ALERT: Beneficial ownership reporting requirements (BOI) are back in effect, with a new deadline of March 21, 2025 for most companies. FinCEN Extends Beneficial Ownership Information Reporting Deadline The Financial Crimes Enforcement Network (FinCEN) has announced a 30-day extension for most businesses required to report their Beneficial Ownership Information [...]
In today’s fast-paced and ever-evolving professional landscape, technical expertise alone isn’t enough to guarantee success. Employers are increasingly valuing soft skills—personal attributes and interpersonal skills that shape how we interact with others. These skills are vital in any role and can set you apart from the competition. Whether you’re [...]
As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2025 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, 2025, the standard mileage rates for the use of [...]
In addition to your annual income tax filing requirements, mostly all states’ Secretary of State also impose an annual reporting obligation on their domestic and foreign business entities. The primary purpose of the annual report requirement is to provide the public, investors, the filing office, and other government agencies [...]
The deductibility of meal expenses for employers and business entities is a nuanced area of tax law that requires careful consideration of various rules and exceptions. This article explores the intricacies of meal expense deductions, focusing on when the 50% deductibility rule applies, exceptions to this rule, and strategies [...]
Individuals and small businesses should consider various ways of starting off on the right foot for the 2025 tax year. W-4 Updates – If you are employed, then your employer takes the information from your Internal Revenue Service (IRS) Form W-4 and applies it to the IRS’s withholding tables [...]
Household employees play a crucial role in many homes, providing essential services such as childcare, eldercare, housekeeping, and gardening. However, employing household help comes with a set of responsibilities, particularly in terms of payroll, withholding, and tax reporting. This article delves into the intricacies of household employment, including the [...]
Imposter syndrome is a common yet often unspoken challenge in the workplace. It’s that nagging feeling of self-doubt, the persistent belief that your accomplishments are undeserved, and the fear that you’ll be exposed as a fraud. If this resonates with you, know that you’re not alone. Research shows that [...]
Investing in small businesses is not only a powerful way to support growth and innovation, but it can also offer substantial tax advantages through the Qualified Small Business Stock (QSBS) provision of the Internal Revenue Code (IRC) Section 1202. This tax incentive, enacted in 1993 and extended under the [...]
As a baby boomer, you may find yourself approaching retirement with less savings than you'd hoped. Whether due to economic fluctuations, personal circumstances, or simply the demands of life, many late starters face this challenge. However, it’s never too late to take action. Here are effective strategies to maximize [...]
