The IRS is Going Electronic as of September 30, 2025
As of September 30, 2025, the IRS is requiring all tax payments to be made electronically and no longer issuing paper checks for refunds. Executive order 14247, that was signed into law by President Donald Trump on March 25, 2025, will mandate the transition to electronic payments for all Federal disbursement and receipts by digitizing payments. The move to require electronic payments and refunds is to help reduce cost, theft, fraud, delays, lost payments and inefficiencies.
Read POSTThe Idaho Parental Choice Tax Credit | B.A. Harris
The Idaho Parental Choice Tax Credit, created by House Bill 93 and signed into law by Governor Brad Little on February 27, 2025, is a refundable tax credit program aimed at helping families cover the costs of nonpublic (private) K–12 education. Funding for the program is appropriated from the state’s general fund, with an estimated annual administrative cost of $675,000. Under the program, parents may receive an annual credit of up to $5,000 per eligible student for qualified educational expenses.
Read POSTDecoding the Fair Labor Standards Act - Employee or Independent Contractor?
The new year came with a new rule from the US Department of Labor for classifying independent contractors versus employees. Effective March 11th, 2024, the update hopes to clarify and guide appropriate classification. In the evolving landscape of the modern workforce, distinctions between contractors and employees have always been crucial but are becoming increasingly complex. The Pandemic changed the way many employers hire and employees work, therefore making the line between independent contractors and employees even fuzzier.
Read POSTCorporate Transparency Act: Beneficial Ownership Information Reporting Requirement
Starting January 1, 2024, a significant number of businesses will be required to comply with the Corporate Transparency Act (“CTA”). The CTA was enacted into law as part of the National Defense Act for Fiscal Year 2021 to help U.S. law enforcement combat money laundering, the financing of terrorism and other illicit activity. The CTA requires disclosure of the beneficial ownership information (otherwise known as “BOI”) for people who own or control a company.
Read POSTWill you be REQUIRED to file your W-2’s and 1099 electronically in 2024? Chances are, yes.
Starting in 2024, if you have 10 or more informational returns (W-2,1099-NEC,1099-MISC, etc.), you will be required to file them electronically. This is a significant increase from the 250 returns threshold in prior years, and the penalties for incorrect filing can be costly. The IRS receives billions of returns each year, most of which are electronic. But for the millions of returns that are still paper filed, these new rules are intended to free up staff and resources; improve efficiency; and reduce unnecessary costs associated with paper filing.
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