What is the Difference Between a Levy and a Lien? Understanding IRS and Idaho Tax Enforcement Tools
When dealing with unpaid taxes, either at the federal or state level, you may encounter two powerful tools used by tax authorities: liens and levies. Though they might sound similar, they serve different purposes and have unique implications for taxpayers. This blog will help you understand the differences between IRS tax levies and liens, as […]
Preparing for a New Political Landscape: What to Expect for Taxes and the Economy in 2025 Under a Trump Presidency
With the possibility of Donald Trump returning to the presidency, many wonder how his administration’s policies could impact taxes, the economy, and business in 2025 and beyond. Known for focusing on tax cuts, deregulation, and economic growth initiatives during his previous term, a Trump administration may once again implement policies aimed at lowering taxes, supporting […]
Essential Year-End Tax Strategies for Idaho Small Businesses in 2025
As 2025 approaches, Idaho small business owners have a critical opportunity to review their tax strategies and maximize savings before the year ends. With new federal and state-specific tax regulations, taking a proactive approach can mean the difference between significant tax savings and missed opportunities. From asset expensing and employee benefits to specialized state credits, […]
Year-End Tax Planning: Benefits for You and the State and IRS in Idaho
As the year draws to a close, many individuals and business owners start to think about the upcoming holiday season, family gatherings, and wrapping up work projects. But there’s one more crucial task that often gets overlooked—year-end tax planning. Whether you’re an individual taxpayer or a business owner, taking steps now to manage your tax […]
Smart Moves to Make Now for IRS Tax Resolution Success in Early 2025
As the year draws to a close, many Idaho residents are thinking about preparing for the upcoming tax season. However, if you have back taxes or unfiled tax returns, this time of year represents a crucial opportunity to get ahead of your tax situation. Idaho, like the IRS, offers pathways to settle back tax debt, […]
Year-End Tax Planning Strategies for Small Businesses and Individuals In Idaho
As the year draws to a close, the significance of tax planning for both individuals and small businesses becomes ever more apparent. Proactive tax planning can unlock a variety of tax-saving opportunities and ensure you are well-positioned financially when tax season arrives. Though many only focus on taxes during the filing season, implementing year-end strategies […]
Beware of Romantic Appeal Crypto Scams in China: Protect Your Retirement and Understand the Tax Consequences
In recent years, cryptocurrency has taken the world by storm, offering exciting investment opportunities for people looking to grow their wealth. However, as with any burgeoning financial trend, scammers have found ways to exploit the public’s interest. One of the most devastating forms of fraud to emerge recently is the “romantic appeal” crypto scam, particularly […]
Missing the Business Tax Extension Deadline in Idaho: Consequences for S-Corp or Partnership Owners
In today’s fast-paced business environment, staying on top of tax deadlines is critical to maintaining financial stability and avoiding costly penalties. If you run an S-Corporation (S-Corp) or a partnership in Idaho, you are probably well aware that missing the standard business tax deadline can lead to penalties, but what about missing the extended deadline? […]
Navigating a Sales Tax Audit: Strategies for Tax Professionals
Sales tax audits can be a daunting experience for both businesses and the tax professionals who represent them. As a CPA, your role is to advocate for your client’s best interests while maintaining a cooperative and professional relationship with the state’s auditors. This balance is crucial, particularly in situations where your client may have inadvertently […]
Idaho Fiduciary Filing Requirements: Navigating Form 1041
Filing taxes can be a complex process, especially when it involves estates and trusts. In Idaho, as in other states, the Internal Revenue Service (IRS) Form 1041, also known as the U.S. Income Tax Return for Estates and Trusts, is a crucial document for fiduciaries managing estates and trusts. This blog aims to provide a […]
