Key Tax Deadline: June 16, 2025, for U.S. Expats If you’re a U.S. citizen or resident alien living abroad, you must file your 2024 federal income tax return by June 16, 2025. This deadline applies to all U.S. taxpayers residing outside the country, including those with dual citizenship. Missing this deadline can lead to penalties […]
IRS Reminds U.S. Taxpayers Abroad to File 2024 Tax Return by June 16, 2025 Read More »
On March 29, 2025, we mark the 50th anniversary of the Earned Income Tax Credit (EITC), a key part of the Tax Reduction Act signed into law by President Gerald Ford in 1975. What started as a modest program to support working families has grown into one of the largest anti-poverty initiatives in the U.S.,
Celebrating 50 Years of the Earned Income Tax Credit (EITC) Read More »
The IRS has announced tax relief measures for individuals and businesses in parts of West Virginia impacted by severe storms, straight-line winds, flooding, landslides, and mudslides beginning on February 15, 2025. Affected taxpayers now have until November 3, 2025, to file federal individual and business tax returns and make tax payments. The IRS relief applies
As tax season approaches, the IRS has issued a crucial reminder for retirees who turned 73 in 2024. If you fall into this category, you must begin taking Required Minimum Distributions (RMDs) from your Individual Retirement Accounts (IRAs), 401(k)s, and other workplace retirement plans by Tuesday, April 1, 2025. Key Points About RMDs for 2024
Retirees Turning 73 in 2024 Must Take RMDs by April 1, 2025, IRS Reminds Read More »
The IRS has extended various tax filing and payment deadlines for individuals and businesses affected by the disaster that began on January 7, 2025. Eligible taxpayers now have until October 15, 2025, to file federal tax returns and make tax payments. Affected Areas Currently, relief is available to taxpayers in Los Angeles County. Additional areas
IRS Provides Tax Relief For Taxpayers Affected by California Wildfires Read More »
At JAF CPA LLC, we’re committed to helping you navigate the complexities of tax compliance with ease and confidence. If you paid too little tax in 2024, it’s not too late to avoid unexpected penalties by making your fourth quarter estimated tax payment by January 15, 2025. Here’s what you need to know: Why You
Avoid Costly Tax Penalties: Essential Steps for Tax Compliance in 2025 Read More »
If you’re aged 73 or older, it’s essential to be aware of key deadlines and updates regarding required minimum distributions (RMDs) for individual retirement arrangements (IRAs) and other retirement accounts. The Internal Revenue Service (IRS) has issued a reminder about these requirements, including changes introduced by the SECURE 2.0 Act. Missing your RMDs can lead
IRS Urges Retirees to Take Required Retirement Withdrawals Before Year-End Read More »
Running a small or medium-sized business in today’s fast-paced environment comes with its unique set of challenges. From managing day-to-day operations to planning for long-term growth, business owners often find themselves stretched thin. One critical area where businesses need specialized support is financial management. That’s where JAF CPA comes in. Our team of dedicated professionals
Why Small and Medium Businesses Need the Services of JAF CPA Read More »
As holiday shopping kicks into high gear, the IRS and its Security Summit partners are reminding everyone to stay vigilant against scammers looking to steal personal and financial information. This warning comes as part of the ninth annual National Tax Security Awareness Week, a collaborative effort by the IRS, state tax agencies, and the tax
The Internal Revenue Service (IRS) has issued Notice 2024-85, providing transition relief for third-party settlement organizations (TPSOs), including payment apps and online marketplaces, concerning transactions in calendar years 2024 and 2025. Under the new guidance: Additionally, for calendar year 2024, the IRS will not impose penalties under sections 6651 (failure to file/pay tax) or 6656
IRS Issues Transition Relief for Third-Party Settlement Organizations for 2024 and 2025 Read More »
