JULY 4TH, 2025 - neW tAX RULES PASSED INTO LAW

 

A new tax bill was passed into law on July 4th, 2025. Within this bill, huge opportunities now exist for tax planning, not just for 2026 and beyond, but right now, in 2025!

 

Key items include:

  1. SALT (State And Local Tax deduction) limitation increases from $10,000 to $40,000 beginning in 2025

  2. ‘Senior’ discount on taxes for taxpayers over the age of 65 – beginning in 2025 to expire in 2028.

  3. Car loan interest deduction up to $10,000 beginning in 2025 to expire in 2028.

  4. Current tax rates become permanent

  5. Standard deductions are increasing

  6. No tax on cash tips up to $25,000 beginning in 2025 to expire in 2028

  7. No tax on overtime up to $12,500 beginning in 2025 to expire in 2028

 

As we dig into the new law, what it all means, wait for more detailed explanations and clarifications, now is the time to tax advantage of planning simply on #1-#7 listed above.

 

This could change your 2025 Q3 and Q4 estimates, open up opportunities for investment and retirement planning, and preparing now for tax years 2026-2028.

 

If you haven’t already turned in your 2024 tax information, I would highly encourage you to do this now rather than later.  You can find our secure link to upload your documents here

 

If you would like set up a time to meet and work on planning, please reach out to Angie, or Nicole if you work with her, and we will set up a time to discuss. The most efficient form of contact will be to email Angie (angie@sprjac.com) or Nicole (nicole@sprjac.com) directly.

 

Thank you!

Jan 23, 2025 - FinCEN Beneficial Ownership Information Report Notice

Update

On January 23, 2025, the U.S. Supreme Court lifted the nationwide injunction on the enforcement of the CTA. As a result, beneficial ownership information (BOI) reporting requirements are now mandatory.

While we await further guidance from FinCEN on updated reporting deadlines and potential penalties for non-compliance, we strongly encourage you to take proactive steps to meet the CTA’s mandatory BOI reporting obligations. We strongly encourage you to see your attorney about your business and compliance.

More information is available on FinCEN’s website (https://www.fincen.gov/boi).

The Corporate Transparency Act (CTA) requires companies formed and/or operating in the US to disclose information about the entity, officers of that entity, and beneficial owners with the Financial Crimes Enforcement Network (FinCEN), a division within the US Treasury Department.

Entities defined in this requirement are entities formed by a filing with a secretary of state, such as corporations, LLCs and LLPs.

If your entity was created by a filing with a secretary of state prior to January 1, 2024, initial report filing must be done with the FinCEN on-line before January 1, 2025.

Failing to file a report may subject the entity to civil and criminal penalties. The penalties are up to $500 for each day that the violation occurs, up to a maximum of $10,000, and imprisonment for up to two years.

If you created or registered in 2024 you must report with FinCEN within 90 days of forming or registering to do business in the US.

Official guidance issued by FinCEN can be found at https://www.fincen.gov/boi/Reference-materials

If you have any further questions, please see your attorney.