Posts by Jonze & Associates, LLC
IRS Extends Tax Deadlines to May 1, 2025, for Entire State of Georgia Due to Hurricane Helene
The Internal Revenue Service has announced significant tax relief for all individuals and businesses throughout Georgia affected by Hurricane Helene, which began impacting the region on September 24, 2024. Following a disaster declaration by FEMA covering all 159 Georgia counties, affected taxpayers now have until May 1, 2025, to file various federal individual and business…
Read MoreNo fines or penalties will be issued for failure to file BOI reports
FinCEN will not enforce BOI reporting deadlines under the Corporate Transparency Act until a new interim final rule with revised due dates is issued, expected by March 21, 2025. This allows for updated guidance and public comment, prioritizing high-risk entities and minimizing the burden on small businesses. Read More
Read MoreBOI Reporting Deadline Extended to March 21 After Injunction Lifted
Small businesses required to file beneficial ownership information (BOI) reports now have until March 21, 2025, to comply, following a federal court’s decision to lift a nationwide injunction. The Financial Crimes Enforcement Network (FinCEN) announced the extension after a court order in Samantha Smith and Robert Means v. U.S. Department of the Treasury granted a…
Read MoreDon’t Miss the 1099 and W2 Deadline: January 31st is Approaching!
January 31st is quickly approaching, and the deadline for providing 1099s to contractors and W2s to employees is coming. Failing to meet this deadline can result in significant penalties, so it’s crucial to ensure all your information is up-to-date and that you’re prepared for this important tax obligation. What You Need to Know: Key Actions…
Read MoreAppeals Court Reinstates Injunction Halting BOI Reporting Requirements
A federal appeals court on Thursday unexpectedly reinstated a nationwide injunction blocking the enforcement of beneficial ownership information (BOI) reporting requirements, reversing its own earlier decision. This creates significant uncertainty for businesses facing the January 1, 2025 deadline. The court emphasized preserving the “constitutional status quo” while reviewing legal challenges to the requirements. While the…
Read MoreUnlock Financial Growth: Embrace the New Tax Season with Positivity!
Are you ready to tackle the upcoming tax season with a positive mindset? Discover why you should love the new tax season and embrace it as an opportunity for financial growth and empowerment. Reasons to Love a New Tax Season 1. Treat Your Refund as a Bonus When you receive a tax refund, think of…
Read MoreEmpowering IRS with AI: Building a Smarter Future for Tax Compliance.
Leveraging cutting-edge AI models presents a promising avenue for the IRS to enhance its capabilities in identifying taxpayers at risk of non-compliance, thereby narrowing the tax gap. While it is acknowledged that AI alone cannot completely resolve the challenges surrounding the tax gap, it stands as a powerful tool alongside other strategies. Examining current applications…
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