Hixon & Simko LLC

08/20/2025

Are you an educator? If so, you may be able to deduct out-of-pocket expenses of up to $300 in qualified education expenses as an above-the-line deduction on your federal tax return. In addition, many states and localities allow a deduction as an employee business expense. The following IRS Tax Tip gives more information:

Tax Tip 2025-58:Out-of-pocket classroom costs could be offset with Educator Expense Deduction Internal Revenue Service (IRS) sent this bulletin at 08/20/2025 10:08 AM EDT IRS Tax Tips Aug. 20, 2025 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Ba...

07/29/2025

If you receive tips as part of your earnings, earn overtime pay, bought a car with a loan in 2025 or collecting Social Security benefits, read on.

FS-2025-03: One Big Beautiful Bill Act: Tax deductions for working Americans and seniors Internal Revenue Service (IRS) sent this bulletin at 07/25/2025 02:05 PM EDT IRS Newswire July 25, 2025 News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Aroun...

02/17/2025

01/28/2025

Pennsylvania Annual Reporting Requirements

Beginning in 2025, most domestic and foreign filing associations are required to file an Annual Report [DSCB:15-146]. These associations include:
• Domestic business corporations • Domestic nonprofit corporations • Domestic limited liability (general) partnerships • Domestic electing partnerships that are not limited partnerships • Domestic limited partnerships (including limited liability limited partnerships) • Domestic limited liability companies • Domestic professional associations • Domestic business trusts • All registered foreign associations.

This filing takes the place of the Decennial Report, which was an every 10 year report that cost $70 last imposed in 2021. The Decennial Report requirement was repealed for entities. • Now it is an online filing that costs $7 but it is every year. • Note that Decennial Reports are still required for Insignia and Marks used with Articles or Supplies. • Trademarks do not have a decennial reporting requirement, as they are renewed every five years. • Note: This does NOT replace the Pennsylvania Annual Registration for certain professional LLCs and LLPs.

The fee for the new Annual Report is $7 for business corporations, limited liability companies (LLCs), limited partnerships (LPs) and limited liability general partnerships (LLPs), • There is NO FEE ($0 fee) for nonprofit corporations and any LPs or LLCs with a not-for-profit purpose.

• Failure to file an annual report will result in the administrative dissolution, termination, or cancellation of your business registration (beginning in 2027). • A company that fails to file the Annual Report has the opportunity to request reinstatement, with no limitation on the period of time for such reinstatement (by filing with proper fees). • The Department of State will notify entities via email (if provided) and postcard before the deadlines. Be sure the address is up to date. • You may update the report during the reporting year for no additional fee.

How to File an Annual Report Online
1. Register an account for Business Filing Services (BFS) if you are new userhttps://www.pa.gov/content/dam/copapwp-pagov/en/dos/programs/business/guides/Customer-Portal-Overview.pdf
2. Log in at https://file.dos.pa.gov/ and search for your company name under "Business Search.“
3. Click on the icon for Annual Report. No PIN access is required to file an Annual Report.
4. Complete the Annual Report form online and pay by credit card.
5. After the Annual Report is processed, the Form and Acknowledgement Letter will be available for immediate download. You also will receive an email with instructions on how to log into the BFS portal to retrieve your filed document under "My Work Queue.“
6. Further help, with step-by-step instructions and screen shots, can be found athttps://www.pa.gov/content/dam/copapwp-pagov/en/dos/resources/business/graphics/2024-annual-report-help-guide.pdf

If you have questions or concerns about this new requirement, please contact us so we can assist you in assuring your compliance.

12/24/2024

Treasury won its appeal on the BOI reporting stay injunction issued by a Texas judge. Accordingly, BOI reporting is back on the table. The original filing deadline was January 1, 2025. Treasury, feeling generous, extended the deadline to January 13, 2025. The penalties for non-filing can be assessed at $500 per day up to a maximum of $10,000.

If you are unsure if you are required to file or not, give us a call so we can help.

The Fifth Circuit Court of Appeals on Monday granted a Justice Department motion to lift an injunction imposed by a district court ruling. Hours later, FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most reporting companies.

12/23/2024

PA is requiring many types of businesses to file annual reports starting in 2025. The following brochure provides a brief overview of the filing requirements. A more detailed description with a question & answer section is in the second link. Contact us if you have questions concerning this information.

https://www.pa.gov/content/dam/copapwp-pagov/en/dos/resources/business/graphics/annual-reports-one-pager.pdf

https://www.pa.gov/agencies/dos/programs/business/types-of-filings-and-registrations/annual-reports.html -16e51f50d4-item-ffe4a29f19

Pennsylvania Business Owners: You must file an annual report starting in 2025. Know the requirements and deadlines. 

08/15/2024

With all of the illicit activity in the internet world you should give serious consideration to freezing your credit . The following article tells you how.

Learn how to freeze and unfreeze your credit at the three major credit bureaus to help prevent identity theft and fraud.

06/05/2024

Is your operation a business or a hobby? The distinction is important as they are taxed differently. If you are operating a small side-line "business" and you are unsure how the IRS would classify it, give us a call. We can help you determine the correct operating structure sop you do not get burned at tax time.

Tax Tip 2024-55: Hobby or business: What people need to know if they have a side hustle Internal Revenue Service (IRS) sent this bulletin at 06/05/2024 12:30 PM EDT IRS Tax Tips June 5, 2024 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IR...

04/30/2024

HERE ARE SOME IRS RESOURCES AVAILABLE FOR SMALL BUSINESSES.

Tax Tip 2024-40: Small businesses: Find tax resources and tools on IRS.gov Internal Revenue Service (IRS) sent this bulletin at 04/29/2024 09:19 AM EDT IRS Tax Tips April 29, 2024 Useful Links: IRS.gov Help For Hurricane Victims News Essentials What's Hot News Releases IRS - The Basics IRS Guidance....

03/01/2024

This is important information if you are selling items on Amazon, E-Bay or other marketplace sites.

FS-2024-07: What taxpayers should do if they received a Form 1099-K in 2024 Internal Revenue Service (IRS) sent this bulletin at 03/01/2024 10:44 AM EST News Essentials The Newsroom Topics IRS Resources Issue Number: FS-2024-07 Inside This Issue What taxpayers should do if they received a Form 1099-...

11/22/2023

The Hummelstown Business & Professional Association's Hummelstown Holiday Happenings is fast approaching, and we are looking for businesses to participate!

This is a day of sharing holiday cheer by sponsoring an open house and/or activities for the young and old. Holiday Happenings is scheduled for Sunday, December 3, 2023, from 1 to 5 PM.

The Christmas tree lighting sponsored by the Hummelstown Community Foundation will take place that evening at 5:30 PM at the arch on the Square.

If you would like your Hummelstown Borough business to participate visit this link
https://www.hummelstownassociation.org/event-details-registration/hummelstown-holiday-happenings