On January 5, 2025, President Biden signed the Social Security Fairness Act into law. It ended the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) retroactively to January 1, 2024. On February 25, 2025, the Social Security Administration announced it is immediately beginning to pay retroactive benefits and will increase monthly benefit payments to people […]
This affects ALL clients who own a corporation, partnership, or LLC who have not yet filed their Business Ownership Information Report, which had an original deadline of December 31, 2024. As a reminder, here is a link to our original article on filing requirements: flatironadvisors.com/new-beneficial-ownership-information-reporting-requirements. As of December 3, 2024, this filing requirement has been […]
As April 15th looms on the horizon, the collective anxiety surrounding tax season begins to peak. For many individuals, the mere mention of this date triggers a flurry of worry and stress. However, what if I told you that April 15th doesn’t have to be synonymous with panic and dread? Enter tax extensions – a […]
While millions of taxpayers are preparing and filing their taxes, Congress has been considering some retroactive tax law changes that may affect your tax returns for 2023. Yes, it is March of 2024 and yes, these changes could affect your returns that you will be filing, or may have filed, for 2023. What are the […]
Introduction The Corporate Transparency Act (CTA), enacted as part of the National Defense Authorization Act for Fiscal Year 2021, introduces a new beneficial ownership information reporting requirement for certain entities to report information about their beneficial owners. The BOI report is designed to provide transparency about who owns and benefits from an LLC or Corporation […]
If you are looking for last-minute tax-saving ideas for 2023, we have a few suggestions for you. While the most effective tax planning is done during the year where actions must normally be taken before December 31st, there are still things that can be done before you file your taxes in 2024. Here are some […]
Intuit’s Policy Update Intuit, the maker of QuickBooks Desktop and QuickBooks Online, recently announced significant changes to its QuickBooks Desktop software policy. The changes impact how users will access and use QuickBooks Desktop and could influence your decision on managing your accounting needs. Intuit will formally announce this change to retail customers in February 2024. […]
