Category: Tax

Federal Government Shifts to Mandatory Electronic Payments

In March 2025, President Trump signed Executive Order 14247, initiating a major transformation in the way the federal government handles payments. Beginning on September 30, 2025, all payments made by the federal government, including tax refunds, Social Security benefits, and...

My 2024 Tax Filing Is on Extension—Now What? (For Small Business Owners and S-Corp Filers)

If you're a small business owner or S-Corporation filer who requested an extension for your 2024 tax return, you’ve bought yourself a little breathing room—but it’s not a pause button. An extension gives you more time to file, not more...

Quarterly Tax Payment Tips for Self-Employed Professionals in Michigan

If you are self-employed in Michigan, quarterly estimated tax payments are an essential part of staying compliant with both the IRS and the Michigan Department of Treasury. Unlike employees whose taxes are automatically withheld, self-employed individuals must estimate and remit...

Tax Deadlines Approaching? Here’s Why Filing an Extension Might Make Sense

  • March 29, 2025
  • Maria Montie, CPA, MST, CVA, MAFF

As the April 15 tax filing deadline approaches, some individuals and businesses may benefit from pressing pause. Filing an extension can buy you extra time to organize documents, explore deductions, or resolve complex tax issues without rushing the process.  But...

BOI Reporting Requirements Extended Again

The Financial Crimes Enforcement Network (FinCEN) has officially extended the March 21, 2024 deadline for beneficial ownership information (BOI) reporting—but don’t relax just yet. A new deadline will be announced by March 21. This update follows a Texas court decision...

Tax Implications of Repaying a Bonus 

Tax Implications of Repaying a Signing or Performance Bonus  Receiving a signing or performance bonus can be an exciting benefit of your job, but what happens if your employment ends prematurely, and you are required to repay that bonus? The...

Court Sides with IRS: Businesses Must Document Expense Deductions

Tax Court Sides with IRS: Why Businesses Must Document Expense Deductions  A recent ruling from the Tax Court highlights the critical need for businesses to maintain proper documentation when claiming expense deductions. The case involved a self-employed individual who failed...

Attention Small Businesses and Freelancers: 1099-K Filing Changes Are Here

Changes to 1099-K Filing: What You Need to Know In recent years, the IRS has implemented stricter reporting requirements to help reduce underreported income. For 2024, the threshold for receiving a 1099-K has been updated to $5,000 in payments for...

CTA Update: Nationwide Injunction Puts Filing Deadline on Hold

If you’ve been following the Corporate Transparency Act (CTA) developments and its Beneficial Ownership Information (BOI) filing requirements, you know the deadlines have shifted multiple times over the past few weeks. As of now, a nationwide injunction has halted enforcement...

How Section 1256 Contracts Can Reduce Taxes for Investors

  • January 16, 2025
  • Keith Kingston, CPA

For most individual taxpayers, capital losses are limited to a $3,000 deduction per year, with any extra losses carried forward to future years. This can delay the tax benefits of those losses.   However, there’s an exception for certain investments...