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Last Wednesday, the House Ways and Means Committee voted to approve a new bill addressing various tax provisions and extensions — with no modifications. This bill includes substantial changes affecting businesses, individuals, estates, and energy-related tax credits. The bill could potentially increase the US deficit by up to $4 trillion over the next 10 years, so due to the high cost, it seems unlikely to be approved by the senate. However, we do expect some of these items will eventually be pushed through. Here’s a breakdown of what is currently included in the bill:
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As we are in the second quarter of 2025, now is a good time to take a look at your withholdings and find out whether you are having enough taxes withheld from your paycheck. The IRS requires 100% of prior year tax (110% for adjusted gross income over $150,00) or 90% of current year tax to be withheld throughout the year. By adjusting your withholdings before the end of the year you can avoid underpayment penalties next April.
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Gentle Readers,
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This is likely my shortest missive of all time. Don’t dismay: if I survive the April tax deadline (and I always do), I’ll be back with long and windy articles with breathtaking insights and commentary. However, today my message is short and sweet.

You must return the signed Form 8879 before your tax preparer can file your return!! 
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Alyssa Hodges, CPA •
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After your business taxes are done and any adjusting journal entries have been provided by your accountant, a best-practice is to officially close the books. QuickBooks makes this easy by having a closing date feature which can either warn you or require a password before prior-year data is changed.

To enable a closing date:
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Mallory Vincent, CPA •

With the possibilities of compiled, reviewed, and audited financial statements, it can be difficult to determine the level of CPA audit and assurance services that are the best fit for your Organization and your role in the process. External financial statements could be mandatory due to a state, bank, and/or funding source requirement. For example, the state of New Hampshire sets audit requirements for Non-Profit Organizations (NPOs) – the audit threshold for NH Charitable Organizations (effective August 6, 2022) is gross annual revenues of $2 million or higher. Just over the border in Massachusetts, NPOs with gross revenues of $500,000 or more are required to have an audit.  Additional requirements may be applicable depending on the type of industry in which your Organization operates, its location, and its specific activities. 
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