The accounting world is transforming rapidly, driven by emerging technologies and shifts in tax regulations. For businesses and accounting professionals alike, staying ahead of these trends is essential to streamline operations, ensure compliance, and remain competitive. Here are five key accounting trends to watch in 2025 that will shape the future of the industry.
Artificial intelligence (AI) and machine learning are revolutionizing the accounting sector. In 2025, AI will be even more integral, helping businesses automate time-consuming tasks such as data entry, invoice processing, and reconciliation. AI-driven tools can learn from previous accounting entries, predict patterns, and flag inconsistencies, minimizing human error and streamlining workflows.
For businesses, leveraging AI in accounting translates to faster and more accurate processing. AI tools also enable real-time analysis, helping finance teams make data-informed decisions without waiting for end-of-quarter reporting. As a result, AI can free up accountants to focus on higher-value activities, such as strategy and financial planning, rather than spending time on repetitive tasks.
The shift to cloud-based accounting continues to gain momentum, as more companies seek flexible, scalable solutions. In 2025, cloud-based platforms will be the preferred choice for most businesses, as they enable real-time access to financial data from anywhere with an internet connection. This is particularly valuable for remote teams and companies that need to collaborate across locations.
Digital transformation in accounting is about more than just storing data in the cloud. It’s a complete overhaul of traditional processes, including automated workflows, integration of financial software with other business applications, and the use of data analytics to gain deeper insights into business performance. Embracing these digital solutions enhances efficiency and provides real-time access to financial data, which is vital for timely decision-making.
With advances in data analytics and reporting tools, accounting is evolving from a traditionally backward-looking discipline to a proactive, strategic function. In 2025, expect data analytics to play a crucial role in driving business decisions. Companies will use analytics to assess profitability, forecast revenue, identify inefficiencies, and even predict financial risks.
Real-time reporting will become more common, as stakeholders demand timely insights to respond to changing market conditions. Accounting teams will increasingly rely on data dashboards that offer instant updates, enabling management to make agile and well-informed decisions. This shift to real-time data aligns with a broader trend towards more dynamic, responsive business strategies that can adapt quickly to new challenges and opportunities.
Tax regulations and compliance standards are in a constant state of flux, and staying up-to-date is more critical than ever. In 2025, we expect to see significant updates in tax laws related to digital transactions, international trade, and sustainability initiatives, which could have a substantial impact on businesses of all sizes. This will require accountants and tax professionals to stay informed and adaptable.
In response, businesses will likely adopt specialized tax software that incorporates real-time updates to tax codes and compliance requirements. Automated tax solutions are becoming increasingly sophisticated, making it easier to navigate changing regulations and reducing the risk of costly errors. Companies that invest in proactive tax planning and compliance management will be better positioned to handle the complexities of the evolving tax landscape.
As consumers and investors place more emphasis on corporate responsibility, Environmental, Social, and Governance (ESG) reporting is gaining traction across industries. Accounting departments are taking on a more significant role in ESG reporting, helping organizations track and report on sustainability efforts, social responsibility, and ethical governance practices.
In 2025, ESG reporting will become a standard practice for businesses as regulatory bodies start to mandate certain ESG disclosures. Accountants will be responsible for ensuring the accuracy of these reports, as investors and stakeholders demand transparency in corporate practices. Companies that prioritize ESG metrics in their accounting processes will not only align with evolving regulatory requirements but also improve their brand reputation and investor appeal.
The accounting profession is undergoing a significant transformation, driven by advancements in technology, evolving regulatory requirements, and a growing emphasis on sustainability. By staying ahead of these trends, businesses and accountants can leverage technology to enhance efficiency, navigate complex tax landscapes, and build trust through transparent reporting.
At Loeffler Financial Group, we’re dedicated to helping our clients stay ahead of the curve. Our team leverages the latest tools and insights to provide proactive, customized solutions that meet today’s accounting and compliance needs. As we move into 2025, embracing these trends will position your business for success in an increasingly dynamic financial landscape.
