A Year of Shifting Tax Rules and New Planning Opportunities The 2025 tax year brought significant adjustments that affected individuals, business owners, and growing organizations alike. From evolving federal regulations to state-level incentives and changes stemming from past legislation like the SECURE 2.0 Act, taxpayers faced a landscape that was both challenging and full of […]
Employee Gifts and Holiday Parties: What Is and Isn’t Tax Deductible?
The holiday season is a time for celebration, appreciation, and, if you’re a business owner, essential tax planning. Whether you’re hosting a festive holiday party or handing out thoughtful employee gifts, knowing what the IRS allows you to deduct can make a big difference when tax season rolls around. At Burke CPA and Advisors, we […]
Federal Payments Moving to Electronic Only: What It Means for You
On March 25, 2025, President Trump signed Executive Order 14247 titled “Modernizing Payments to and from America’s Bank Account.” This executive order mandates the federal government discontinue the use of paper checks and transition entirely to electronic payments by September 30, 2025. This change represents one of the most significant updates to federal payment systems […]
Understanding the Tax Implications of a Side Hustle: What You Need to Know
More Americans than ever are turning to the side hustle, from freelance design and consulting to ride-share driving, online sales, and digital content creation. That extra income can be exciting, but it comes with something less thrilling: tax responsibilities. At Burke CPA and Advisors, we help side hustlers, freelancers, and small business owners navigate the […]
401(k) Auto-Enrollment: Turning compliance into a competitive edge
Starting in 2025, most new 401(k) plans will have a built-in feature: auto-enrollment. Thanks to the SECURE 2.0 Act, if you’re launching a retirement plan for your business, you’ll likely need to automatically enroll eligible employees, whether they ask for it or not. The goal is simple: help more people save for retirement. However, this […]
Tax Credit Opportunity
Kentucky Small Businesses Do you have a Kentucky business with 50 or fewer full-time employees? Have you purchased over $5,000 in equipment or technology? You may be eligible for substantial tax credits just by doing something you probably already are… growing! The Kentucky Small Business Tax Credit offers between $3,500 and $25,000 per year for […]
Major Tax Bill Passed: What It Means for You
For Individuals: Key Provisions and Impacts of the Tax Bill 1. Permanent Individual Tax Rate Reductions The tax bill makes permanent the individual tax rate cuts originally enacted under the 2017 Tax Cuts and Jobs Act (TCJA). All tax brackets continue to be indexed for inflation. 2. Standard Deduction Increases Effective as of January 1, […]
Kentucky Tax Deadline Extended to November 3
New deadline: November 3, 2025 Due to the severe storms, flooding, and landslides in February 2025, the new tax deadline for ALL Kentucky Residents for the 2024 Federal and Kentucky State returns is November 3, 2025. Federal and Kentucky Individual income tax returnsThe usual April 15, 2025, deadline for 2024 individual tax returns is now […]
Navigating the Diverse World of Business Structures
Over my career, I’ve had the opportunity and pleasure of working with hundreds of businesses. What is no surprise is that no two businesses are the same. When our firm discusses with owners about their business and its unique needs, we often discuss the business structure to make sure that it is set up for […]
U.S. DOL Releases New Overtime Rule – Effective 7/1/2024
On April 23, 2024, the Department of Labor announced its new overtime rule, “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees.” Effective July 1, 2024, an executive, professional, or administrative employee must receive a salary equivalent to $43,888 per year in order to be classified as exempt. This income […]