Accounting Management Advisors

04/23/2026

The IRS announced a new online tool to help clients understand and resolve tax debt.

The Tax Debt Help tool provides individuals and businesses with a simple way to explore payment options and identify next steps based on their situation. It walks users through a series of straightforward questions about their financial situation and tax debt. Based on responses, the tool will guide users to potential payment and resolution options available through the IRS.

The tool does not require specialized knowledge. It can be used at any time. To protect client privacy, the tool does not require users to enter personally identifiable information.

If you owe a tax debt that you can't pay in full, we can help. You have options to resolve it.

01/13/2026

The 2026 tax filing season will open Jan. 26, the IRS said Thursday. The IRS will have about 25% fewer workers than a year ago and new tax provisions to handle.

Click below to read more.

The IRS acknowledged that new tax provisions could affect federal taxes, credits, and deductions. The start of filing season is in line with previous years.

12/15/2025

Wishing all our friends that celebrate a very Happy Hanukkah!

11/11/2025

Honoring Our Veterans Today and Always 🇺🇸

Today, we take a moment to recognize and thank the brave men and women who have served our country. Your courage, sacrifice, and dedication have protected our freedoms and shaped our nation in countless ways.

To all veterans — thank you.
Thank you for your service, your strength, and the sacrifices you and your families have made.

We honor you today and every day.
Happy Veterans Day. 🇺🇸❤️

08/04/2025

The annual back to school tax-free holiday is now permanently going to happen every August for the entire month.

07/30/2025

Hurricane supplies are permanently tax-free in Florida beginning August 1st.

Many items that should be in a hurricane supply kit will be tax-free starting August 1, 2025.

03/24/2025

BOI filing requirements for U.S. companies, persons removed

The government on Friday significantly narrowed the scope of beneficial ownership information (BOI) filing requirements to foreign entities only, formalizing a move the Treasury Department previewed earlier this month.

The Financial Crimes Enforcement Network (FinCEN) issued an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act (CTA), P.L. 116-283, passed by Congress in 2021.

The rule revises the definition of “reporting company” to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. state or tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”). FinCEN also exempts entities previously known as “domestic reporting companies” from BOI reporting requirements.

In addition, the rule exempts foreign reporting companies from having to report the BOI of any U.S. persons who are beneficial owners of the foreign reporting company and exempts U.S. persons from having to provide such information to any foreign reporting company for which they are a beneficial owner.

The new rule also delays by 30 days the filing deadline for foreign entities that were registered to do business in the U.S. before Friday. Those reports had been due Friday.

Meanwhile, foreign entities that register to do business in the U.S. in the future have 30 days to file an initial BOI report after receiving notice that their registration is effective.

03/06/2025

On March 2, 2025, the Treasury Department announced it will not enforce any penalties or fines associated with the BOI reporting rule under the existing regulatory deadlines.

In addition, the Treasury announced that it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the rule changes take effect. Furthermore, Treasury also announced that the new rules will likely narrow the scope of reporting obligations to foreign reporting companies only.

02/20/2025

On February 18, 2025, the U.S. District Court for the Eastern District of Texas granted FinCEN a stay order on its previously issued preliminary nationwide injunction on the enforcement of the Corporate Transparency Act (CTA). As a result, BOI reporting requirements are now mandatory.

FinCEN has just issued guidance that clarified the new filing deadlines:
1. For most reporting companies, the new deadline to file an initial, updated, and/or corrected BOI report is now March 21, 2025.
2. Reporting companies formed or registered on or after February 18, 2025, must file within 30 days from the date of creation or registration.
3. Reporting companies previously provided with extended deadlines due to disaster relief should follow the later deadlines.

As Beneficial Ownership filings are now back to mandatory, the potential penalties for non-compliance could be harsh.

Click below to file if you haven't already to avoid the penalties which are about $600 per day.

01/16/2025

January 27 is the official start of filing season

The IRS announced that the official start of the 2025 filing season will be January 27 as the agency continues historic improvements to expand and enhance tools and filing options to help taxpayers.