Biz2Tax

08/13/2025

❌ No Official Announcement: As of August 12, 2025, neither the IRS nor the Treasury Department has issued any official announcements confirming a new round of stimulus checks.

08/12/2025

‼️You will now be taxed on your PayPal and Venmo payments

👉🏾PayPal and Venmo will file Form 1099-K for any customer who met the reporting threshold or was subject to backup withholding during 2024. Customers who had backup withholding applied during the year can claim a credit or refund for backup withholding when filing their tax returns with the IRS.

08/08/2025

‼️‼️ While speculation about a fourth stimulus check of $2,000 has surfaced on social media and unverified websites, there has been no official confirmation of any additional economic relief package in 2025 from Congress or the IRS to support this claim.

06/22/2025

Important Tax Update:

•The IRS must transition fully to Electronic Funds Transfer (EFT) disbursements.

•Paper checks will no longer be issued by the Treasury after September 30, 2025.

•Accepted payment methods going forward will include direct deposit, prepaid cards, and other digital payment options.

05/19/2025

After Sept. 30, 2025 (in compliance with Trump EO 14247), the IRS will no longer issue tax refunds via paper check.

04/03/2025

Failure to File Penalty: What You Need to Know

If you miss the tax deadline and haven’t filed your return yet, the IRS may hit you with a Failure to File Penalty — and it adds up fast.

What Is It?

The Failure to File Penalty is charged when you don’t file your tax return by the due date (usually April 15) and you owe taxes.

How Much Is the Penalty?

5% of the unpaid taxes for each month (or part of a month) your return is late.

It maxes out at 25% of your unpaid taxes.

Example:

If you owe $2,000 and file 3 months late:

5% x $2,000 x 3 months = $300 penalty

Important Note:

If your return is over 60 days late, the minimum penalty is $485 (for 2024) or 100% of the tax owed, whichever is less.

What If You Can’t Pay?

Still file your return on time!

The Failure to Pay Penalty is lower (0.5% per month), and interest applies — but avoiding the Failure to File Penalty can save you a lot.

01/10/2025

IRS announces Jan. 27 start to 2025 tax filing season

IR-2025-08, Jan. 10, 2025 — The Internal Revenue Service today announced that the nation’s 2025 tax season will start on Monday, Jan. 27, 2025, and will feature expanded and enhanced tools to help taxpayers as a result of the agency’s historic modernization efforts.

01/03/2025

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12/24/2024

💥💥(12/23/2024)‼️Court of Appeals overturns the order blocking enforcement of Beneficial Ownership Information reporting requirements.

💥💥Reinstating the January 1, 2025 deadline for Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act.

💥💥This decision lifts the previous injunction, meaning businesses must comply with the original deadline unless further notice is issued.

💥💥Learn more NFIB Article: https://www.nfib.com/news-article/fifth-circuit-appeals-court-reinstates-boi-reporting-for-small-businesses/

🫵🏽 Need assistance or have questions? We’re here to support you.

Home / News / Press Release / Fifth Circuit Appeals Court Reinstates BOI Reporting for Small Businesses Fifth Circuit Appeals Court Reinstates BOI Reporting for Small Businesses December 23, 2024 Press Release Court of Appeals overturns the order blocking enforcement of Beneficial Ownership Informat...

12/10/2024

🚨🚨 Important Up To date IRS Numbers To Have Available 🚨🚨

💚💚Let’s Have A Great Season 💚💚

12/06/2024

BREAKING NEWS 🚨🚨🚨BOI REPORT

😌🙌🏾 No BOI filing obligations are in effect while the injunction stands. Companies are not required to comply with the December 31, 2024, deadline unless the ruling is overturned or modified in future court decisions.

🙌🏾 🚨The penalties are temporarily halted, this gives EXTRA owners time. (CYA)👈🏾
👌🏾Ensure you understand your compliance obligations during this critical pause.
👉🏾Take Action Now to Protect Your Business During This Temporary Halt.

The Corporate Transparency Act and its implementing regulations, which require US business entities to report stakeholder information to the Treasury Department, were preliminarily blocked nationwide by a Texas federal court on Tuesday.

10/14/2024

If You Need Any Documents That We Have On File Please Reach Out ❤️

Remember applications for individual families opens at midnight. Anyone who applies as an organization who is not an organization will be denied. Remember you MUST RETAIN AND PRINT YOUR EMAILS OR YOU WILL NOT RECIEVE ANYTHING. We have told everyone this for the past 2 years and are hard enforcing it this year. Remember to be patient after you apply, with over 4000 kids to process paperwork on it will be 2 weeks before you receive an approval or denial letter.