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Michigan’s Earned Sick Time Act (ESTA) is set to take effect on February 21, 2025, introducing significant changes to employee sick leave entitlements across the state. This article delves into the specifics of ESTA, its legislative journey, and its implications for both employers and employees. What Is The Earned Sick Time Act? The Earned Sick …
February 2025 Update: Corporate Transparency Act reporting requirements back in effect Following the U.S. District Court for the Eastern District of Texas ruling on February 18, 2025, in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336 (E.D. Tex.), the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) …
Breaking Down the CTA Ruling Corporate Transparency Act Update January 25th, 2024 The U.S. Supreme Court has reinstated the Corporate Transparency Act (CTA), but a separate nationwide order by a Texas federal judge (Smith v. U.S. Department of the Treasury) still blocks enforcement for now. This means companies are not currently required to file beneficial …
A 1031 exchange allows real estate investors to defer capital gains taxes when selling one property to buy another. However, specific actions during this process can create a “boot,” which is taxable. Knowing how these actions can trigger boot is key to maximizing the tax benefits of your exchange. In this article, we’ll review several …
Retirement Withdrawals & Medicare In 2025, retirees often encounter two big surprises when it comes to Medicare: 1. Medicare Isn’t Free: While Medicare provides health coverage for those over 65, the costs vary based on income and coverage choices. 2. Premiums Can Fluctuate: Medicare Part B and Part D premiums are tied to your income …
Welcome to your stress-free tax preparation headquarters! With tax season just around the corner, CPA Nerds is here to simplify the process and make filing your taxes a breeze. Say hello to our updated 1040 Checklist—a handy tool designed to take the hassle out of tax prep and keep you organized every step of the …
IRS to Pensioners: Don’t Skip Your RMDs or Risk a Hefty Tax Bite The IRS has issued a no-nonsense reminder to pensioners: if you’re 73 or older, it’s time to take your Required Minimum Distributions (RMDs). Failure to do so could land you with a tax penalty that might make you wince—a hefty up-to-25% bite …
When it comes to tax planning, knowing the difference between tax credits and tax deductions can make a big difference in how much a business or individual pays in taxes. Both are designed to reduce your tax burden but they work differently. Tax credits give you a dollar for dollar reduction in the amount of …
Businesses across the country have been anxiously awaiting updates on their Employee Retention Credit (ERC) claims, and it appears the IRS is finally moving forward with processing these older claims. However, despite this progress, many companies are still not receiving their funds. Some valid claims are being denied, and others face demands for further verification—even …
CPA Nerds often get questions from educators wondering if they can deduct classroom expenses on their taxes. The good news is that eligible teachers and school employees can deduct certain out-of-pocket classroom costs, offering some relief on their tax returns. Here’s the latest tax law updates and what you need to know for 2024. Who …
