Beneficial Ownership Information Reporting Requirements? February 2025 UPDATE

Every year, the IRS releases its “Dirty Dozen” list of tax scams, and every year the schemes get a little more creative and a lot more convincing. The 2026 list is no exception.

Not going to make the April 15the deadline?

That’s okay. Nothing bad will happen.

First, let’s be clear

A tax extension gives you more time to file. It does not give you more time to pay.

IRS impersonation scams are becoming more sophisticated. The newest trend involves fraudulent IRS communications – delivered via email, phone calls, or even seemingly official mail – that attempt to intimidate individuals into providing personal information or making payments.

Accurate record-keeping, strong organizational habits, and effective use of accounting software are essential pillars of sound financial management. Whether managing a small business, a nonprofit, or personal finances, these practices not only ensure compliance with legal and regulatory requirements but also support smarter decision-making and long-term financial health.

March is National Reading Month, and it’s a reminder of something simple but incredibly powerful: books change lives.

Most of us can remember our favorite childhood story. You know the one we asked to hear again and again before bedtime, or the book that first made reading feel fun instead of like homework. Those early moments matter more than we often realize. They help children build confidence, curiosity, and a lifelong love of learning.

That’s one of the reasons Senter, CPA has chosen to support the Dolly Parton’s Imagination Library.

If you’ve ever wondered what happens after you drop off your tax documents, here’s a little behind-the-scenes look at life inside a small CPA firm during tax season.

To allow your accountant access to your bank’s online banking system, follow these general steps. This typically involves navigating to a “User Management” or “Account Access” section, where you can add a new user and set permissions—usually “view-only” for accountants.

Running a business is hard enough — between serving customers, managing staff, and juggling invoices, your taxes can feel like an afterthought. But beware, small business owner: the IRS has seen it all, and a few “little” mistakes can cost you big.

The treatment of tip income is changing in 2025, thanks to the new “No Tax on Tips” provision introduced under the One Big Beautiful Bill Act (OBBBA). While tips remain taxable in several respects, eligible workers may now claim a federal income tax deduction of up to $25,000 annually for “qualified tips.”