BOI reporting is reinstated as of December 23rd. Most companies now have until January 13, 2025 to file initial report. Read our blog to learn more.
Maximize your tax savings in 2025 by using the updated mileage deduction rates! You can deduct up to 70 cents per mile for business use in 2025. Whether driving for work, charity, or medical reasons, understanding mileage rates and choosing the right method can save you money. Need guidance? Read our blog or contact our team at Stephano Slack: 610-687-1600 or TaxInfo@StephanoSlack.com.
The IRS is sending out up to 30,000 Employee Retention Credit (ERC) recapture letters this fall, affecting over $1 billion in claims. They notify business taxpayers that the IRS is reversing or recapturing their previous ERC credit.
The U.S. Department of Labor is launching the Retirement Savings Lost and Found database by December 29, 2024, to help workers locate lost retirement savings. EBSA has called on the retirement plan community to voluntarily provide the necessary data to populate the database and ensure its success. Read our blog to learn more.
There’s still time to leverage significant tax breaks for purchasing equipment before December 31. Here’s what you need to know about the Section 179 tax deduction and bonus depreciation for 2024
A federal court has issued a nationwide injunction blocking enforcement of the Corporate Transparency Act (CTA) and its BOI reporting rule, citing constitutional concerns. The ruling halts compliance with the January 1, 2025, deadline pending further court action.
Flexible Spending Accounts (FSAs) are a win-win for employees and employers! Employees save on taxes while covering essential medical and dependent care expenses, and employers benefit from reduced payroll taxes. During open enrollment, check with your employer to see if an FSA is available, and start planning your contributions to maximize these advantages! Read our blog to learn more.
As the end of the year approaches, it’s time to focus on one of the most critical financial tasks: year-end tax planning. For both individuals and business owners, taking proactive steps before December 31 can lead to significant tax savings and a smoother filing...
As we wrap up 2024, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on the horizon and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire...