Posted on April 10, 2025
by
Luke Lucas
The $10,000 annual cap on state and local tax (SALT) deductions introduced to the tax code in 2017 during President Trump’s first term is set to expire at the end of 2025. That could be good news for top-earning taxpayers in high-tax states, including California, Connecticut, New Jersey and New York, who have had to […]
Charitable giving is a great way to support causes that are important to you and your community while establishing a legacy of philanthropy for your family members to carry on long after you are gone. For some, it also allows them to reduce their tax bill when they understand some basic rules. Who Can Claim […]
Posted on September 25, 2024
by
Joseph Leocata
The IRS announced in August the reopening of a voluntary disclosure program (VDP) to help taxpayers fix and repay incorrect Employee Retention Tax Credit (ERC) claims without penalties, interest or criminal charges. Congress introduced the ERC in 2020 to provide businesses and nonprofits with economic assistance during the COVID pandemic. The ERC-VDP will run through […]
Posted on August 21, 2024
by
Magda Szabo
On June 28, 2024, the U.S. Supreme Court issued a landmark decision in Loper Bright Enterprises v. Raimondo,[1] overturning its 40-year long-standing precedent set forth in Chevron v. Natural Resources Defense Council.[2] The latest ruling has far-reaching consequences concerning the courts’ power to override a federal agency’s interpretation (regulatory guidance) of the laws Congress designated […]
A recent decision by the U.S. Court of Federal Claims may open the door to a potential deluge of requests for tax refunds from U.S. citizens and resident aliens living or working in foreign countries with which the U.S. has an income tax treaty. In Christensen v. United States, the court interpreted the U.S.-France Income […]
Posted on December 27, 2023
by
Jonathan Kraes
The IRS’s 2024 cost-of-living adjustments for retirement savers include higher annual contribution limits to 401(k) plans and Individual Retirement Accounts (IRAs) along with higher income limits for individuals to qualify for tax-deductible contributions to traditional IRAs and taxable contribution to Roth IRAs. Employer-Sponsored Retirement Plans In 2024, employees may contribute up to $23,000 into workplace […]
Posted on October 19, 2023
by
Joseph Leocata
In this episode Joseph Leocata shares details about the current state of the IRS, trends in tax controversy and what to do if you receive an IRS notice.
Posted on September 28, 2023
by
Joseph Leocata
The introduction and subsequent expansion of the employee retention credit (ERC) offered a valuable lifeline to businesses struggling to preserve jobs and pay workers through the pandemic despite interruptions to normal operations or significant declines in gross revenue. However, over time, the IRS has identified a significant number of schemes perpetrated by criminals to con […]
Posted on September 06, 2023
by
Sarah Gaymon
The best remedy for an audit is to be prepared for one before the audit letter arrives. Tax-planning decisions should never be made based on the likelihood of a potential IRS audit; however, you can set yourself up for success if an audit occurs. Following are 10 tips to help you keep your financial life […]
Significant time has lapsed since Congress introduced new rules for partnership audits under the Bipartisan Budget Act of 2015 (BBA). However, with the benefit of an unprecedented additional $80 billion in funding, the IRS plans to ramp up its enforcement efforts in the years ahead. This will put a growing number of partnerships of all […]
