Welcome to the 2025 Tax Year Important Items.
EV Credit
IRS Notice CP99D: EV Tax Credit
If you bought an EV in 2025 and received an upfront discount at the dealer (transfer election), your paperwork is not done until you file your 2025 federal tax return. The Sept. 30, 2025 sunset makes order and delivery dates especially important.
Common Issue: Missing Forms
Foreign Assets
Report Foreign Assets
Timely and accurate reporting of foreign assets ensures tax compliance and avoids unnecessary penalties. Common reportable assets include bank accounts, cash-value life insurance, and foreign equity.
Common Oversight: Frequent Omissions
Gift Tax
Gift Tax: $19,000 Annual Exclusion for 2025
Planning large gifts to family? The 2025 annual exclusion is $19,000 per recipient. Understand who pays gift tax, lifetime exemptions, nonresident rules, and generation-skipping tax before making transfers.
Common Issue: Unreported Large Gifts
Tax Law Change
SALT Deduction Cap Increased to $40,000
The One Big Beautiful Bill Act (OBBB) raised the SALT deduction cap from $10,000 to $40,000 for 2025. This significant change benefits taxpayers in high-tax states like NY, NJ, and CA.
New for 2025: Legislative Update
Fraud Warning
Warning: Fraudulent 1099 Forms
Beware of businesses issuing fraudulent 1099 forms. We refuse to provide tax compliance services to anyone using fraudulent 1099s or any business that issues them.
Alert: Tax Fraud Schemes