Scott Terrel, CPA, LLC

07/12/2025

Some interesting tidbits regarding the 2025 Budget Reconciliation.

1. No tax overtime is actually a deduction that will be taken when the return is prepared. It also only applies to the premium wages (e.g if you make $20 per hour and $30 for overtime; the $10 per hour extra is what is eligible for the deduction).

2. Sale of farm land could be eligible to split the taxes over 4 years.

3. The threshold for 1099-NECs is at $2,000 instead of $600

12/27/2024

The government has (again) been enjoined from enforcing the beneficial ownership information (BOI) reporting requirements under the CTA.

12/24/2024

The BOI reporting deadline has been extended to January 13, 2025 after an appellate court reversed the injunction that was in place.

After the Fifth Circuit granted the government’s emergency motion to continue to enforce the Corporate Transparency Act (CTA), FinCEN has extended the filing deadline.

12/13/2024

Effective January 1, 2025, we will no longer e-file returns or provide deliverables until full payment is received. For your convenience we offer the following payment methods:

- CashApp
- PayPal
- Venmo
- Credit/Debit Cards (including tap to pay)

We also accept checks and cash.