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If your employer offers tax-favored transportation fringe benefits, you should probably take advantage of them. For 2025, employer-provided mass transit passes for train, subway and bus systems are tax-free to an employee, up to $325 a month. Your company can’t deduct the cost of this benefit. However, your company can offer a salary-reduction arrangement that allows you to set aside up to $325 per month from your salary to pay for transit passes. That way, you pay with before-tax dollars. For 2025, employer-provided parking allowances are also tax-free up to $325 per month. You can be given this fringe on top of the tax-free $325 a month for transit passes. Contact us with questions.

A business transformation is a strategically planned modification of how all or part of a company operates. Some businesses might change their mission; others may undergo a digital, operational or structural transformation. The overarching goal of any transformation is to improve the company’s financial performance by increasing efficiencies, improving customer service, seizing greater market share or entering a new market. Deciding whether to undertake a transformation calls for due diligence through analysis of financial data and market trends, customer feedback, and input from professional advisors. If you opt to proceed, you must follow a careful, phased approach. Contact us for help.

Did you know that the IRS has information and tax forms translated into seven languages other than English on its website? Taxpayers can select their preferred language at the top of this page: https://bit.ly/3ICUO0V. The seven languages include Spanish, Vietnamese, Russian, Korean, Haitian Creole, Traditional Chinese and Simplified Chinese. In addition, the tax agency has a dedicated “Languages” page that provides general tax information in 20 languages, including Italian, Portuguese, Punjabi and French. Visit: https://bit.ly/3Fb6Lw7. If you need help preparing your tax return or have a tax-related question, contact us.

Did you make significant gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you must file a gift tax return by April 15 (Oct. 15 if you file for an extension). The annual gift tax exclusion was $18,000 in 2024 (increasing to $19,000 in 2025). Generally, you’ll need to file a return if you made gifts in 2024 that exceeded the $18,000-per-recipient gift tax annual exclusion (though there are exceptions in certain situations). But it may be desirable to file a gift tax return even if you aren’t required to. Contact us if you’re unsure whether you must (or should) file a 2024 gift tax return.

For taxpayers who are due refunds but are still reluctant to receive them by direct deposit, it might be time to reconsider. The Financial Crimes Enforcement Network (FinCEN) statistics showed that paper check fraud schemes using U.S. mail are alive and surging. The latest FinCEN figures available show that from 2020 to 2022, the number of suspicious activity reports related to check fraud nearly doubled to over 680,000. Criminals steal checks from many sources and cash them or use information from stolen mail to exploit victims with other schemes such as credit card fraud. Victims of mail theft check fraud should report thefts by calling the U.S. Postal Inspection Service at 1-877-876-2455.

Even if you’re single and have no children, having an estate plan helps ensure your final wishes are clearly documented. Indeed, it’s critical to execute a will that specifies to whom your assets should be distributed when you die. Although some assets can pass to your intended recipients through beneficiary designations, absent a will, many types of assets will pass through the laws of intestate succession. Those laws vary from state to state but generally provide for assets to go to the deceased’s spouse or children. However, if you’re single with no children, the laws set out rules for distributing your assets to your closest relatives, such as your parents or siblings.

An important BOI update! The Financial Crimes Enforcement Network (FinCEN) has announced it will not issue fines or penalties or take other enforcement actions against businesses that fail to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act (CTA) by the current deadlines.

The IRS has published its “Dirty Dozen” tax scams for 2025. Ranging from email schemes to misleading tax credits, many of the scams increase during filing season as individuals prepare their tax returns. However, these crimes can occur throughout the year as fraudsters look for ways to steal money, personal information and data. A growing concern this year involves incorrect tax information on social media platforms that can mislead taxpayers with bad advice, potentially leading to identity theft and tax problems. Rather than turning to social media, the IRS is urging taxpayers to follow trusted advice from tax professionals. Indeed, contact us with questions and to prepare your tax return.

You can itemize deductions if the total of your allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. Otherwise, you must claim the standard deduction. The basic standard deduction allowances for 2024 are: $14,600 for single taxpayers, $29,200 for married joint filers and $21,900 for heads of households. Additional standard deduction allowances apply if you’re age 65 or older or blind. For 2025, the basic standard deduction allowances are $15,000, $30,000, and $22,500, respectively. Itemized deductions include charitable contributions, mortgage interest, state and local taxes, and medical expenses. Other rules and limits apply.

A reminder for businesses: Use IRS Form 8300 to report cash transactions of $10,000 or more within 15 days of a transaction. If you file electronically, the forms are delivered to the Financial Crimes Enforcement Network. Paper forms are submitted to the IRS. Generally, you also should provide written statements to parties whose names you’ve reported by January 31 of the year following the transactions. If a transaction you report is suspicious, don’t provide a statement to the individual involved. Although you aren’t required to file Form 8300 for cash transactions less than $10,000, the IRS encourages reporting suspicious transactions of any amount. For more: https://bit.ly/4kg48cx