Rodney M Fountain CPA, P.A.

11/17/2025

Picking up extra hours at your job? You can get a tax deduction on qualified overtime compensation. Starting in tax year 2025, under the One, Big, Beautiful Bill, you can deduct up to $12,500 of wages that exceed your regular rate of pay. This can offer significant savings on your tax return.

Find out if you qualify at www.irs.gov/obbb.

10/13/2025

Scam Alert: Phishing Scams Target Mississippi Taxpayers via Text Message ​

The Mississippi Department of Revenue is warning Mississippi taxpayers of ongoing nationwide text scams that are hitting our state. ​

The department has received reports of a scam targeting taxpayers through text messages that appear to be from the Department of Revenue or the Department of Motor Vehicles and may state that your refund has been approved and ask for payment information and/or include a warning regarding unpaid traffic violations, outstanding toll charges, or fines owed. ​

These scams are designed to trick you into providing personal details, banking information and/or credit card information. ​

These texts are NOT from the Mississippi Department of Revenue and are NOT LEGITIMATE. The department will NEVER request payment or request personal banking information via text message. ​

If you receive one of these phishing texts, take the following action: ​
• Do not click on any links in the text ​
• Do not respond to the text ​
• Delete the text​

​

05/02/2025

When you need a copy of a previous tax return, it doesn't have to be complicated to get one. Your Online Account is the fastest, easiest way to get a copy of your tax transcript. Our latest tip explains all the ways you can request a copy.

Visit https://ow.ly/lQhv50VuCEu to learn more.

02/28/2025

MSCPA

Update Regarding BOI

Late on Feb 27, FinCEN announced that “it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed.”

The interim final rule, that will extend BOI reporting deadlines, will be issued by March 21, 2025. The announcement continues to state that FinCEN is committed to reducing regulatory burden on businesses while balancing national security risks.

This is good news for now and more to come soon from FinCEN. In the meantime check out FinCEN’s full announcement here: https://shorturl.at/FuwOc

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WASHINGTON––Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines....

02/26/2025

has a Tax Guide for Seniors with a general overview of selected topics that are of interest to older taxpayers. Visit: www.irs.gov/pub554

02/21/2025

Here we go again

On February 18, 2025, a U.S. District Court ruling lifted the injunction, making BOI reporting mandatory once again. FinCEN has granted a short extension, but businesses must file by March 21, 2025—just 30 days away.

What This Means for Your Clients – Act Now!
BOI Reporting is Back On: The freeze is over—businesses must file their Beneficial Ownership Information now.
New Deadline: Most companies must file by March 21, 2025—just 30 days away.
No Exceptions for Most: Later deadlines only apply to businesses with prior extensions (e.g., disaster relief).
Time is running out—don’t wait to file

01/22/2025

Due to icy travel conditions, our office will remain closed on Thursday. We will reopen Monday for normal business hours.

01/22/2025

Our office will remain closed on Wednesday. Weather permitting, we will reopen Thursday for normal business hours.

01/21/2025

Due to inclement weather our office is closed Tuesday and Wednesday. Weather permitting, we will reopen Thursday morning for normal business hours.

12/27/2024

Three days after a panel of judges granted a Department of Justice motion to lift the injunction, another panel said it was reinstating a lower court’s ruling. An AICPA statement Friday urged CPAs to be prepared to file BOI reports.

12/26/2024

https://www.forbes.com/sites/jayadkisson/2024/12/24/fincen-beneficial-ownership-reporting-january-1-deadline-back-on-so-file-now/

The temporary injunction for FINCEN's BOI filing has been stayed. BOI filings are once again mandatory and are due January 13 for companies formed prior to January 1, 2024. Companies formed during 2024 and after are also required to file but have a different deadline.

Go to https://fincen.gov/boi for more information and to file.

The U.S. Fifth Circuit Court of Appeals has dissolved the preliminary injunction in Texas Top Cop Shop Inc. v. Garland thus re-instating the January 1, 2025, deadline.

11/26/2024

The has simple steps you can take now to make the upcoming tax filing season easier:
• Create or access your IRS Online Account for info
• Gather and organize your tax records
• Check your withholding
• Set up direct deposit for a faster refund
https://ow.ly/ch8X50UeZQx