Environmental disasters continue to occur, but previously only federally declared disasters would potentially result in IRS disaster relief. The Filing Relief for Natural Disasters Act (H.R. 517:PL 119-29) “FRNDA”, which became law July 24, 2025, provides additional ways for federal tax deadlines to be postponed following natural disasters. This law ensures faster, broader, and more predictable relief for individuals and businesses impacted by natural disasters, even when the Federal Emergency Management Agency (FEMA) has not issued a federal disaster declaration.
On July 4, 2025, H.R. 1 from the 119th Congress, also known as the One Big Beautiful Bill Act (OBBBA), was signed into law by President Trump. The OBBBA extends and enhances many of the tax breaks from the 2017 Tax Cuts and Jobs Act (TCJA). It also significantly changed aspects of the Inflation Reduction Act (IRA) of 2022, particularly in the area of clean energy tax credits and environmental programs. Most notably for homeowner, the 30% Energy Efficient Home Improvement and the 30% Residential Clean Energy Credits originally ending 2032 now ends in 2025.
On March 25, 2025, the President signed Executive Order (EO) 14247 and EO 14249, directing the U.S. Department of the Treasury (Treasury) to modernize the government’s payment infrastructure and enhance its ability to prevent waste, fraud, and abuse.
In today’s environment, scammers continue to impact individuals and businesses indiscriminately. The IRS doesn’t make initial contact through email or social media channels. A letter or notice is the first way the IRS will contact a taxpayer.
SB 30 was passed on June 6, 2017 and was vetoed by Governor Brownback the morning of June 7, 2017. The Legislature promptly overrode the Governor’s veto on the evening of June 7th with a vote of 27-12 in the Senate and 88-31 in the House. Several provisions are effective January 1, 2017. Read more for a summary of the bill.
Whether your workers are independent contractors or employees impacts the way you handle payroll, how you pay taxes, and how many full-time employees your business has, etc.
The Internal Revenue Service has issued several warnings about scamming tactics targeted toward taxpayers. Beware of phone, email, text, and social media attempts to obtain your sensitive data.
For 2016, the IRS has announced a decrease in the optional standard mileage rates for business use of a vehicle (car, van, pick-up truck, or panel truck), as well as a decrease for driving for medical or moving purposes.
Due to recent Kansas tax law changes, taxpayers that have paid Kansas City, MO earnings tax or earning taxes to districts outside of Kansas, may be eligible for a refund.
A possible refund? Did someone say refund? That’s great news – what are the details?
Although not widely publicized, taxpayers should know that they may be eligible for a one-time penalty amnesty (first time penalty abatement or FTA) – which can translate to a potential savings of hundreds or even thousands of dollars.
For most people, Medicare takes effect the first of the month you turn 65. Once you enroll in any part of Medicare (Part A, Part B, or Part C), you are no longer eligible to contribute to an HSA. This includes employer contributions to your HSA. If you continue to contribute to your HSA after enrolling in Medicare, those contributions are considered “excess contributions” and are subject to a 6% excise tax. Do you need to stop HSA contributions before age 65? This depends on when you enroll in Medicare Part A and Part B and pre-planning is recommended at least 6months prior in order to avoid any excess contributions subject to additional taxes.
In a few months, the world of overtime pay in the US will change. A new US Department of Labor rule takes effect December 31, 2016, and small businesses, large corporations, and everyone in between are preparing for implementation.
When it comes to reasonable compensation, documentation is a key factor in mitigating IRS penalty risks for S Corporations.
On September 7, Equifax, a consumer credit reporting agency, announced it experienced a cybersecurity hack last week potentially impacting 143 million people. The breach occurred from mid-May through July 2017, and the personal information accessed by hackers includes names, Social Security numbers, birth dates, address and some driver's license numbers. Read more about how to protect yourself and visit https://www.equifaxsecurity2017.com/ to review important consumer information.
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Most people have heard of identity theft with fraudulent purchases made using a credit card or loan. Tax-related identity theft, however, occurs when an identity thief uses your social security number to file a false tax return. The IRS Taxpayer Guide to Identity Theft outlines important warning signs and steps to take to protect yourself.