Tax season can be a challenging time for both individuals and businesses, but with a little proactive planning, you can avoid the last-minute rush and headaches that often come with filing. Here are ten essential tips to help you get a head start, stay organized, and make your tax filing process as smooth as possible.
Begin your tax prep early to give yourself ample time for gathering documents, consulting professionals, and correcting any issues that may arise. Break the tasks into manageable steps by creating a timeline, with specific goals for each week. Mark key deadlines, especially the tax filing deadline in mid-April (April 15, 2025) for most individuals. (March 15 deadline for S-Corps and Partnerships; and October 15 for returns on Extensions.)
Being organized is one of the most effective ways to reduce tax-time stress. Start by creating a checklist of essential documents you’ll need, such as:
If your finances haven’t changed dramatically, last year’s tax return can serve as a great reference point. Review the forms, deductions, and credits you claimed last year to make sure you’re not missing anything. A quick look back can also remind you of important documents to gather and areas where you might be able to claim similar deductions this year.
Knowing which deductions and credits you’re eligible for can make a big difference in your tax liability. Here are a few commonly missed ones:
If you’re a business owner or self-employed, accurate records of your business expenses are essential. Some common deductions include:
Tax laws can change frequently, and staying informed is essential to avoid missed deductions or unexpected tax bills. Each year, review the latest IRS guidelines or consult with a tax professional to stay up-to-date on new rules. For instance, recent changes may affect deduction limits, eligibility for credits, or even income tax brackets.
If you’re self-employed or a freelancer, you likely need to make quarterly estimated tax payments. These payments help prevent large tax bills (and penalties) at year-end. Set aside a percentage of your income each month to cover these taxes, and make sure to submit payments on time—typically in April, June, September, and January.
It’s critical to review all of your tax forms, including W-2s, 1099s, and other income statements to ensure accuracy. Even small mistakes can delay the processing of your return or result in additional tax due. If you find any discrepancies be sure to contact the relevant party immediately to get a corrected form.
If your tax situation is complex or you’re unfamiliar with recent changes, a tax professional can offer invaluable expertise. They can help you identify deductions you may not be aware of, ensure compliance with tax laws, and even save you time. Additionally, a tax advisor can help you with planning strategies to minimize your tax liability in the future.
Filing your return electronically is faster, more accurate, and more secure than filing by paper. Additionally, choosing direct deposit for your refund can shorten the waiting time significantly. E-filing with direct deposit is generally the quickest way to receive any refunds you may be due.
By taking a proactive approach, you can make tax season a far less stressful experience. Start early, stay organized, and keep these tips in mind as you prepare. Whether you’re filing for yourself or your business, a little preparation can help you save time, maximize deductions, and reduce the risk of errors. Here’s to a smooth tax season!
The start of a new year brings a fresh opportunity to set goals and create a roadmap for growth. For business owners, establishing solid financial resolutions can be a game-changer, enabling better decision-making, improved cash flow, and long-term success. Here are some essential steps to start the year on the right foot and make 2025 your most financially healthy year yet.
Defining clear, measurable financial goals is the first step toward making improvements that last. Ask yourself these questions to get started:
Having a clear vision of where you want your finances to be will help keep you focused and motivated throughout the year.
Your budget serves as the foundation for all financial planning, making it essential to review and adjust it regularly. Here’s how to start the year with a budget refresh:
Maintaining an updated budget keeps your business on track and highlights areas where you can potentially cut costs or invest more.
Cash flow is the lifeblood of any business, and ensuring that it’s steady is essential to financial health. Start the year with these cash flow best practices:
Even minor reductions in spending can significantly impact your bottom line. Take time to assess your expenses:
Effective expense management leads to a leaner operation, freeing up more capital for growth initiatives.
Utilizing the right tools can make financial management simpler and more accurate. Consider the following investments for 2025:
Digital tools improve efficiency and help you make informed financial decisions, especially as your business grows.
Periodic pricing reviews are essential to ensure you’re charging what your products or services are worth. To start the new year strong:
By aligning your pricing strategy with your goals, you can increase profitability and create a sustainable business model.
