Point Square Tax Preparation & Notary Services

09/09/2025

🚨 TAX WATCH: What’s Next After the July 4th Bill?

President Trump just signed a major tax and spending bill extending key parts of the 2017 Tax Cuts and Jobs Act—but several critical provisions were left out. Now, talk is heating up about a second federal tax package for FY2026. Here’s what could be on the table:

💸 ACA Premium Tax Credits – Could expire without renewal, impacting 20M+ Americans. Estimated cost: $30B/year.

🏙️ New Markets Tax Credit – Supports investment in underserved communities. Renewal status: TBD.

💼 Work Opportunity Tax Credit – Incentivizes hiring from marginalized groups. Future uncertain amid shifting DEI policies.

🎰 Other Possibilities:

Gambling loss deduction tweaks

Higher QBI deduction

Ending double taxation for Americans abroad

With midterms looming, Congress may move fast. Stay tuned—these changes could reshape everything from healthcare costs to hiring incentives.

09/08/2025

📢 Taxpayers, Take Note! The “One Big Beautiful Bill” is here — and it’s changing the game for 2025. Here’s what you need to know:

✅ Standard Deduction Boost

$750 for singles

$1,125 for heads of household

$1,500 for married couples filing jointly

🧂 SALT Deduction Expansion Cap raised from $10K to $40K Phases out starting at $500K income

🌱 Clean Energy Credits Wind Down 30% rebate for solar/geothermal ends Dec 31, 2025 EV credit ends Sept 30, 2025

👵 Senior Bonus Extra $6,000 deduction for 65+ Phases out at $75K (single) / $150K (joint)

💼 Other Highlights

Tip income & overtime pay get temporary relief

New savings account for kids

Estate & gift tax exemption increased

TCJA brackets made permanent

📞 Call 512-222-5599 or 512-903-9369 📧 Email: [email protected]

🗓️ Schedule your free consultation with PointSquare Tax Services today!

01/22/2025

UP to $6,000 refund advance available starting January 31st!

It’s time to start looking for your W-2s! Remember that you can only file the tax statements for that given year. If you have any unreported W-2s from 2017 - 2023, ask about an amendment!

We have many ways to pay to fit your budget and situation, including no-money-up-front
options with refund advances.

Please email me @ [email protected] for consultation.

Thanks,

Trish Harris

12/10/2024

*UPDATED INFORMATION ON BOI*

On December 3rd, a nationwide preliminary injunction was issued against enforcing the upcoming mandatory BOI reporting deadline of January 1st, 2025. This is a preliminary injunction, and we assume the government will appeal the decision, but as it stands now, the reporting deadline of January 1st, 2025, is not enforceable.

Here are some links to legal articles with more information:

https://www.forbes.com/sites/matthewerskine/2024/12/04/court-blocks-corporate-transparency-act-a-win-for-federalism/

https://natlawreview.com/article/breaking-federal-court-enjoins-government-enforcing-corporate-transparency-act

https://www.nfib.com/news-article/nfib-prevails-in-blocking-burdensome-beneficial-ownership-requirements-for-small-businesses/

If you have any questions please reach out.

A U.S. District Court in Texas issued a nationwide preliminary injunction against the Corporate Transparency Act, citing constitutional concerns and significant compliance burdens.

12/01/2024

Urgent: Beneficial Owners Information Reporting (BOI) Deadline

Attention: All Small Business Owners

The end of 2024 brings us new reporting requirements from the Department of the Treasury. That will impact every small business formally organized anywhere in the United States. These reporting requirements are administered and managed through FINCEN (the Financial Crimes Enforcement Network), https://www.fincen.gov/.

The deadline for small businesses organized before 1/1/2024 is the end of this year, 12/31/2024.

New businesses formed in 2024 are required to complete their report within 90 days of their company’s registration becoming effective. Penalties for not filing and/or late filing are substantial ($500+ per day penalty).

