Gary M. Thomas, CPA

Newsletters

IRS Releases 2025 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts, Rev. Proc. 2024-40; IR-2024-273
The IRS has released the annual inflation adjustments for 2025 for the income tax rate tables, plus more than 60 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year ...

Social Security Wage Cap and Benefit Amounts Increase for 2025, SSA Press Release: Social Security Announces 2.5 Percent Benefit Increase for 2025; Social Security Fact Sheet: 2025 Social Security Changes
For 2025, the Social Security wage cap will be $176,100, and social security and Supplemental Security Income (SSI) benefits will increase by 2.5 percent. These changes reflect cost-of-living adjustme...

Taxpayers Impacted by Terrorist Attacks in Israel Granted Tax Relief, Notice 2024-72; IR-2024-252
The IRS announced tax relief for certain individuals and businesses affected by terrorist attacks in the State of Israel throughout 2023 and 2024. The Treasury and IRS may provide additional relief in...

IRS Expands List of Preventive Care Benefits for HDHP, Notice 2024-75
The IRS has expanded the list of preventive care benefits permitted to be provided by a high deductible health plan (HDHP) under Code Sec. 223(c)(2)(C) without a deductible, or with a deductible bel...

Applicable Terminal Charge and SIFL Rates for Determining Value of Noncommercial Flights on Employer-Provided Aircraft Issued, Rev. Rul. 2024-20
The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rate for determining the value of noncommercial flights on employer-provided aircraft in effect ...

Drought-Stricken Areas for Involuntary Sale of Livestock Tax Relief Identified, Notice 2024-70; IR-2024-248
The IRS identified drought-stricken areas where tax relief is available to taxpayers that sold or exchanged livestock because of drought. The relief extends the deadlines for taxpayers to replace the ...

IRS Deploys Employees to Aid FEMA’s Efforts to Help Hurricane Helene Victims, IR-2024-255
The IRS has taken special steps to provide more than 500 employees to help with the Federal Emergency Management Agency’s (FEMA) disaster relief call lines and sending IRS Criminal Investigation (IR...

IRS Issues Guidance on Long-Term, Part-Time Employees in 403(b) Plans, Notice 2024-73; IR-2024-257
The IRS provided guidance addressing long-term, part-time employee eligibility rules under Code Sec. 403(b)(12)(D), which apply to certain 403(b) plans beginning in 2025. The IRS also announced a del...

Tax Gap Slightly Shrinks, IRS Reports, IR-2024-262
The Internal Revenue Service is estimated a slight decrease in the estimated tax gap for tax year 2022. According to Tax Gap Projections for Tax Year 2022 report, the IRS is projecting the net tax ga...

No Plans To Extend BOI Reporting Deadline – Yellen
Department of the Treasury Secretary Janet Yellen said there are no plans to extend the Beneficial Ownership Information reporting deadline....

FinCEN Issues Small Entity Beneficial Ownership Information Compliance Guide
The Financial Crimes Enforcement Network (FinCEN) has published a Small Entity Compliance Guide (Guide) to provide an overview of the Beneficial Ownership Information Access and Safeguards Ru...

Yellen Touts BOI Reporting Benefits
Department of the Treasury Secretary Janet Yellen touted the corporate transparency that will come with the new beneficial ownership reporting requirements, which went into effect at the start of ...

Filing Deadline for Certain Beneficial Ownership Information Reports Extended, FinCEN Final Rule RIN 1506-AB62
The Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury Department today released for publication in the Federal Register final regulations [PDF 276 KB] extending the filing deadline...

FinCEN Releases Guidance on CTA Beneficial Ownership Information Reporting
The Financial Crimes Enforcement Network (FinCEN) has published its first set of guidance materials to aid the public, and especially the small business community, in understanding the beneficial...

FinCEN Proposed Regulations Address Beneficial Ownership Information Access and Safeguards, FinCEN Proposed Rule RIN 1506-AB59
The Financial Crimes Enforcement Network (FinCEN) has issued a Notice of Proposed Rulemaking (NPRM) that would implement the beneficial ownership information provisions of the Corporate Transparency A...

FinCEN Issues Final Rule on Beneficial Ownership Reporting Under Corporate Transparency Act, RIN 1506-AB49
The Financial Crimes Enforcement Network (FinCEN) has issued a final rule implementing the beneficial ownership information reporting provisions under the Corporate Transparency Act (CTA), which was e...

FinCEN Behind on Anti-Money Laundering Act Implementation
The Financial Crimes Enforcement Network is behind but making progress on implementing the Anti-Money Laundering Act of 2020 (which includes the Corporate Transparency Act), FinCEN Acting Director Him...

Proposed Regulations Classify Cloud and Digital Content Transactions
Transactions involving digital content and cloud computing have become common due to the growth of electronic commerce. The transactions must be classified in terms of character so that various provis...

FAQ: Are donations of used vehicles still fully deductible?
In recent years, the IRS has been cracking down on abuses of the tax deduction for donations to charity and contributions of used vehicles have been especially scrutinized. The charitable contribution...

How do I… Guard against taxpayer identity theft?
The number of tax return-related identity theft incidents has almost doubled in the past three years to well over half a million reported during 2011, according to a recent report by the Treasury Insp...

How do I...Claim a charitable contribution of property?
Claiming a charitable deduction for a cash contribution is straightforward. The taxpayer claims the amount paid, whether by cash, check, credit card or some other method, if the proper records are mai...

Recordkeeping Basics: Business Taxpayers
Maintaining good financial records is an important part of running a successful business. Not only will good records help you identify strengths and weaknesses in your business' operations, but they w...