The IRS reminded taxpayers who missed the April 2025 filing deadline that they still had options to reduce penalties and resolve outstanding tax balances. Individuals who owe taxes should file their return and pay as much as possible immediately to reduce interest and penalties, even if they can’t pay in full. The IRS offers a… Read More

A new analysis of the House-passed budget reconciliation bill, known as the One Big Beautiful Bill Act, shows it would cut federal taxes by an average of $2,900 per household in 2026, with 84% of taxpayers receiving some benefit. However, the tax relief would heavily favor high-income earners, with those making over $460,000 receiving the… Read More

House Republicans have proposed a temporary $4,000 tax deduction for adults 65 and older as part of their new tax package, offering a less costly alternative to eliminating taxes on Social Security benefits. Framed as a “bonus,” the deduction would apply from 2025 to 2028 and phase out for higher earners—those making over $75,000 individually… Read More

Florida’s annual sales tax holiday for hurricane preparedness supplies is currently in limbo, as the state legislature remains three weeks behind in passing the budget required to authorize it. The Florida Department of Revenue confirms that a new law must be passed each year to establish the tax exemption period and list eligible items. A… Read More

A new watchdog report reveals that while IRS “sweeps” targeting high-income non-filers have proven more effective than standard enforcement efforts, the agency faces critical issues in training, data accuracy, and geographic coverage. The Treasury Inspector General for Tax Administration found that between 2021 and 2022, revenue officers collected more returns and dollars per sweep case,… Read More

A recent IRS legal memo clarifies that only victims of scams involving a profit motive—such as investment fraud or phishing schemes disguised as protective financial measures—may qualify for theft loss deductions on their tax returns. The memo emphasizes that losses from personal scams, like romance or fake kidnapping schemes, generally do not meet the criteria.… Read More

A substantial number of Providence residents gathered at the Rhode Island State House this week to express opposition to proposed legislation that would permit the city to exceed the statewide 4% tax levy cap in fiscal year 2026. The bill, sponsored by Representative Rebecca Kislak and supported by Mayor Brett Smiley, seeks to authorize an… Read More

The IRS reminded taxpayers who missed the April 15 deadline to file their 2024 federal tax return as soon as possible. Those with a balance due are encouraged to file and pay promptly to reduce accumulating penalties and interest. While filing an extension offers more time to submit paperwork, it does not extend the payment… Read More

The IRS issued a reminder that individuals and businesses in federally declared disaster areas — including all of Florida — automatically have until May 1, 2025, to file their 2024 federal income tax returns and make payments. This extension applies to affected taxpayers in a total of twelve states, including Alabama, Georgia, North Carolina, and… Read More

Last Wednesday, March 26, the Treasury Department issued an interim final rule narrowing the Corporate Transparency Act’s beneficial ownership reporting requirement to apply only to foreign companies. Under the new rule, U.S. businesses are no longer required to report ownership details to the Financial Crimes Enforcement Network (FinCEN), while foreign entities registered to do business… Read More