Posted on May 26, 2025
by
Alex Keneiby
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. […]
The excitement of planning a wedding should not take a back seat to the necessary tax and legal issues that newlyweds will face after they say, “I do.” As you prepare to walk down the aisle, remember to put these critical steps on your to-do list. Name Changes. If you plan to take your spouse’s […]
Sales tax compliance can be a monumental task for a business with activities in multiple states, each with their own tax rates and sales tax reporting thresholds. However, navigating through these complexities and maintaining compliance is possible with the right tools. States are increasingly looking for new ways to fill their tax gaps by establishing […]
Posted on May 15, 2025
by
Joel Young
In this episode Associate Director of Tax Services Joel Young, JD, LLM, shares an overview of FIRPTA, the goals of the program and who might make a misstep.
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 […]
Posted on May 07, 2025
by
Jeremy Katz
In a recent decision by the New York State Court of Appeals, an advertising research firm is liable for $2.3 million in unpaid sales tax for information services it provided to its customers over a three-year period. According to the court, Dynamic Logic Inc. (Dynamic) had erroneously treated one of its information services products as […]
Posted on April 29, 2025
by
Joel Young
The Foreign Investment in Real Property Tax Act (FIRPTA) is a U.S. law enacted in 1980 to ensure foreign owners of U.S. real property interests pay their fair share of federal taxes on the profits they may yield from the eventual sale or disposition of those properties. It requires advanced planning and specific actions by […]
If you are between the ages of 60 and 63 in 2025 or later, there’s good news: you can give your retirement savings a significant boost, thanks to new changes in retirement contribution rules. Historically, the tax laws cap the annual contribution limits to 401(k), 403(b) and other qualified retirement plans. They also provide additional […]
U.S. taxes are based on a pay-as-you-go system, in which individuals either have taxes withheld from their paychecks or make estimated tax payments directly to the IRS four times a year. These quarterly tax payments made every three months typically apply to business owners subject to self-employment tax and to individuals who receive income in […]
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 […]
