The IRS issued a communication reminding businesses that January 31 is the deadline to file wage statements and certain information returns, such as Forms W-2, W-3, and 1099-NEC, with the federal government and provide copies to recipients. Electronic filing is now required for those submitting 10 or more returns annually, offering a faster and more… Read More

The IRS has issued a reminder that the deadline for the final 2024 quarterly estimated tax payment is January 15, 2025. This payment is crucial for individuals with income not subject to withholding—such as self-employed workers, gig economy participants, and those with investment earnings—to avoid penalties for underpayment. Taxpayers are urged to include all taxable… Read More

>Starting January 1, 2025, several key laws took effect in Rhode Island, impacting businesses and taxpayers alike. As of the beginning of 2025, Rhode Island’s minimum wage has officially risen to $15 per hour, completing a gradual increase started in 2021. Small businesses should also take note of key tax changes now in effect: the… Read More

The IRS announced that over one million taxpayers who did not claim the 2021 Recovery Rebate Credit will automatically receive payments this December, with most arriving by late January 2025. These payments, up to $1,400 per individual, target those who filed 2021 tax returns but either left the credit blank or incorrectly reported it as… Read More

The IRS has announced a 3-cent increase in the standard mileage rate for business use, raising it to 70 cents per mile starting January 1, 2025. Rates for medical, moving, and charitable purposes remain unchanged at 21 cents and 14 cents per mile, respectively. This increase means businesses can deduct higher expenses for vehicle-related business… Read More

A recent federal court decision has temporarily blocked the enforcement of the Corporate Transparency Act (CTA), a law requiring businesses to report detailed ownership information to FinCEN. The Eastern District of Texas issued a preliminary injunction following a lawsuit by the National Federation of Independent Business, deeming the CTA likely unconstitutional. In response, FinCEN announced… Read More

The IRS and its Security Summit partners are cautioning taxpayers to stay alert during the holiday season as scammers ramp up efforts to steal personal and financial information. Announced during the ninth annual National Tax Security Awareness Week, the warning highlights evolving threats such as phishing emails, fake delivery notices, and fraudulent messages claiming to… Read More

The IRS announced a significant update to streamline tax filing and prevent refund delays for the 2025 tax season. Taxpayers can now e-file returns that include dependents already claimed on another return, provided they include a valid Identity Protection Personal Identification Number (IP PIN). This change will benefit filers claiming credits like the Earned Income… Read More

The IRS announced a free webinar on November 19, 2024, at 2 p.m. ET to assist businesses with the Treasury’s Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act. Companies formed before January 1, 2024, must e-file their BOI by January 1, 2025, detailing ownership and control information,… Read More

The IRS has announced key changes for retirement contribution limits in 2025, increasing the 401(k) cap to $23,500, a $500 rise from 2024, while maintaining the IRA limit at $7,000. Income thresholds for IRA deductions, Roth IRA contributions, and the Saver’s Credit have also been raised, allowing more individuals to qualify. For those 50 and… Read More