Category: Business Owners

Business Owners

There’s a New Way to Supercharge Your Retirement Savings At Ages 60 to 63 by Allysa Labianco-Baldoquin, CPA


Posted on April 22, 2025 by Allysa Labianco-Baldoquin

If you are between the ages of 60 and 63 in 2025 or later, there’s good news: you can give your retirement savings a significant boost, thanks to new changes in retirement contribution rules. Historically, the tax laws cap the annual contribution limits to 401(k), 403(b) and other qualified retirement plans. They also provide additional […]

6 Things to Know About Estimated Tax Payments by Yovanny Hernandez, CPA


Posted on April 16, 2025 by Yovanny Hernandez

U.S. taxes are based on a pay-as-you-go system, in which individuals either have taxes withheld from their paychecks or make estimated tax payments directly to the IRS four times a year. These quarterly tax payments made every three months typically apply to business owners subject to self-employment tax and to individuals who receive income in […]

FinCEN Reinforces Beneficial Ownership Information Reporting for a Narrow Scope of Foreign Companies Registered to Do Business in the U.S. by Joel G. Young, JD, LLM


Posted on April 01, 2025 by Joel Young

On March 26, 2025, the Financial Crimes Enforcement Network (FinCEN) published an interim final ruling lifting a previous requirement for U.S. companies to report beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). At the same time, however, the ruling reinforces a reporting requirement for a narrower scope of foreign companies. Domestic entities and […]

The Impact of IRS Workforce Reductions on Tax Enforcement: What Taxpayers Need to Know by Michael J. Brennan, CPA


Posted on March 19, 2025 by Michael Brennan

The Trump administration’s calls to reduce the size of the federal government and make the federal workforce more efficient[1] are expected to have a significant impact on the work of the Internal Revenue Service (IRS) and potentially end the agency’s 10-year plan to expand its tax compliance enforcement activities. However, savvy taxpayers should not assume […]