The IRS has announced key inflation adjustments for the 2025 tax year, and these changes will impact taxpayers across the board. Understanding how these updates affect you can help you plan ahead and avoid surprises come tax season. Here’s a summary of the most notable adjustments. New Federal Tax Brackets for 2025 The tax brackets…
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Tax fraud is a growing concern for individuals and businesses alike. From phishing schemes to identity theft, criminals continually devise new ways to exploit taxpayers. To combat this, the IRS has dedicated International Fraud Awareness Week to educating the public on recognizing, preventing, and reporting tax-related fraud. At Murray Moyer PLLC, we are committed to…
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In the wake of Hurricane Helene, North Carolina families and businesses affected by the storm are eligible for tax relief. The IRS has announced a series of deadline extensions aimed at providing financial flexibility for those impacted. This relief applies to individuals and businesses located in disaster areas, offering much-needed time to recover without the…
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For individuals and businesses in the path of natural disasters, dealing with taxes is often the last thing on their minds. Fortunately, the IRS has announced tax relief for victims of Hurricane Debby, including extended filing deadlines and other crucial support. If you or your business were affected by this storm in South Carolina, most…
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Finding yourself in the middle of an IRS tax controversy can be extremely stressful. You believe that you filed your taxes correctly, but the IRS thinks differently or life’s circumstances have hindered your ability to pay your taxes. You now risk forced collection action along with penalties and interest, but you aren’t sure of how…
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Receiving a notice from the Internal Revenue Service (IRS) that your business taxes are being audited can be disarming. However, having a clearer understanding of why these audits occur, how they unfold, and what your rights are throughout the process can hopefully help alleviate some of the anxiety you may be feeling about it. Statistics…
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In the wake of Hurricane Ian, many North Carolina residents suffered damage to their homes, businesses and personal property. Often insurance claims do not fully compensate for all the losses. This can leave many, especially those in debt with the IRS, in a difficult financial position. A disaster loss is a loss that is attributable…
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Emerging from the pandemic, several future trends in accounting are changing the traditional models of the profession. A new breed of technology-based trends require adaption and change and will impact the field of accounting forever. At Murray Moyer, PLLC, we embrace change and understand the importance of keeping up-to-date on technology to better serve our…
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Tax returns contain highly confidential information that can relay the entire financial snapshot of a person or business. Aside from the income, investments and other financial data, tax returns may show political affiliations and charitable contributions. For this reason, many politicians are encouraged to make their tax returns public record as an effort in transparency.…
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After a stressful tax season and a brief rest after all the deadlines are met, the time for a mid-year tax planning checkup approaches quickly. In July/August each year, small business owners need to reassess several processes to ensure the business is running smoothly. A mid-year tax planning checkup is the perfect opportunity for this…
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