Tax season is winding down, but that doesn’t mean we can let our guard down. Scammers are always on the prowl, especially during this time of year, looking to dupe unsuspecting taxpayers. To help you stay vigilant, the IRS releases an annual “Dirty Dozen” list, highlighting the top tax scams to watch out for. Let’s […]

Tax season is not just about April 15. For business owners, tax deadlines occur year-round—especially when it comes to estimated tax payments. Unlike employees who have taxes withheld from their paychecks, self-employed individuals and small business owners must pay taxes directly to the IRS in four installments throughout the year. Missing a payment or miscalculating […]

Online scams to steal your identity are now at an all-time high. News stories about data breaches seemingly come out weekly. Protecting yourself, your money, and your credit is more important than ever. Fortunately, there are tools available to help keep you safe. We wanted to take a few moments and highlight some of the […]

The Beneficial Ownership Information (BOI) filing requirements have been a moving target in recent months, with multiple legal challenges and deadline shifts. If you’re feeling confused about whether your business needs to file and when, you’re not alone. At Watson & Associates, we’re staying on top of every update so you don’t have to. Below, […]

In the aftermath of Hurricane Helene, the IRS has announced essential relief for individuals and businesses in several southeastern U.S. states, including parts of Florida, Georgia, Alabama, Tennessee, South Carolina, North Carolina, and Virginia. One of the critical components of this relief is the extension of upcoming tax payment deadlines, allowing affected taxpayers additional time […]

As of July 1, 2024, new overtime regulations are set to take effect under the Fair Labor Standards Act (FLSA). These changes will significantly impact both employees and employers, particularly those who fall under the “white-collar” exemptions for overtime pay. With these updates, it’s important for businesses to understand the implications of these changes and […]

Welcome to our BOI Reporting Guide, a straightforward, step-by-step approach to help you navigate the new filing requirements under the Corporate Transparency Act. If you’ve read our previous post on the BOI filing requirements, and want some guidance to submit your report, please use these general step by step instructions. If you have specific questions, […]

We have been getting a lot of questions from clients about the new Beneficial Ownership Information (BOI) Reporting.  For those of you who don’t know, this is a new requirement of the Corporate Transparency Act (CTA).  While the Act was passed a few years ago, the reporting provisions didn’t officially start until January 1, 2024. […]

The IRS is meticulous, so be cautious about what you publish publicly because the IRS can and will use it against you if possible. Tax professional (and #TaxTwitter regular) Roger Ledbetter, shared a case where taxpayers tried shifting income between businesses to claim losses they weren’t entitled to. The IRS opened the case by quoting […]

As we approach the end of the year, one of the things clients ask us about is year end giving.  Here are a few tips and things to consider as you contemplate making any last-minute donations. Make Sure It’s a Qualifying Deduction First and foremost, from a tax perspective, deductions are limited to certain organizations. […]