Filing information needed for the business includes legal name, all trade names & DBA names, current address, jurisdiction where formed (country & state), and Tax ID #.

Filing information needed for the beneficial owners includes name, date of birth, residential address, and copy of a picture ID (driver’s license, state ID card, or passport).

If you have questions and want to research more, we encourage you to visit the FAQs page at https://www.fincen.gov/boi-faqs.

If you have any questions or concerns please don't hesitate to reach out.

Thanks

United States Department of the Treasury

11/12/2024

ANNOUNCEMENT
*IRS Annual Efile Shutdown: November 22nd*

IRS recently announced the final date to submit individual tax returns before the annual cutoff for system upgrading. November 22nd will be the last day to submit e-filed individual tax returns.

Be sure to file any last-minute tax returns before the end of the day on 11/22.
At that time the e-file system will be ramped back up for accepting 2024, 2023, and 2022 tax returns.

Returns before 2022 needing to be completed must be submitted via paper file.
The start date for the 2024 tax season has not yet been formally identified but is typically in mid-January. We will keep you posted on this once a formal date is announced.

08/29/2024

"Mark Your Calendar: Essential Tax Deadlines and Dates"

Individual Filers - including employees, retirees, self-employed individuals, independent contractors, and gig workers

October 15, 2024 - Deadline to file your extended 2023 tax return.

If you chose to file an extension request on your tax return, this is the due date for filing your tax return.
Businesses - Partnerships (including LLCs), C Corps (Form 1120), and S Corps (Form 1120S)

September 16, 2024 - Deadline for extended partnership and S-corporation returns

October 15, 2024 - Deadline for extended C-corporation return

03/07/2024

IRS TAX TIP

Eligible taxpayers in 12 states can file for free with IRS Direct File

The IRS Direct File pilot gives people an option they’ve asked for – a way to file their taxes quickly, easily, and for free directly with the IRS.

It’s now available for eligible taxpayers in Arizona, California, Florida, Massachusetts, Nevada, New Hampshire, New York, South Dakota, Tennessee, Texas, Washington, and Wyoming.

The Direct File pilot is easy to use and helps eligible taxpayers:

File a 2023 federal tax return in as little as 30 minutes using a mobile device.
Add tax information with step-by-step guidance
Connect with real-time online support from IRS customer service representatives
Access it from smartphones, laptops, tablets and desktop computers.

Get a federal tax refund in less than 21 days
Taxpayers who join the pilot can claim the Earned Income Tax Credit, Child Tax Credit and Credit for Other Dependents.

Who’s eligible:

IRS Direct File pilot is available for taxpayers who file simple federal tax returns in 12 participating states and who report the following types of income:

W-2 wage income
SSA-1099 Social Security income
1099-G unemployment compensation
1099-INT interest income of $1,500 or less

IRS Direct File pilot participants must take the standard deduction and can claim deductions only for student loan interest and educator expenses.

Find out more about the IRS Direct File pilot:

Taxpayers can check their eligibility for the IRS Direct File pilot. https://directfile.irs.gov/

If you try out IRS Direct File let me know how it goes!

Check if you're eligible to use Direct File, the new free tax tool to file your federal taxes directly with the IRS.

02/26/2024

IRS HELPS TAXPAYERS

IRS helps taxpayers by providing penalty relief on nearly 5 million 2020 and 2021 tax returns with unpaid balances – In a major step to help people who owe back taxes, the IRS announced new penalty relief for approximately 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.

The relief will total about $1 billion and most of those receiving it make under $400,000 a year.

Given the unusual situation due to the pandemic, the IRS is taking several steps in advance of resuming normal collection notices for tax years 2020 and 2021 to help taxpayers with unpaid tax bills.

They include:

Issuing a special reminder letter starting next month
taking steps to waive the failure-to-pay penalties for eligible taxpayers affected by this situation for tax years 2020 and 2021.

This penalty relief is automatic. Eligible taxpayers don't need to take any action to get it.

02/04/2024

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