Occupations Qualified for Tip Deduction Released

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Article Highlights: Draft List of Occupations: Beverage & Food Service Entertainment and Events Hospitality and Guest Services Home Services Personal Services Personal Appearance and Wellness Recreation and…

Got an IRS Notice? Here’s How to Handle It Without Losing Sleep

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Few things can rattle a business owner faster than seeing “Internal Revenue Service” on an envelope. The instinct is to panic. But the truth? An IRS notice doesn’t automatically mean you’ve done something wrong. In 2025, notices are…

Understanding the New Above-the-Line Tax Deduction for Qualified Tips

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Article Highlights: Prior Law on Tip Reporting and Employer Requirements Introduction of the Above-the-Line Deduction for Qualified Tips Above-the-Line Deductions Qualified Tips Definition Tips in Business Operations When…

Think the IRS Is Slowing Down? Why That Might Actually Increase Your Audit Risk

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You’ve probably seen the headlines: “IRS funding slashed.” “Audit rates down.” “Staffing cuts.” If you’re a business owner, investor, or part of a high-earning household, you may be thinking: Finally, some breathing room. But…

Navigating IRS Penalty Abatement

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Article Highlights: Understanding Reasonable Cause Abatement What Constitutes Reasonable Cause? How to Apply for Reasonable Cause Relief Who Can Apply? IRS Guidelines on Evaluating Reasonable Cause Grounds Used for Requesting…

Tax Bill Clears the House: What It Means for Americans and What’s Next

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On May 22, the U.S. House of Representatives passed a sweeping tax package, advancing a bill that could significantly reshape the federal tax landscape heading into the 2025 filing season. Dubbed by supporters as “The One Big Beautiful Bill,”…

Important June 2025 Due Dates

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June 2025 Individual Due Dates June 2 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2024.…

Understanding Filing Requirements and Non-Compliance Penalties for Exempt Organizations 

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Article Highlights: Annual Filing Requirements Understanding Which Form to File Due Dates and Extensions Online Filing Options Consequences of Late Filing or Non-Filing Monetary Penalties for Filing Non-Compliance Other…

Taxpayers Living Abroad, June 16, 2025, Is an Important Filing Deadline

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Article Highlights:  Americans Living and Working Abroad Extension Requests Report of Foreign Bank and Financial Accounts (FBAR) Statement of Foreign Financial Assets Estimated Tax Payments Estimated Tax Safe Harbors June…

Maximize Your Tax Savings: A Small Business Owner’s Guide to Essential Tax Deductions

We’ve seen firsthand how optimizing your tax deductions can create real, measurable benefits for your business. With inflation driving up expenses and economic uncertainty still lingering, small business owners need every strategic advantage…