A bill that could offer a reprieve for businesses seeking certainty on beneficial ownership information (BOI) reporting requirements is quietly making its way through Congress. On February 10, the House unanimously passed H.R. 736, the Protect Small Business from Excessive Paperwork Act. The bill would postpone the BOI reporting deadline for one year for most companies (those reporting companies formed or registered before January 1, 2024). Under the bill, the new reporting deadline would be January 1, 2026. About The Bill The bill, introduced by Rep. Zachary Nunn (R-Iowa), was introduced on January 24, 2025. It now has 12 co-sponsors,…

The Inflation Reduction Act was signed into law in the summer of 2022 as part of President Biden’s Investing in America Agenda. This legislation helps small businesses and working Americans by investing in deficit reduction to fight inflation, increasing manufacturing, lowering drug prices, and leveling the playing field when it comes to paying taxes. Although President Trump could repeal parts of this policy during his term, Forbes Contributor Rhett Buttle outlines three provisions of the Inflation Reduction Act that can benefit entrepreneurs and main street businesses as the legislation currently stands. Read the full article here

Misleading Promises From Companies If you owe a significant sum to the IRS, it’s crucial to be cautious when seeking help. Weekly, I hear from individuals who were convinced by a company that their IRS debt could be dramatically reduced. Unfortunately, this is rarely the case. These promises can lure taxpayers into paying hefty fees for services that might not deliver the desired results. It’s essential to approach such claims with skepticism and do thorough research before signing up for any service. The reality is that while the IRS does offer programs like the offer in compromise, qualifying for these…

Kent Hovind is back in the news. He has put out a plea to President Trump to have his 2006 case investigated as an example of Justice Department weaponization. Hovind would like total exoneration, punishment of the people involved in prosecuting him and return of seized assets. Failing all that he would at least like a pardon. Here is his Open Letter to President Trump form Kent Hovind OFFICIAL on Rumble. About The Open Letter The video is an investment of nearly three quarters of an hour of lifespan, that you will never get back, so I will give you…

In an era of increasing globalization, the IRS has intensified its focus on international tax compliance, ensuring that U.S. taxpayers with foreign financial interests adhere to reporting requirements. To facilitate understanding and compliance, the IRS has developed comprehensive educational materials detailing various international tax obligations. These resources not only inform taxpayers but also mitigate claims of ignorance regarding reporting duties, thereby reducing the likelihood of penalty abatement. IRS Nationwide Tax Forum: Highlight On International Tax Compliance As part of its ongoing efforts to educate taxpayers and tax professionals, the IRS included two very significant presentations in the 2024 Nationwide Tax…

On Feb. 6, 2025, President Donald Trump met with congressional Republicans to set the stage for what could be one of the most significant tax overhauls in recent history. House hearings will commence this week, with Speaker Mike Johnson (R-La.) signaling that legislation could pass the House of Representatives by April. Republicans are aiming for “one big, beautiful bill,” but the path forward is unclear. The contours of the proposed legislation are still taking shape, but Trump and GOP leaders are intent on passing a sweeping tax package in 2025. Divisions within the Republican caucus hint at a contentious legislative…

Now that the dust has settled with the Republicans controlling both Congress and the Presidency, the Clean Tech industry is anxiously awaiting the potential impact the new administration will have on its future. While it is not expected that all existing government initiatives, including the Inflation Reduction Act, will be revoked, the elimination of some clean energy initiatives have been targeted as a way to decrease the federal deficit. President Trump is a well-known supporter of the fossil fuel industry, which, in his initial term, led to many regulatory rollbacks that supported its growth and competition. This is expected to…

The IRS’s recent advice memorandum on periodic adjustments suggests that the agency may belatedly start using a decades-old, hitherto ignored, transfer pricing enforcement mechanism. Before AM 2025-001’s release, any acknowledgment of periodic adjustments in an IRS chief counsel advice memorandum would have been an important development. The only other IRS advice memorandum to address the topic in any meaningful way was AM 2007-07, which essentially renounced the agency’s authority to make ex post periodic adjustments to licenses, transfers, and other contributions of intangible property. But AM 2025-001 did far more than simply acknowledge the existence of periodic adjustments. The memorandum…

Ippei Mizuhara, Shohei Ohtani’s former interpreter, was convicted of stealing nearly $17 million from his boss and has been sentenced to 57 months in prison. His prison term starts March 24, and when his 57 months ends, he will have three years of supervised release. Plus, he was also ordered to pay Ohtani nearly $17 million in restitution. It could have been much worse. He might have gotten up to 33 years in prison after he pleaded guilty. If he pays back his former boss the stolen money, does the IRS let him off the hook on taxes? Not hardly.…

I don’t hate dehydrated lasagna. That was the most recent lesson I’ve learned as I prepare to go to Alaska. Earlier this year, I announced that I would be heading to Alaska to prepare tax returns as part of the Alaska Volunteer Income Tax Assistance (VITA) Project. The project partners with the Alaska Business Development Center (ABDC) and trains volunteers to prepare tax returns for residents in remote villages who rely on VITA to prepare free income tax returns. These are small towns (something I’m used to, having grown up in rural North Carolina) which have few—if any—restaurants or food…