The recent storms, including Hurricane Helene and Hurricane Milton, have dominated headlines, with relief efforts underway for those affected. Tax relief has been announced by the IRS for individuals and businesses impacted by these natural disasters, granting filing extensions for federal taxes and FBAR filings. The IRS has a hotline specifically for disaster-related tax questions.
A deeper dive into tariffs explains their history, classification as specific or ad valorem duties, and their intended purposes. Tariffs can be used to make money or protect domestic industries from competition, but their effectiveness has been debated. The impact of tariffs, such as the Smoot-Hawley Tariff of 1930, on global trade and economies has been significant.
Recent news from the Social Security Administration includes a 2.5% increase in benefits for 2025 for over 72.5 million Americans. Social Security retirement benefits are based on lifetime earnings and are subject to Social Security taxes until hitting a wage cap. The increase in benefits for retirees is influenced by the cost-of-living adjustment.
Employers waiting for refunds related to the employee retention credit (ERC) have been facing delays, with many filing lawsuits against the IRS to expedite the process. Cases like Polk Mechanical seeking ERC refunds highlight the complexities and potential risks and rewards of filing suits against the government for unpaid refunds.
Upcoming tax deadlines and events are listed, including the due dates for tax filings related to recent disasters and the NATP Tax Season Updates conference. News about professionals joining firms and IRS publications are also included, along with comments from organizations like the AICPA on proposed IRS rules.
Readers can find links to the full newsletter, submit tax questions for future editions, and learn more about the trivia question related to St. Petersburg’s record of consecutive sunny days. Feedback on the newsletter’s content and suggestions for improvement are welcome.
