyond the standard elective deferral limit–to help accelerate savings as retirement approaches. In 2025, the IRS has set the standard deferral limit at $23,500 for plans such as 401(k), 403(b), and 457(b). eligible participants may contribute an additional $7,500…

Are you considering making energy-efficient home improvements, like new energy-efficient windows or doors? Have you been thinking about installing solar panels or battery storage? If so, now is the time to act. Congress recently passed a tax and spending bill (commonly called the One Big Beautiful Bill) that repeals the individual residential energy tax breaks…

Yesterday, December 3, 2024, the U.S. District Court for the Eastern District of Texas (Sherman Division) issued a preliminary injunction in favor of the plaintiffs in the case of Texas Top Cop Shop, Inc. et al. vs. Garland (U.S. Attorney General). In so ruling, “[t]he Court has determined that the [Corporate Transparency Act] and Reporting…

A Business Tax Deduction for Working Pets If you’re a business owner, you may be able to deduct “ordinary and necessary” expenses related to keeping working animals. But the operative word here is “working,” for example, dogs that guard against illegal entry or cats that protect inventory from rodents. In general, such expenses as food,…

A nonprofit’s finance committee oversees and keeps its board of directors apprised of the organization’s overall financial health. This should be more than simply scanning financial reports. An active finance committee is crucial to maintain a nonprofit’s health and reputation. The success of your committee depends on your board, staff and committee members understanding the committee’s…

If you requested an extension for your 2023 federal income tax return, you have until six months from the original due date — October 15, 2024, to be exact — to wrap things up. This extra time may give you the opportunity to lower your overall tax bill and possibly increase a refund. Here are 10…

Issue Number:    IR-2024-169 Inside This Issue IRS enters next stage of Employee Retention Credit work; review indicates vast majority show risk of being improper  Highest-risk claims being denied, additional processing to begin on low-risk claims; heightened scrutiny and review continues as compliance work tops $2 billion; IRS will consult with Congress on potential legislative…

WASHINGTON — As part of an ongoing initiative aimed at combating dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service today launched a new Voluntary Disclosure Program to help businesses who want to pay back the money they received after filing ERC claims in error. The new disclosure program, which has been in the…

WASHINGTON — The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67…