Author name: JAF CPA LLC

Tax return

Why Small and Medium Businesses Need the Services of JAF CPA

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 […]

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tax scam

IRS Warns of Holiday Scams and Stresses Protecting Personal Data as National Tax Security Awareness Week Kicks Off

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

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Relief

IRS Issues Transition Relief for Third-Party Settlement Organizations for 2024 and 2025

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

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Accounting and Tax Services

Transform Your Business with Professional Bookkeeping, Accounting, Strategic CFO Services, and Tax Solutions

As a small or medium-sized business owner, you face countless challenges—handling finances, complying with tax requirements, and making strategic decisions to drive growth. At JAF CPA, we specialize in providing essential bookkeeping, accounting, tax planning, and compliance services to help businesses like yours thrive. Our mission? To streamline your accounting and tax processes, maximize your

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solar panels on the roof of a house

Treasury and IRS issue guidance for the Energy Efficient Home Improvement Credit

The Department of the Treasury and the Internal Revenue Service (IRS) have released Revenue Procedure 2024-31 and proposed regulations that offer guidance on the Energy Efficient Home Improvement Credit. This revenue procedure outlines the steps and requirements for manufacturers of certain energy-efficient products to become qualified manufacturers (QMs). To achieve QM status, manufacturers must: 1.

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IRS

The IRS announces tax inflation adjustments for the 2025 tax year

WASHINGTON — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025. Revenue Procedure 2024-40 PDF provides detailed information on adjustments and changes to more than 60 tax provisions that will impact taxpayers when they file their returns in 2026. Notable changes for tax year 2025 The tax year 2025 adjustments described below

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irs efile form 8300 january

Businesses Must e-file Form 8300 for Cash Payments Over $10,000 in 2024

The Internal Revenue Service (IRS) has introduced a new requirement for businesses regarding the filing of Form 8300, Report of Cash Payments Over $10,000. Effective from January 1, 2024, businesses that file 10 or more information returns are now obligated to e-file Form 8300 electronically, as opposed to filing a paper return. This move aims

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IRS Form 990: Everything You Need to Know About Filing This Annual Tax Return

Form 990 is an annual tax return that all 501(c)(3) Tax Exempt charitable and non-profit organizations must submit to the IRS. It provides the IRS with information about the organization’s finances, activities, and governance. The IRS can use the information you provide on Form 990 to audit your organization. Also, donors and other stakeholders who

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