The October 15th, 2025 deadline to file your 2024 personal tax return is almost here. If you filed an extension, this is your final chance to submit your return for our office to guarantee completion by the October 15^th deadline. — let our team at Tax Professional Group help you file quickly, accurately and avoid penalties.

We make the process simple:

• Gather and organize your documents
• Submit them securely to our team
• We’ll prepare and file your return before the deadline

Are You Ready?

2024 Tax season is moving quickly, and missing deadlines can cost you.

Key Deadlines:
September 15, 2025 – Filing deadline for Partnerships, S-Corporations, and C-Corporations (with extension).

October 15, 2025 – Filing deadline for Individuals (with extension).

Don’t let these important dates pass you by. Our team is here to help you stay compliant and file with confidence.

S-Corporation Deadlines

Saturday March 15, 2025 is the Partnerships and S-Corporations filing deadline, so please contact us regarding your business tax return.

If you need a six-month extension of time to file, you must give us permission to file the extension for your business.

Filing deadline with extension: September 15, 2025.

Our team is here for all your tax needs! To schedule an appointment, please call 239-598-9901 or email us at office@taxpg.com

Annual Reports

Annual Reports are required to be filed with the Florida Department of State. 

• This report is to be filed annually beginning January 1st and no later than May 1.  After May 1, a $400 late filing penalty will be assessed by the state.
• The report can be filed online at sunbiz.org

We would be happy to assist you with the filing process, but you must contact us to request our service and to make arrangements.

Please contact the office at 239-598-9901

Every business must file annual reports to avoid penalty fees and potential business dissolution. This guide will help both new and established businesses navigate the filing process correctly and maintain compliance with tax laws.

Step One: Review State Filing Requirements

Filing requirements vary by state and business structure. Before beginning, determine:

• Your state’s specific documentation needs
• Required fees
• Submission deadlines
• Filing methods available in your jurisdiction

Step Two: Prepare Required Documents

A complete annual report typically includes:

• General business information and performance highlights
• Financial statements (balance sheet, income statement, cash flow statement)
• Supporting documentation (notes, photos, graphics)
• Auditor’s report
• Accounting policy review
• Financial information summary

Ensure all information is accurate and complete to avoid delays or complications with state authorities.

Step Three: Submit on Time

Filing deadlines vary by state. Check your state’s specific requirements and mark your calendar accordingly. Timely submission is essential for maintaining your business’s good standing.

Need Help?

Our experienced tax professionals can guide you through the annual report filing process. Contact our team today to ensure your business remains compliant with state requirements.

2025 Tax Updates

As of December 6, 2024, several tax law updates are slated to impact U.S. taxpayers in 2025:

IRS Inflation Adjustments for Tax Year 2025

The Internal Revenue Service (IRS) has announced annual inflation adjustments affecting over 60 tax provisions for the 2025 tax year. Key changes include:

• Standard Deduction: For single filers and married individuals filing separately, the standard deduction increases to $15,000, up $400 from 2024. For married couples filing jointly, it rises to $30,000, a $800 increase.

IRS

• Tax Brackets: Income thresholds for tax brackets have been adjusted upward. For instance, the 35% tax rate now applies to incomes over $250,525 for single filers and $501,050 for married couples filing jointly.

Newsweek

Expiration of Tax Cuts and Jobs Act (TCJA) Provisions

Many individual tax provisions from the 2017 TCJA are set to expire at the end of 2025, potentially leading to significant changes in 2026:

• Income Tax Rates: Rates may revert to pre-2017 levels, resulting in higher taxes for many.

Kiplinger

• Standard Deduction and Personal Exemption: The standard deduction could decrease, and personal exemptions may return.

Tax Policy Center

• Child Tax Credit: The credit amount might be reduced, and eligibility criteria could tighten.

Kiplinger

Potential Legislative Changes

The current administration and Congress are considering tax reforms that could affect future tax years:

• Extension of TCJA Provisions: Discussions are ongoing about extending certain TCJA provisions to prevent tax increases in 2026.

Kiplinger

• New Tax Legislation: Proposals include changes to corporate tax rates, individual income taxes, and various deductions and credits.

