March 2025 Newsletter
Tax Updates & Strategies for Business Owners
Tax laws are shifting, and we are helping you to stay ahead of these changes to avoid penalties and maximize savings. Failing to plan for these updates could result in missed deduction opportunities, unexpected tax liabilities, or costly compliance mistakes. .
By staying informed and being proactive, you can take full advantage of available tax-saving strategies, ensure your business remains compliant, and position yourself for financial success.
This month, we’re covering the latest on BOI filings, tax law changes in Washington, and the expiration of key business tax provisions—critical updates that could directly impact your bottom line. Now is the time to prepare so you can make informed decisions and keep more of what you earn.
BOI Filing Deadline Extended
The Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act (CTA) is back in effect, with an extended filing deadline of March 21, 2025.
How to File?
Submit reports through FinCEN’s secure e-filing system: boiefiling.fincen.gov Failure to file could result in penalties, so don’t delay.
Here is a quick video we prepared to help you complete these filings
Washington Tax Debates: What You Need to Know
The white house is debating whether to extend key tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA), which expires in 2025. The 2017 Tax Cuts and Jobs Act (TCJA) included several tax provisions for individuals and businesses, but many of them were written with built-in expiration dates due to congressional budget rules.
The concerns and debates are due to:
Deficit Concerns – Keeping these tax cuts in place indefinitely would increase the national deficit, which was a key issue during the bill’s passage.
New Congressional Action Is Required – Lawmakers must decide whether to extend, modify, or allow these provisions to expire. Given the political landscape, it is uncertain what changes, if any, will be made.
As always, all tax provisions have long-term implications, so bipartisan support of these extensions will be important.
What Does This Mean for Business Owners?
If Congress does not pass new legislation, several key provisions will automatically revert to pre-TCJA tax laws on January 1, 2026, resulting in:
Higher tax rates for individuals and businesses
The end of the 20% Qualified Business Income (QBI) deduction for pass-through entities
The phase-out of bonus depreciation, reducing immediate tax write-offs for asset purchases
Changes to business deductions and credits, potentially increasing taxable income
What Should Business Owners Do Now?
Plan ahead – The sooner you assess how these changes might impact your business, the more options you’ll have.
Maximize available deductions – Take advantage of the current tax breaks while they still exist.
Work with a tax advisor – A proactive approach can help you prepare for potential tax increases and structure your business for long-term success.
What You Can Do Now:
Meet with a tax professional to discuss potential impacts.
Identify deductions, credits, and incentives that may change.
Prepare a flexible plan that adapts to new tax laws.
At RBA Tax Advisors, we specialize in helping business owners stay compliant and maximize tax savings. We are keeping updated with the changes as they occur to keep you informed and included in your tax strategy.
Schedule a tax strategy with RBA tax advisors to discuss this further.
Upcoming Deadlines
March 17, 2025 - Partnerships and S-corporations filing deadline & extension filing
March 21, 2025 - BOI Filing Deadline
April 15, 2025 - Individual and C-corporation filing deadlines & extension deadline
April 15, 2025 - Self Employment tax credit deadline to claim
April 15, 2025 - Q1 2025 estimated tax payment due
For business returns, we usually deliver these with personal tax returns, so in most cases, the business may be extended to provide time to finish all the personal filings. Your tax payment or refund will be shown on your personal return.
Last Month In Review
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