Gineris & Associates, Ltd

09/08/2025

Effective 9/30/2025, the U.S. Treasury and the IRS will no longer issue paper checks—including Social Security payments and tax refunds—and will phase out accepting paper payments. This is part of a federal initiative to transition to fully electronic payments for faster, safer, and more cost-effective transactions.
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The Benefits

Faster funds: Refunds and other federal payments will reach you much more quickly electronically than via paper checks.
Safer with fewer lost or stolen payments: Paper checks are about 16 times more vulnerable to fraud or loss compared to electronic transfers.
Huge cost savings and eco-friendly: Paper-based transaction processes cost taxpayers over $657 million in FY 2024. Let your tax dollars be better utilized.
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What You Should Do Before Sept. 30, 2025

1. Set up electronic payment options:

For tax payments, INDIVIDUALS should set up an ID.me account (https://api.id.me/en/session/new) or use IRS Direct Pay (https://www.irs.gov/payments) and BUSINESSES should use EFTPS (https://www.eftps.gov/eftps/).

For refunds, ensure that your tax professional has your correct direct deposit info when filing your tax return.

2. Open a U.S. bank or no/low-fee credit union account if you’re presently “unbanked” or have bank accounts outside the U.S. (i.e., U.S. expats) to receive IRS refunds electronically. You may also consider options like prepaid debit cards or digital wallets.

3. Update payment workflows now: If you presently use paper payments for taxes, switch to electronic options immediately to avoid disruption.

4. Trustees and Estates should pay special attention to make sure that account names match tax return filers.
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For Gineris & Associates clients who have any questions or would like help verifying information we have on file for you, updating account information, enrolling in electronic payments, or planning next steps for your family or business, get in touch and we’ll be happy to help.

07/23/2025

One Big Beautiful Bill, passed 7/4/2025, includes many tax impacts for individuals and businesses, including some time-sensitive considerations. See below, and reach out to your tax professional to discuss.

INDIVIDUAL TAX CHANGES
Income Tax Rates: The current lower tax brackets (10%–37%) are now permanent.

Standard Deduction: Amounts for tax year 2025 increase to:
- Single: $15,750
- Head of Household: $23,625
- Married: $31,500
- An additional $6,000 deduction for seniors (65+) from 2025–2028.
NOTE: The senior deduction phases out for incomes above $75,000 (single) or $150,000 (joint).

State and Local Tax (SALT) Deduction: Cap increases to $40,000 (from $10,000) from 2025–2029.
ACT: If you have large state or property tax bills, consider timing payments before 2030 to use the higher cap.
NOTE: For incomes exceeding $500,000, the deduction cap is gradually reduced, but never falls below $10,000.

Child Tax Credit: increases to $2,200 per child, partially refundable.
NOTE: The child must have a Social Security Number (SSN). You must have earned income over $2,500 to receive it. The refundable portion is capped.

Worker Deductions (Tips, Overtime, Car Loan Interest): Deduct up to $25,000/year in tips. Deduct up to $12,500/year per person in overtime. Deduct up to $10,000/year in car loan interest (only for U.S.-assembled vehicles purchased new in 2025 or after).
ACT: Start tracking tips and overtime earnings in 2025. Plan car purchases in 2025-2026 to maximize deductions.
NOTE: These deductions are not available for people using the Married Filing Separately status. Deductions phase out for higher incomes: Tips and Overtime phase-out above $150,000 (single) or $300,000 (joint); Car loan interest phases out above $100,000 (single) or $200,000 (joint). These deductions expire after 2028.

Trump Savings Accounts for Children: Every child born 2025-2028 gets $1,000 from the government in a tax-deferred account. You can contribute up to $5,000/year.
NOTE: Contributions can’t begin until mid-2026, and they stop when the child turns 18. Funds must be invested in approved stock index funds. No distributions may be made before the child turns 18.

Home Energy and Electric Vehicle (EV) Credits: Solar, home energy upgrades, and EV credits end after 2025. EV charger credits end mid-2026.
ACT: Buy EVs before 10/1/2025. Finish energy upgrades by 12/31/2025.

Estate and Gift Tax Exemption: Tax-free estate amount increases to $15 million per person starting in 2026.

BUSINESS TAX CHANGES
100% Bonus Depreciation: Businesses can fully expense most equipment purchases permanently.
ACT: Plan new equipment purchases to qualify.

Qualified Business Income (QBI) 20% Pass-Through Deduction: The 20% deduction for qualified business income is permanent.
NOTE: Income limits and service business rules still apply. A new $400 minimum deduction is available for small businesses starting in 2026.

Research and Development (R&D) Deductions: U.S. R&D expenses can again be fully deducted immediately.
ACT: Review prior returns - some expenses from 2022-2024 may be deductible retroactively.
NOTE: Foreign R&D expenses must still be amortized over 15 years.

Opportunity Zones: Opportunity Zone tax breaks are permanent. New zones will be announced in 2027.

Energy Credits for Businesses: Many renewable energy credits end by 2026–2027.
ACT: Start projects early - construction must begin before 7/4/2026 to qualify.
NOTE: New restrictions bar credits for projects with significant foreign ownership or components.

Employer Credits: Credits for offering childcare and paid leave are expanded.

1099 Reporting Thresholds: 1099-MISC/NEC threshold increases to $2,000 in 2026. Payment apps won’t issue 1099-K forms unless there are over $20,000 in payments and more than 200 transactions.

01/04/2023

Attention business owners! The IRS has increased the business mileage rate to 65.5 cents per mile for 2023. If you use your personal vehicle for business purposes, be sure to keep track of your miles and claim this deduction on your taxes. It could add up to significant savings for your company. Stay organized and keep more of your hard-earned money with this simple tip.

Source:

​The IRS has announced that the 2023 business standard mileage rate is increasing to 65.5 cents, up 3 cents from the 2022 midyear adjustment of 62.5 cents. The change took effect Jan. 1.

05/25/2022

🚩 How to spot fake IRS & Government Phishing Scams!🚩

Hi all, we've received some scam text messages impersonating a government agency! Could you believe trying to scam a tax firm!? As silly as it sounds, millions of dollars are scammed out of Americans every year by these schemes.

Here are five red flags to look out for!

🚩1. An email, phone call or text is claiming to be the IRS or another government agency.
🚩2. Spelling & grammar mistakes in the text or email
🚩3. Requests to click on a non .gov link
🚩4. Threats to call law enforcement
🚩5. Requests for payments via gift card or wire transfer

As always, if you're unsure please reach out to us and we can help you discern if you've received a scam communication!

02/13/2022

02/02/2022

Due to the inclement weather our office will be closed today, February 2.

Our staff are working remotely and the drop off box is still accessible if you decide it's a perfect time to swing by to drop off documents. Stay warm and safe!