Ensuring workers are correctly classified as employees or independent contractors is vital for meeting tax obligations and avoiding penalties. Understanding IRS guidelines can help you make informed decisions for your business. Read our latest blog for a complete guide and tips:
The future of beneficial ownership information (BOI) reporting hangs in the balance as the Supreme Court reviews a nationwide injunction blocking the Corporate Transparency Act. This decision will have significant implications for businesses navigating compliance requirements. Read our latest blog to learn what’s at stake and how it could impact your reporting obligations.
The new year brings important updates to tax brackets, deductions, and credits that could influence your financial planning for 2025. Understanding these changes can help you stay ahead and maximize your tax benefits. Check out our latest blog to see what’s new and what remains the same.
Proactive tax planning for 2025 is essential for reducing liabilities and securing financial goals. By working with your accountant, you can address critical areas like timing, income, and deductions, optimizing retirement contributions, leveraging education and charitable tax benefits, and preparing for the sunset of the Tax Cuts and Jobs Act. Read our blog to learn more.
Companies are not required to file a Beneficial Ownership Information report as of December 26.
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.