Tax planning isn’t just a year-end activity—it should be integrated into your financial strategy all year. Here are some ways to stay tax-efficient:
Strategic tax planning can save your business money and reduce stress when tax season arrives.
Finally, commit to regular financial reviews as part of your business management. Set aside time monthly or quarterly to assess your financial health, adjust your goals, and refine your strategy. During these reviews, focus on:
Improving your business finances in 2025 starts with setting actionable goals and committing to regular, disciplined financial management. By taking the time to refine your budget, optimize cash flow, and ensure tax efficiency, you can create a solid foundation for a prosperous year ahead. Here’s to a financially healthy 2025—one goal, one improvement, and one successful quarter at a time!
An Enrolled Agent (EA) is a federally-authorized tax practitioner who has technical expertise in the field of taxation and who is empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service for audits, collections, and appeals.
What does the term “Enrolled Agent” mean?
“Enrolled” means to be licensed to practice by the federal government, and “Agent” means authorized to appear in the place of the taxpayer at the IRS. Only Enrolled Agents, attorneys, and CPAs may represent taxpayers before the IRS. The Enrolled Agent profession dates back to 1884 when, after questionable claims had been presented for Civil War losses, Congress acted to regulate persons who represented citizens in their dealings with the U.S. Treasury Department.
How does one become an Enrolled Agent?
The license is earned in one of two ways, by passing a comprehensive examination that covers all aspects of the tax code or by having worked at the IRS for five years in a position that regularly interpreted and applied the tax code and its regulations. All candidates are subjected to a rigorous background check conducted by the IRS.
How can Enrolled Agent help me?
Enrolled Agents advise, represent, and prepare tax returns for individuals, partnerships, corporations, estates, trusts, and any entities with tax-reporting requirements. Enrolled Agents’ expertise in the continually changing field of taxation enables them to effectively represent taxpayers audited by the IRS.
Loeffler Financial Group has a team of Tax Advisors, CPA’s and EA’s to help assist with your taxes each year. Our team of experts stays up-to-date on all the tax laws and changes for the upcoming tax season.
Schedule your tax return appointment online here, or call our office at 717-393-7366!
To read more about our tax office and tax advisors click here.
Taxpayers should file their tax return by the deadline even if they cannot pay their full tax bill. Taxpayers who owe tax and don’t file on time, maybe charged a failure-to-file penalty. This penalty is usually five percent of the tax owed for each month, or part of a month that the tax return is late, up to 25%.
If an individual taxpayer owes taxes, but can’t pay in full by April 18, 2022, deadline, they should:
File their tax return or request an extension of time to file by the April 18 deadline.
To get an extension to file, taxpayers must do one of the following:
Pay as much as possible by the April 18 due date.
Set up a payment plan as soon as possible.
Interest is based on the amount of tax owed and for each day it’s not paid in full. Interest rates are determined every three months and can vary, based on type of tax; for example, individual or business-tax liabilities. Loeffler Financial Group is here to assist you with any tax questions you have.
Need to file your tax return still? Call 717-393-7366 to book your appointment with one of our tax experts.
Right about now you’re probably wading through tax records and filling out your tax return. But it’s a daunting task – one that can be frustrating and eat up more hours than you have to devote to it.
But you don’t have to go it alone. Loeffler Financial Group continues to keep up with the tax code. Our expertise can help ensure that you get all the deductions and credits you are eligible to receive.
Here are the top 10 reasons why you may want to hire a professional tax professional:
If you plan to hire a tax professional to prepare your taxes, you do need to gather and organize your records, including W-2 forms, 1099 forms, mortgage and bank statements, charitable contributions, and so forth. Being organized saves your tax preparer time and keeps the fees down. Loeffler Financial Group is here to help every step of the way. Call 717-393-7366 to schedule your tax appointment today.
