Your March Newsletter: Key Updates for Tax Season & More!

Try to be a rainbow in someone's cloud.

— Maya Angelou

Breaking News: BOI Filing No Longer Required for U.S. Citizens & Businesses

The U.S. Treasury has announced that BOI reporting will no longer apply to U.S. citizens and domestic businesses once new regulations take effect. There will be no fines or penalties for non-filing, and FinCEN will announce updated deadlines by March 21. Future requirements will apply only to foreign businesses.

Treasury Secretary Scott Bessent called this “a victory for common sense” and a step in reducing regulatory burdens on small businesses.

Learn More

IRS Warns: 2025 Dirty Dozen Tax Scams

The IRS has released its annual Dirty Dozen list of tax scams, warning taxpayers and businesses to stay vigilant against fraud. Key threats this year include:

Phishing & Smishing Scams – Fake IRS emails and texts designed to steal personal info.
Social Media Tax Misinformation – Viral posts promoting false tax credits and refund schemes.
Fake Charities – Fraudulent organizations soliciting donations.
Ghost Tax Preparers – Unregistered tax pros who refuse to sign returns.
Bogus Self-Employment Tax Credit – Misleading claims for non-existent credits.
Overstated Withholding Scams – Filing false W-2s or 1099s to inflate refunds.

Important Dates

Mar 17: Partnerships, LLCs – Form 1065 | S Corp – Form 1120-S
Apr 1: Tangible Personal Property Returns Due
April 15: Individual Tax Returns Due

*Many tax deadlines have been extended due to the recent hurricanes. Please take a look at our resource page for more details.

IN THE NEWS

What You Need to Know

Senate Repeals Crypto Tax Reporting Rule
The Senate repealed an IRS rule requiring certain DeFi cryptocurrency platforms to report transactions. Lawmakers cited high compliance costs, and the repeal is expected to reduce federal revenues by $3.9 billion over 10 years. [READ MORE]
IRS Workforce Reduction Amid Tax Season
The IRS laid off 7,000 employees as part of federal budget cuts, raising concerns about potential refund delays. While officials claim tax filings won’t be impacted, taxpayers should stay organized to avoid disruptions. [READ MORE]
Proposed 'No Tax on Overtime' Legislation
House Republicans passed a plan to eliminate federal taxes on overtime pay under the KEEP Act. The proposal still requires Senate approval and could face concerns about labor market effects. [READ MORE]
Expiring Tax Provisions Pose Challenges for 2025
Key 2017 tax cuts—including lower rates and business deductions—expire in 2025, potentially impacting taxpayers. Congress must decide whether to extend them, as permanent cuts would cost $2.2 trillion over ten years. [READ MORE]

Kristina's Korner

Celebrating 12 Years of Kristina Helferty, CPA!

This month marks 12 incredible years since Kristina Helferty, CPA, first opened its doors! What started as a vision to provide expert, personalized accounting services has grown into a thriving firm, thanks to amazing clients like you. We’re grateful for your trust and support over the years—here’s to many more!

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If you've got a minute, we'd be thrilled if you could share your experience with us! Your feedback not only brings smiles to our faces but also helps us improve and serve others even better. Thank you for being an amazing part of our community!

March Birthdays

Happy, happy birthday, everyone!

Kimberley Ayow

Bobby Cardwell

Andrew Caudell

Samantha Crane

Joseph Diebold

Ryan Edman

Deidre Fernald

Paula Guerrero

Marcus Howard

Richard Hunter

Michael Jeffries

Jeff Jones

Phil Latto

Katrina Lingenfelter

Dawn Livingston

Jacob Ludwig

Volker Mulling

Katlyn Orton

Carlos Quesada

Penny Rodgers

Ashley Rucker

Harriram Seepersad

Jason Seibert

Laura Stenchever-Lush

Robert Tanon

Karly Vickers

Jess Veguez

Poetry Veguez

Jenny Yackel

Leah Yeatts

Helferty CPA Client Portal

Our client portal has plenty of features, such as accompanying tours that summarize all of its capabilities. Everything is fast, easy, and secure when using our client portal. Simply visit our website, click on the client portal, and create a username and password.

HelfertyCPA.com