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, Expiration of Tax Cuts and Jobs Act (TCJA) Provisions, Potential Legislative Changes, New Tax Legislation: Proposals include changes to corporate tax rates, individual income taxes

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.

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.

As the year draws to a close, tax season is just around the corner. While most tax preparation happens in the new year, starting early can make the entire process smoother and less stressful. To help you kickstart your planning, we’ve compiled a few key questions to consider as you prepare for tax season!

As you may know, TAXPG, LLC acquired The Tax Professional Group, Inc. earlier this year. As part of the acquisition, TAXPG, LLC will now be leading the forefront of the business’ daily operations and management.

With the Tax Professional Group, we don’t just specialize in one aspect of taxes. Our team comes with a diverse set of skills and specializes in all areas of taxation to help you with any kind of task. With a team that can wear as many hats as us, there’s nothing we can’t achieve together!

At the Tax Professional Group, we understand that your taxes can be complicated. That’s why we’re here to offer expert guidance and a range of services tailored to meet your unique needs. Whether you’re handling your tax return for the first time or…

Tax Returns
Corporate Tax Form 1120S – 3/15/2024
Partnership Tax Form 1065 – 3/15/2024
*Provide K-1 to each shareholder – 3/15/2024
*Form 2553 due to elect S-Corporation status for Tax Year 2024 – 3/15/2024
Tangible Personal Property Return to Lee County – 4/1/2024

Identity Protection PIN
The IRS Identity Protection PIN (IP PIN) Program has been expanded to all taxpayers who can properly verify their identity. This is a six-digit number assigned to eligible taxpayers to help prevent their Social Security number from being used to file fraudulent federal income tax returns.

Whether you are online for work, school, shopping or browsing, online security is more important than ever during this time.  Everyone needs to be mindful of risks they may encounter when they share devices, shop online and/or interact on social media. Always make sure you recognize the sender before opening the email.

Tax Law for Business Filers 
NEW FOR 2024: Beneficial Owner Information Report (Mandatory Filing) For existing businesses, the Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and imposes a brand-new federal filing requirement on most corporations, limited liability companies, and limited partnerships

Updates for Tax Year 2023
The IRS has confirmed that it will begin accepting and processing Tax Year 2023 returns on January 29, 2024. For Tax Year 2023, the tax rates remain at 10%, 12%, 22%, 24%, 32%, 35% and 37%. In 2023, the Standard Deduction increases to $27,700 for Married Filing Jointly; $13,850