Lancaster, PA – Loeffler Financial Group, a trusted name in comprehensive financial solutions, is pleased to announce the acquisition of ITP Taxes, a well-established provider of income tax preparation services for individuals and small businesses across the United States. With this acquisition, Loeffler Financial Group will expand its tax preparation capabilities and enhance its commitment to serving clients nationwide with exceptional service and expertise.
Founded and headquartered in Lancaster, PA, ITP Taxes has built a reputation for reliability and personalized tax preparation services, helping clients from coast to coast navigate their tax needs. Loeffler Financial Group looks forward to honoring and building upon the strong relationships ITP Taxes has developed with both individuals and small business owners. This acquisition not only strengthens Loeffler’s existing service offerings but also reinforces its mission to empower community leaders, entrepreneurs, and individuals toward financial success.
Douglas Loeffler, VP and Head of Operations at Loeffler Financial Group shared his enthusiasm for this milestone: “Acquiring ITP Taxes has been an exciting step forward for Loeffler Financial Group, and it has been wonderful getting to know Dave Shiley and learning about the business he has built. Dave’s dedication to his clients aligns perfectly with our own values, and we’re thrilled to welcome his clients into our family as we continue to grow and build lasting relationships in the community.”
With this acquisition, Loeffler Financial Group will operate two convenient Lancaster-based drop-off locations for tax season document submissions, including their headquarters at 2201 Columbia Avenue, Lancaster, PA 17603, and their new location in the heart of Downtown Lancaster at the Candy Factory, 342 REAR North Queen St, Lancaster, PA 17603. These locations underscore Loeffler Financial Group’s commitment to accessibility and community engagement as they continue to support clients with dedicated, professional tax preparation services.
About Loeffler Financial Group
Loeffler Financial Group is a comprehensive financial services provider offering tailored solutions in tax preparation, bookkeeping, accounting, and financial consulting. Committed to client success and financial well-being, Loeffler Financial Group serves individuals, entrepreneurs, and businesses with a focus on personalized service, integrity, and community impact.
For media inquiries, please contact:
Brittany N. Loeffler
SVP of Marketing
Loeffler Financial Group
bloeffler@loefflerfinancial.com
Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS.
Good records help:
In general, the IRS, and the experts at Loeffler Financial Group suggest that taxpayers keep records for three years from the date they filed the tax return. Taxpayers should develop a system that keeps all their important information together. They can use a software program for electronic recordkeeping. They could also store paper documents in labeled folders.
Records to keep include:
Contact Loeffler Financial Group for additional questions on recordkeeping or what additional paperwork you should keep on file. 717-393-7366.
Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor, and disability benefits. They don’t include supplemental security income payments, which aren’t taxable.
The portion of benefits that are taxable depends on the taxpayer’s income and filing status.
To find out if their benefits are taxable, taxpayers should take half of the Social Security money they collected during the year and add it to their other income. Other income includes pensions, wages, interest, dividends, and capital gains.
Fifty percent of a taxpayer’s benefits may be taxable if they are:
Up to 85% of a taxpayer’s benefits may be taxable if they are:
Still have questions, our tax accountants at Loeffler Financial Group are here to help!
The Interactive Tax Assistant on IRS.gov can help taxpayers answer the question Are My Social Security or Railroad Retirement Tier I Benefits Taxable?
Call Loeffler Financial Group today to learn more about Social Security and your tax benefits, 717-393-7366!
For most individual taxpayers the tax filing and payment deadline was postponed to May 17, 2021. Those who need more time to file beyond the postponed date, can request an eextension to file.
Taxpayers must request an extension to file by May 17, or they may face a failure to file penalty. This extension gives them until October 15, 2021 to file their tax return. An extension to file is not an extension to pay. Taxes must be paid by May 17 to avoid penalties and interest on the amount owed after that date.
How to request an extension to file:
To get an extension to file, the IRS urges taxpayers to do one of the following:
An automatic extension of time to file will process when taxpayers pay all or part of their taxes electronically by the Monday, May 17 due date.
If you are still panicking to get all your documentations organized and ready for taxes to be prepared, contact Loeffler Financial Group to file an extension before the May 17th deadline.