KG Tax & Consulting

10/30/2025

Recent Tax Provisions

10/30/2025

New Inflation Tax Adjustments

10/08/2025

The IRS' 34,000 furloughed employees are facing some financial challenges. Their situation also offers us nonfederal workers tips, including tax-related ones, on preparing for similar fiscal crises.

09/10/2025

—- If you have Commercial buildings that you rent out or you own a beauty salon and rent floor space to independent stylists in Florida——

On June 30, 2025, Florida Governor Ron DeSantis signed legislation that repeals the sales tax on commercial rentals, effective October 1, 2025. For information about the change review

05/21/2025

If you are one of the millions of Americans who work on tips, there could be good news coming soon.In a unanimous vote the Senate passed the No Tax on Tips Act

04/06/2025

States with extension to file taxes

The IRS has extended tax deadlines in several states due to severe storms, fires, hurricanes, and other natural disasters.

04/06/2025

Combined with earlier tax relief provided for taxpayers in counties affected by Hurricane Debby and Hurricane Helene, affected taxpayers in all of Florida now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments, including 2024 individual and business returns normally due during March and April 2025 and 2023 individual and corporate returns with valid extensions and quarterly estimated tax payments.

The declaration permits the IRS to postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. For instance, certain deadlines falling on or after Oct. 5, 2024, and before May 1, 2025, are granted additional time to file through May 1, 2025. As a result, affected individuals and businesses will have until May 1, 2025, to file returns and pay any taxes that were originally due during this period.

The May 1, 2025, filing deadline applies to:

Any individual or business that has a 2024 return normally due during March or April 2025.
Any individual, C corporation or tax-exempt organization that has a valid extension to file their calendar-year 2023 federal return. The IRS noted, however, that payments on these returns are not eligible for the extra time because they were due last spring before the hurricane occurred.
2024 quarterly estimated tax payments normally due on Jan. 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025.
Quarterly payroll and excise tax returns normally due on Oct. 31, 2024, Jan. 31, 2025, and April 30, 2025.

03/24/2025

BOI Reporting Removed for U.S. Companies and Persons

The Financial Crimes Enforcement Network (FinCEN) issued a major update on Friday to its beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act. In line with the U.S. Treasury’s March 2, 2025, announcement, U.S. companies and persons are no longer required to report BOI to FinCEN.

Key points from the interim final rule:

The definition of a “reporting company” now includes only entities formed under foreign law that register to do business in the U.S. via state or tribal filings.

U.S.-formed entities (formerly known as "domestic reporting companies") are exempt from BOI reporting requirements.

Foreign reporting companies must continue to report BOI, but they will not be required to report any U.S. persons as beneficial owners.

Likewise, U.S. persons who are beneficial owners of such foreign entities are not required to report BOI to FinCEN.

The FinCEN website provides new reporting deadlines and further guidance for foreign entities.

03/06/2025

Suspension of BOI Enforcement Announced

With the March 21 BOI reporting deadline fast approaching, the Treasury Department announced it will not enforce penalties or fines related to the beneficial ownership information (BOI) reporting rule. In addition, the Treasury Department plans to issue new regulations that will not enforce any penalties or fines against U.S. citizens, other domestic reporting companies, or their U.S.-based owners. The proposed rule changes are expected to target foreign reporting companies, not domestic companies.

02/27/2025

IRS: Surrogate's Medical Expenses Not Deductible

The medical expenses incurred by a pregnancy surrogate for a married couple are not deductible by the couple because they do not affect the bodies of the taxpayers, according to a recent IRS private letter ruling. The couple used a pregnancy surrogate because the wife was required to take medication that would be detrimental to the pregnancy. The IRS noted that several courts have rejected deductions for expenses for reproductive technologies like in vitro fertilization (IVF) and surrogacy procedures.

Specifically, the IRS concluded that expenses could not be deducted that are related to:

Egg donation
IVF medical costs
S***m freezing
Childbirth by the surrogate
Surrogate medical insurance related to pregnancy
Legal and agency fees for the surrogacy
Other medical expenses related to surrogacy

However, the IRS found the taxpayers could deduct the costs directly related to the taxpayers, such as s***m donation.

02/25/2025

Which credit card fees can you deduct for tax purposes?

02/20/2025

It is unclear how the layoffs may affect tax collection services this year.