Tax Policy Center

Need help planning for these updates? Our team is here to help! Contact us today and start taking control of your tax planning!

As the year concludes, it’s essential to address a critical compliance requirement for your S-Corporation: establishing and processing officer payroll by December 31, 2024. This step is vital to adhere to IRS regulations and mitigate potential risks.

Why Officer Payroll is Necessary

The IRS requires that S-Corporation officers who perform substantial services receive reasonable compensation through payroll, subject to payroll taxes such as Social Security and Medicare.

Risks of Non-Compliance

Neglecting to process officer payroll can lead to:

1. IRS Audits and Penalties: The IRS may reclassify distributions as wages, resulting in back taxes, penalties, and interest.
2. Loss of Tax Deductions: Misclassified distributions may not qualify for tax deductions, increasing your tax liability.
3. Increased Payroll Tax Liability: Non-compliance can accrue significant payroll taxes and penalties for late payments.
4. Heightened Scrutiny: Failure to comply may attract closer examination in future tax filings.

Recommended Solution: Paychex Payroll Services

To ensure compliance and streamline payroll processing, we recommend partnering with Paychex, a reputable provider specializing in S-Corporation payroll services. Paychex offers:

• Tailored Payroll Solutions: Customized services to meet the unique needs of S-Corp officers, including “Officer Only Payroll” options.
• Comprehensive Tax Management: Automatic calculation, payment, and filing of federal, state, and local payroll taxes, ensuring timely compliance.
• User-Friendly Platform: Access payroll information and manage processes through a secure online portal, enhancing efficiency.

Next Steps

1. Determine Reasonable Compensation: Assess a fair market salary for the services you provide, considering industry standards and your role.
2. Engage Paychex Services: Contact Paychex to set up your officer payroll, ensuring all processes are in place before year-end.
3. Consult with Us: For assistance in determining compensation or navigating payroll setup, please reach out promptly.

Our team is here to support you in meeting these requirements and safeguarding your S-Corporation from potential risks. Contact us or schedule a meeting at your earliest convenience.

Let’s ensure compliance and position your business for success in the coming year!

To Our Clients,

As part of the ongoing compliance requirements, we want to remind you about the Beneficial Ownership Information (BOI) filing deadlines and provide guidance on the necessary information to ensure your filings are accurate and timely.

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has introduced significant reporting requirements for business entities, such limited liability companies, and limited partnerships, most corporations and on certain other business entities.

The BOI reports must disclose the identities and provide contact information for all of the entity’s “beneficial owners”, controlling 25 percent or more of the ownership interests in the entity or exercise substantial control over the entity.

1. Required Information for BOI Filings:

To meet BOI filing requirements, please prepare the following details:
● Basic Entity Information:

○ Full legal name
○ Trade names or DBAs (Doing Business As)
○ Complete address of the principal place of business
○ Jurisdiction of formation and registration number

● Beneficial Owners’ Information:
For each individual who directly or indirectly owns or controls at least 25% of the company, please provide:

○ Full legal name
○ Date of birth
○ Residential or business address
○ Nationality and country of residence
○ Identification number (passport, driver’s license, or another government-issued ID)

● Control Information:
In addition to beneficial owners, you must report individuals with significant control over the entity, such as executive officers or those who have authority over major decisions.

2. Filing Deadlines:

● Initial BOI Filing: Must be submitted by 12/31/2024. if you plan to open a new company, the BOI report will need to be filed within 90 days of registering with the state.

● Amendments: If any changes occur throughout the year (such as new owners, changes in information, or changes in control), they must be reported within 30 days of the change.

3. Penalties for Non-Compliance:
Failure to file accurate and timely BOI information can result in significant penalties. The government may impose fines or other consequences, so timely and complete filings are essential.

4. How We Can Help:
Our team is available to assist in gathering and reviewing your BOI information, ensuring all details are complete and correct. We can also handle submission on your behalf if needed, but you must contact us to request our service and to make arrangements. We will ask that all Beneficial Owners and those with significant control obtain a FINCEN ID https://fincenid.fincen.gov/landing

Please let us know if you have any questions or need further clarification on the filing requirements. We’re here to support you and make this process as seamless as possible.

Best regards,