Protect Your Records for When Disaster Strikes

So far in 2025, the Federal Emergency Management Agency (FEMA) has issued 12 major disaster declarations in nine states impacted by winter storms, flooding, tornadoes, wildfires, landslides and mudslides. With tax season over and peak periods for disasters approaching, now is a good time to think about protecting important tax Read more…

What to Do If You Forgot to File

If you missed the April 15 filing deadline, you should submit your tax return as soon as possible. And if you missed the deadline to file but owe taxes, you should file your tax return as quickly as possible in order to avoid penalties and interest. Requesting an extension allows Read more…

April 1 Deadline for Beginning RMD

In most cases, retirees who turned 73 in 2024 must begin receiving payments from Individual Retirement Arrangements (IRAs), 401(k)s and similar workplace retirement plans by Tuesday, April 1, 2025. Required minimum distributions (RMDs) are payments typically made by year end. However, if you turned 73 in 2024 you can delay Read more…

Beware of Fraudulent “Charitable LLC” Schemes

IRS officials have warned taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as “Charitable LLCs.” These promotions often target higher-income filers and are considered abusive transactions by the IRS. While taxpayers can properly deduct donations of closely held business Read more…

Form 1099-K Threshold Set to $5,000 for 2024

The IRS has announced a change to the requirements that third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, have regarding reporting transactions during calendar years 2024 and 2025 on Form 1099-K. Under the issued guidance, TPSOs will be required to report transactions when the amount of Read more…