Hurricane Helene: Deadline Extensions, Penalty Relief, and Insights from the PBMares Tax Team

The IRS took action quickly after Hurricane Helene traveled 400+ miles, claiming lives and wreaking havoc in the Southeast. Learn about the important information regarding deadline extension and penalty relief.

2024-10-08T17:06:31-04:00October 8, 2024|Categories: Tax Alert, Tax: Individual, Tax: State & Local|Tags: |

Tax Relief and Deadline Extensions for Hurricane Debby

Taxpayers impacted by Hurricane Debby in South Carolina, North Carolina, Florida, and Georgia now have until February 3, 2025 to make certain tax payments and file various tax returns, including 2023 individual and business tax returns currently on extension.

2024-08-14T12:16:32-04:00August 13, 2024|Categories: Tax: Individual, Tax Alert, Tax: Business|Tags: , |

IRS Provides Tax Relief & Deadline Extensions to 67 Texas Counties Affected by Hurricane Beryl

The IRS has announced tax relief measures for individuals and businesses in 67 Texas counties affected by Hurricane Beryl. Taxpayers in these counties now have an extended deadline until February 3, 2025, to file various federal individual and business tax returns and to make any necessary tax payments.

2024-08-14T12:18:36-04:00July 26, 2024|Categories: Tax: Individual, Tax Alert, Tax: Business|Tags: , |

Fiscal Year 2025 Budget Proposal Contains Items Affecting Exempt Organizations

The Biden administration's budget proposal includes items affecting donor advised funds and private foundations.

IRS Launches ERC Voluntary Disclosure Program

The IRS launched the Employee Retention Credit Voluntary Disclosure Program (ERC-VDP), providing an opportunity for employers to correct mistaken Employee Retention Credit (ERC) claims penalty-free, with submissions due by March 22, 2024.

2024-02-29T14:45:00-05:00February 27, 2024|Categories: Tax Alert, Tax: Business, Tax: Individual|Tags: |

Tax Relief for American Families and Workers Act of 2024

On January 31, 2024 the House of Representatives passed the Tax Relief for American Families and Workers Act, providing business tax breaks and expanded child care credits. Learn if you should consider filing an extension for your 2023 individual and business tax return and consult with a professional tax advisor for evaluation.

2024-02-27T12:24:21-05:00February 22, 2024|Categories: Tax Alert, Tax: Business, Tax: Individual|Tags: |

Employee Retention Credit Processing Halted by the IRS Amid Widespread Fraud

On September 14 2023, the IRS halted all new employee retention credit claims to combat rampant tax fraud. If a business has an open ERC refund claim, they are strongly encouraged to evaluate their eligibility with a professional tax advisor.

2024-02-29T14:55:06-05:00October 2, 2023|Categories: Tax Alert, Tax: Business|Tags: |

What Small Businesses Need to Know about the Beneficial Ownership Information Report

Starting on January 1, 2024, millions of small businesses will be required to file a new information reporting form as part of the Corporate Transparency Act. Many PBMares clients will be affected.

2023-10-05T17:27:39-04:00September 11, 2023|Categories: Tax Alert, Tax: Business|Tags: , , |

IRS Provides Tax Relief and Extension for South Carolina and Florida Taxpayers Impacted by Hurricane Idalia

IRS announces new Hurricane Idalia tax relief and a new February 15, 2024 tax deadline for all individuals and businesses in South Carolina. 

2023-10-05T17:28:40-04:00September 7, 2023|Categories: Tax Alert, Tax: Business, Tax: Individual|Tags: |
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