2024 Tax Deadline for Individual, C Corporations and Estate/Trust Returns
The federal filing deadline for 2024 individual tax returns is Tuesday, April 15, 2024. It is also the filing deadline for calendar year C Corporations (1120) and Estate/Trust (1041) returns.
Update on Beneficial Ownership Information (BOI) Reporting Requirement
On February 18, 2025, the U.S. District Court for the Eastern District of Texas ruled that the reporting requirements under the Corporate Transparency Act are back in effect. However, the Department of Treasury recognizes that reporting companies may need additional time to comply.
2025 IRS Dirty Dozen Tax Scams
The IRS’s 2025 “Dirty Dozen” list warns taxpayers of rising tax scams, including fraudulent refund claims, identity theft schemes, and misleading tax advice on social media. Staying informed can help prevent costly mistakes and legal consequences.
Changes to Be Aware of for the 2025 Filing Season
Here are some important changes to be aware of for the 2025 tax filing season…
Reminder: Protect Taxpayers with an Identity Protection PIN (IP PIN)
Tax preparers should encourage their clients to sign up for an Identity Protection PIN (IP PIN) to safeguard their federal tax returns. The IP PIN is available to all taxpayers who can verify their identity and provides an extra layer of protection against identity theft.
Electronic Filing of Returns with Duplicate Dependents: New Updates for the 2025 Filing Season
Starting with the 2025 filing season (for 2024 federal income tax returns), the IRS will allow taxpayers to electronically file a return that includes a dependent already claimed on another 2024 federal return, provided the primary taxpayer has an Identity Protection PIN (IP PIN).
What’s New with the IRS Business Online Account?
The IRS has expanded its business online account services, now allowing more business entities to participate and introducing new features to enhance accessibility and functionality.
IRS Releases Tax Inflation Adjustments for Tax Year 2025
The IRS has announced the annual inflation adjustments for federal tax provisions for tax year 2025. Below are some key adjustments:
Deadline Approaching: Beneficial Ownership Report Filing Required by January 1, 2025
Corporations, limited liability companies, and certain other businesses existing as of January 1, 2024, are required to file a Beneficial Ownership Information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) by January 1, 2025.
2024 State Tax Law Changes
Here is a brief description of the tax provisions that go into effect in 2024 for States that had changes: