Pace Accounting & Tax Services, Inc.

The new tax law includes major updates for business owners.

The One Big Beautiful Bill introduces important changes to depreciation, reporting thresholds, deductions, and more. Key updates include:

• 100% bonus depreciation made permanent
• Section 179 increased to $2.5 million
• Expanded QBI deduction rules
• New reporting thresholds for 1099s and 1099-Ks
• Energy credits set to expire soon
• Adjustments to R&D expensing and charitable deductions
• Updated capital gain exclusions for Qualified Small Business Stock

We’ve outlined what you need to know in our latest blog post.

Read the full breakdown here: https://www.paceaccounting.com/post/the-one-big-beautiful-bill-what-it-means-for-businesses

If your business is making capital investments or strategic plans for 2025, now is the time to get ahead of these changes.

We need your tax documents as soon as possible. Usually, by March 15, we are running a four-week lead time. If you have already submitted your documents, thank you!​

​This is a friendly reminder to submit your tax documents to us by Saturday, March 15 to ensure your return is filed by the April 15 deadline.​

​Submissions received after March 15 may require an extension and will be completed between May 1 and October 15.​ Thank you for your prompt attention.

To ensure we can file your taxes by the Tuesday, April 15th deadline, we kindly request that you submit your tax documents no later than Saturday, March 15, as we are usually running a four-week lead time by mid-March.

If you have already submitted your documents, thank you!​

If you submit your tax documnts for preparation after March 15, we cannot guarantee that we will be able to prepare your tax return by the deadline and an extension might be needed.​

​BEST TIME TO SUBMIT DOCUMENTS: EARLY FEBRUARY
Submissions in early February can guarantee a quick turnaround. Mid- and Late February submissions will have a slower turnaround time. March 1 to March 14 submissions will have a four-week turnaround. Documents submitted after March 15 will most likely need an extension.​

​EXTENSIONS ARE NOT AUTOMATIC: Must Request in Writing​
Clients are not placed on automatic extensions; you must request one by April 1. Extensions are only to file, not to pay—taxes owed must still be paid by the deadline to avoid penalties. If you expect a refund, an extension is not required, but if you owe, filing an extension is necessary to avoid late-filing penalties. The fee for an extension to file is $170. Email your requests to [email protected].​

​We appreciate your cooperation in helping us manage this busy season effectively.

Dear Valued Client!
Receiving a letter or notice from the IRS or a state tax authority can be stressful, but it’s important to remember that most issues can be resolved with the right approach.

Here’s what to do if you receive one:

STEPS TO TAKE
1. Don’t Panic: Many notices are simply informational or request additional documentation.
2. Read Carefully: Understand the reason for the letter and any deadlines. Look for details on what is being requested or corrected.
3. Contact Us Immediately: Send a copy of the notice to our office so we can review it and determine the appropriate response. Please avoid responding directly to the IRS or state authority without consulting us first.

COMMON REASONS FOR NOTICES
• Missing Information: The IRS may need additional documents to process your return.
• Math Errors: Minor mistakes in calculations can prompt a notice.
Underpayment or Overpayment: The IRS may indicate a discrepancy in the amount owed or refunded.
• Audit Notifications: These require immediate attention and a formal response.

TIPS TO AVOID ISSUES
• Always keep copies of your tax documents and records.
• Double-check your tax returns for accuracy before filing.
• Ensure your tax payments and filings are made on time.

If you receive a tax notice or letter, please contact us as soon as possible so we can help resolve the matter quickly and effectively. We require a copy to review.