Learning Center for Tax and Financial Insights

February 10 - Non-Payroll TaxesFile Form 945 to report income tax withheld for 2024 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time.February 10 - Social Security, Medicare and Withheld Income Tax File Form 941 for the fourth quarter of 2024. This due date applies only if you deposited the tax for the quarter in full and on time.February 10 - Certain Small EmployersFile Form 944 to report Social Security and Medicare taxes and withheld income tax for 2024. This due date applies only if you deposited the tax for the year in full and on time.February 10 - Farm employers File Form 943 to report Social Security and Medicare taxes and withheld income tax for 2024. This due date applies only if you deposited the tax for the year timely, properly, and in full.February 10 - Federal Unemployment TaxFile Form 940 for 2024. This due date applies only if you deposited the tax for the year in full and on time.February 18 - All BusinessesGive annual information statements to recipients of certain payments you made during 2024. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. This due date applies only to the following types of payments.All payments reported on Form 1099-B.All payments reported on Form 1099-S.Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 10 of Form 1099-MISC.February 18 - Social Security, Medicare and Withheld Income TaxIf the monthly deposit rule applies, deposit the tax for payments in January.February 18 - Nonpayroll WithholdingIf the monthly deposit rule applies, deposit the tax for payments in January.February 18 - All Employers Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2024, but didn't give you Form W-4 (or Form W-4 (sp), its Spanish version) to continue the ex-emption this year.February 28 - All Businesses File information returns (for example, certain Forms 1099) for certain payments you made during 2024. These payments are described under All Businesses under January 31, earlier. However, Form 1099-NEC reporting nonemployee compensation must be filed by January 31. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, which form to use, and extensions of time to file.

This is part of a series of articles to tax clients to help you keep up to date on the thinking on Capitol Hill on proposed changes so you can plan appropriately. Please contact this office with questions.BREAKING NEWSOn Thursday January 23, 2025, the Supreme Court issued a stay on a nationwide injunction that had previously halted the enforcement of beneficial ownership information (BOI) reporting requirements for businesses.The BOI requirements are part of the Corporate Transparency Act (CTA), P.L. 116-283. FinCEN has estimated that 32 million small businesses would be required to file BOI reports.On Friday morning, January 24, 2025 FinCEN provided the following update: “On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies are also not liable if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.”

U.S. citizens or residents with financial interests or signature authority over certain foreign accounts must file FinCEN Form 114 online annually if the total value exceeds $10,000. Additionally, Form 8938 must be filed with the IRS for specified foreign financial assets exceeding specific thresholds based on filing status, with higher amounts for those living abroad. Failure to file these forms can result in substantial penalties, and many taxpayers are unaware of these obligations, often overlooking family or online gambling accounts. Watch the following video for more details.

President Trump has proposed several potential tax changes. As his presidency evolves it becomes increasingly important for taxpayers to stay informed about how these changes might impact their financial planning and obligations. This is the second of a series of articles to tax clients to help you keep up to date on the thinking on Capitol Hill on proposed changes so you can plan appropriately. Please contact this office with questions.President Donald Trump has targeted electric vehicles by revoking a 2021 executive order from his predecessor, Joe Biden. Biden’s order aimed to ensure that half of all new vehicles sold in the U.S. by 2030 would be electric. Although Biden's 50% target was not legally binding, it had garnered support from both U.S. and international automakers. Currently less than 10% of vehicles on U.S. roads are EVs.In his executive order, Trump announced the suspension of unspent government funds from a $5 billion fund intended for the creation of vehicle charging stations. He also called for the termination of a waiver allowing states to adopt zero-emission vehicle rules by 2035 and indicated that his administration might end EV tax credits.Trump plans to instruct the Environmental Protection Agency (EPA) to reconsider rules that mandate stricter emissions standards, which would require automakers to sell between 30% to 56% electric vehicles by 2032 to comply with federal emissions regulations. These rules are paralleled by those issued by the U.S. Transportation Department.