Why It Matters More Than You Think Businesses love flexibility. But when it comes to hiring independent contractors, that freedom comes with fine print. Misclassifying employees as contractors is one of the most common (and costly) compliance mistakes we see. It can trigger IRS audits, DOL investigations, unpaid taxes, and even lawsuits. And no, having [...]
What students and parents should know before that first paycheck A part-time job is a great way for high school and college students to build work experience, earn a paycheck, and learn responsibility. But if your student is receiving financial aid, or will be soon, you might be wondering: how does that extra income impact their [...]
At Abacus!, we believe better guidance leads to smarter decisions. That starts with understanding the terms that show up on your tax return. Here’s a quick guide to some of the most common ones and how they impact what you owe or what you get back. Tax Credit A tax credit directly lowers the amount of [...]
President Trump’s Republican-backed tax bill is on its way through the House of Representatives as of Sunday night, May 18. This comes after some pushback days before by Republican representatives, and a vote on passage through the House is possible later this week.  If passed, this ginormous tax bill could affect your taxes this year. The [...]
Note: This article is the third of a series regarding BOI reporting updates as we've followed changes. See also our introductory blog to the reporting requirement and our previous coverage of the legislative changes. 4/1/2025 Update: As of March 21, U.S. companies are no longer required to file their Beneficial Ownership Information (BOI) Report, as [...]
Tax season is officially here! If you haven’t started gathering your tax documents yet, now is the time. Many people tend to procrastinate on filing their taxes, either because they feel overwhelmed by the process or because they assume they have plenty of time. However, waiting until the last minute can lead to unnecessary stress, delays, [...]
Tax season is here, and it’s time to get everything in order for a smooth and stress-free filing. Whether you’re doing it yourself or working with a tax professional, being organized is key to making the process as simple as possible. To help you prepare, we’ve put together a comprehensive tax season checklist of the documents [...]
2/27/25 Update:Â Last week, the Financial Crimes Enforcement Network (FinCEN) made significant announcements regarding the enforcement of Beneficial Ownership Information (BOI) reporting requirements. On Monday, February 17, 2025, a U.S. District Court judge lifted the final nationwide injunction that had previously halted BOI report filings. Reporting companies now have until March 21, 2025, to file their [...]
Intuit QuickBooks will change its automated payroll tax withdrawals in the new year. Beginning January 1, 2025, QuickBooks will withdraw payroll taxes when payroll is processed and when taxes owed increase, a difference from its current process of withdrawing payroll taxes when they’re due.  You or a company admin must confirm if you wish to continue [...]
Missing the October 15 tax deadline can result in more than just extra paperwork—it can lead to financial penalties and long-term issues with the IRS. Here’s what happens if you miss this important date and what you can do to mitigate the damage. Late-Filing Penalty The most immediate consequence of missing the October 15 deadline is [...]
