January 6, 2025
D.C. Accountant Pleads Guilty to Mortgage Fraud and Tax Crimes
Timothy Trifilo did not file federal income tax returns or pay all the taxes that he owed despite earning more than $7.7 million during that time.
Income Tax December 31, 2024
2025 Tax Refund Dates – Where’s My Refund, And When Will I Get It?
Depending on when taxpayers file their returns, they can often receive their federal tax refund payment (check or direct deposit) within 10-21 days.
Accounting December 24, 2024
BOI Reporting Injunction Lifted; FinCEN Extends Deadline to Jan. 13
FinCEN has extended the Jan. 1, 2025, deadline for most reporting companies to file beneficial ownership information reports with the Treasury Department until Jan. 13, 2025, after a federal court of appeals lifted an injunction on Dec. 23 that had halted the new law.
Taxes December 23, 2024
IRS Asks for Feedback on Draft Instructions for R&D Tax Credit Form 6765
The IRS on Dec. 20 released the draft Instructions for Form 6765, Credit for Increasing Research Activities, and is seeking feedback on proposed changes to the form, which is used by taxpayers to claim the research and development tax credit.
Taxes December 22, 2024
IRS to Issue Special Payments to 1 Million Taxpayers
The Internal Revenue Service has announced plans to issue automatic payments later this month to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax returns.
Taxes December 18, 2024
California Securities Attorney Charged with Tax Crimes
A grand jury in San Diego has returned an indictment unsealed charging a California attorney with tax evasion, filing a false tax return and failing to file tax returns with the IRS.
Small Business December 13, 2024
Bill Launches 1099 Filing Solution
The 1099 filing offering from BILL is an all-in-one solution that enables businesses to manage their AP needs and 1099-NEC and 1099-MISC forms together from a single platform.
Small Business December 12, 2024
Every Season is Tax Season for Small Businesses. Better Financial Tools Can Reduce the Burden
According to SCORE, 82% of small businesses fail due to issues managing cash flow. If money has not been set aside for taxes, an unexpected rise in expenses can cause their business to fail. As a result, personal savings can be wiped out, and those with small business loans can go into debt.
Taxes December 10, 2024
IRS: $53 Million in TCE and VITA Grants Awarded for 2025
The agency awarded grants to 41 Tax Counseling for the Elderly and 315 Volunteer Income Tax Assistance applicants.
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Taxes March 28, 2024
Dividing a 401(k) in Divorce
Note that a QDRO may be used for qualified plans, like 401(k) or pension plans, but this option isn’t available for IRAs. IRAs are subject to other rules.
Taxes November 29, 2023
5 Ways to Gift Yourself Tax Savings This Holiday Season
The Illinois CPA Society offers five money moves to make before the end of the year to create some tax-time savings now and in the year ahead.
Taxes November 28, 2023
Survey Shows Proposed 1099-K Rules Would Hurt Sellers
As a result of these proposed changes, 83% of marketplaces anticipate sellers to leave their platforms, and a majority (55%) of marketplace sellers and gig workers are reconsidering online selling and on-demand work.