Matter & Substance

Thoughts from our industry
to help Businesses and Individuals

April 24, 2025

Lesser-Known Benefits of HSAs

Health Savings Accounts—commonly referred to as HSAs—are triple-tax advantage accounts offered by HSA-eligible health plans. In most cases, all deposits are tax-deductible, all growth is tax-deferred, and all withdrawals used on qualifying expenses are tax-free. Although most often recognized...

March 27, 2025

Taxpayer Scams Are on the Rise—What Can You Do to Stay Safe?

The IRS continues to report a rise in scams as imposters prod taxpayers to reveal personal identifiable information and make hasty payments to avoid prison time. For a lot of people, hearing from the IRS causes panic. But before...

March 25, 2025

FinCEN Narrows BOI Reporting Scope with New Ruling

Following the release of a new interim final rule by the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN), there are significant changes to the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). The new...

March 13, 2025

Reporting Cryptocurrency on Your Tax Return

U.S. taxpayers are required to report cryptocurrency sales, trades, payments, and income to the IRS. But with cryptocurrency still relatively new to being a mainstream part of personal finance, you may be wondering if or how it’s going to...

February 25, 2025

Update: BOI Reporting Now Mandatory with Court Ruling

As of February 17, 2025, the U.S. District Court for the Eastern District of Texas has ruled that the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirements are back in effect. The Department of the Treasury understands...

February 19, 2025

Setting Up EFTPS for Online Tax Payments

For taxpayers looking to pay their taxes online, the Department of the Treasury allows federal taxes to be paid via the Electronic Federal Tax Payment System (EFTPS). However, in late 2023, security around the electronic payment system tightened, and...

February 12, 2025

Tax Prep Checklist for Individuals

As the 2024 tax season approaches, many individuals might find themselves scrambling to organize their financial information. But by starting preparation for this year’s tax season early, you can help ensure your tax return and refund don’t face delays....

January 22, 2025

Tax Prep Checklist for Businesses

Running a business can be stressful—but filing your tax return doesn’t have to be. Taking steps to prepare early will make the process run more smoothly and avoid any surprises when it’s time to file. Keep thorough records—all year...

January 8, 2025

U.S. Tax Considerations Related to U.S. F Visas of Non-Immigrant Students

Understanding U.S. Tax Implications and Filing Obligations Introduction The F Visa is a non-immigrant student visa that allows international students to pursue academic studies and language training programs in the United States. Individuals holding F Visa and F Visa...

December 27, 2024

Current Status of Corporate Transparency Act Beneficial Owner Report

Update 12/27/24: On December 26, 2024, the Fifth Circuit Court of Appeals reversed its own stay on the District Court’s preliminary injunction, which had blocked enforcement of the January 1, 2025 compliance reporting deadline under the Corporate Transparency Act...

December 26, 2024

Corporate Transparency Act Reports Due January 13, 2025 After 5th Circuit Lifts Injunction

Update 12/27/2024:: Mowery & Schoenfeld is following the recent legal developments regarding the Corporate Transparency Act (CTA) and its impact on the FinCEN’s filing of beneficial ownership information. Please see this article for the most up-to-date information. What...

December 17, 2024

Texas Court Halts FinCEN Benefiting Owner Filing Putting Compliance In Limbo

Update 12/26/2024:: Mowery & Schoenfeld is following the recent legal developments regarding the Corporate Transparency Act (CTA) and its impact on the FinCEN’s filing of beneficial ownership information. Please see this article for the most up-to-date information. What Businesses...

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Matter & Substance

Thoughts from our industry to help Businesses and Individuals

Thoughts from our industry
to help Businesses and Individuals