Overtime just got a tax twist. Thanks to a new federal law, many workers and employers can now deduct a portion of overtime from their federal taxable income, effective retroactively to January 1, 2025. That’s big news for payroll, employee communications, and year-end reporting. Here at Edgewater CPA Group, our team is breaking it down so you can move from “Wait, what?” to “We’ve got this.”
If you’re a business owner, you’ve probably heard about the Beneficial Ownership Information (BOI) Report. But do you know what it means for you? The clock is ticking, and businesses must comply with the new BOI filing requirements by March 1, 2025, or face potential penalties. At Edgewater CPA Group, we know that keeping up with IRS regulatory changes can be overwhelming, but staying ahead of compliance requirements is crucial to protecting your business. Here’s what you need to know about BOI filings and how to prepare before the deadline.
Receiving an official notice from the IRS can be daunting, especially for small business owners already juggling numerous responsibilities. Before you let the worry set in, remember that these notices are more common than you might think, and they’re often resolvable. At Edgewater CPA Group, we’re here to guide you through this process with expertise and reassurance.