In this episode, Director of Tax Services Angie Adames, CPA, shares new opportunities and some the common mistakes made by owners of rental and vacation properties.
The IRS released the annual inflation adjustments to more than 60 provisions of the tax code. Taxpayers will use these figures when filing their 2026 federal income tax returns in 2027. Income Tax Rates The income individuals use to determine how much tax they pay each year increases in 2026. However, unless taxpayers’ income rises […]
Taxpayers in high-income-tax states breathed a collective sigh of relief with the July 2025 passage of the One Big Beautiful Bill (OBBB), which provides a temporary increase to the cap on the state and local tax (SALT) deduction from $10,000 to $40,000 in 2025 through 2029, subject to income limitations. While the new law preserves […]
The One Big Beautiful Bill Act (OBBBA) modifies several international tax laws introduced in 2017 by the Tax Cuts and Jobs Act (TCJA), including a decrease in deductions and changes to the names of the Global Intangible Low-Taxed Income (GILTI) and Foreign-Derived Intangible Income (FDII) regimes. The following provisions are scheduled to take effect for […]
In this episode, Director of Tax Services Mike Greenwald, CPA, shares information about the OBBB and why planning is so important. To attend the July 31 webinar, register here.
Florida laws relating to the fiduciary administration of trusts, estates and life estates with succeeding beneficiaries became more attractive on Jan. 1, 2025, with the enactment of the Florida Uniform Fiduciary Income and Principal Act (FIPA). The law provides fiduciaries with more flexibility in trust administration and aims to make Florida an even more appealing […]
The IRS has announced its intention to withdraw final regulations issued just three months prior that would have imposed new reporting requirements on partnerships engaged in certain related-party basis-shifting transactions. By rescinding these regulations and the related penalties for noncompliance, the IRS aims to eliminate what it calls “complex” and “costly” compliance burdens on partnerships. […]
Seeking out new career opportunities can have many financial implications, including taxes. When you switch jobs, your income may change along with your eligibility for certain tax deductions and credits that ultimately affect your tax liabilities today and in retirement. During these transitions, you must keep up to date with evolving laws to maintain tax […]
In this episode Associate Director of Tax Services Max Jewell, CPA, MST, shares workaround strategies for navigating the PTET limits.
Generally, the taxes you owe depend on the decisions you made before year-end on December 31. However, as you prepare to file your 2024 tax returns, certain trusts and estates may have an additional 65 days in 2025 to reduce their tax liabilities and those of their beneficiaries for the prior year. Under the Internal […]