In this episode, Director of International Tax Services Arthur J. Dichter, JD, LLM, explains the basics of pre-immigration tax planning, why starting early is essential and how individuals and families can prepare.
As its name implies, the terms of an irrevocable trust are generally intended to be set in stone and, therefore, unchangeable without a costly legal battle. However, as time passes, individuals’ lives and circumstances evolve along with the passage of new laws, making decisions from long ago seem outdated, unsuitable and often contrary to grantors […]
Recipients of Social Security and Supplemental Security Income (SSI), including senior citizens, widows and persons with disabilities and special needs, will receive a 2.3 percent cost-of-living adjustment (COLA) to the benefits they receive in 2025. The increase translates to an average of $50 in additional monthly benefits, which is on par with the last 20 […]
Earlier this summer, Florida’s legislators passed House Bill 1021 (HB 1021), which places more rigorous governance, transparency and accountability requirements on the state’s condominium and homeowners associations and the management firms with which they work. These changes, which went into effect on July 1, 2024, also give homeowners and their legal counsel new tools for […]
The Financial Crimes Enforcement Network (FinCEN) today postponed the 2023 Report of Foreign Bank and Financial Accounts (FBAR) filing deadline from Oct. 15, 2024, to May 1, 2025, for taxpayers who live in federally designated disaster areas in the wake of Hurricane Helene. This six-and-a-half-month filing extension applies to qualifying taxpayers in Alabama, Georgia, North […]
The IRS today is providing tax relief for individuals and businesses affected by Hurricane Helene and Hurricane Milton by extending various tax-filing and tax-payment deadlines to May 1, 2025. The delayed deadline applies automatically to taxpayers with homes or businesses in jurisdictions declared federal disasters by the Federal Emergency Management Agency (FEMA), which includes the […]
Operating a business can be expensive, and it can be challenging for businesses to know when they can write off certain expenses, especially with a frequently changing tax code. One particularly puzzling area of the law concerns the rules for deducting the costs of business-related meals and entertainment, which have evolved over the past few […]
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 […]
On Aug. 1, 2024, the U.S. Senate failed to pass a tax bill that, among other things, would have restored businesses’ ability to fully deduct specified research and experimental (SRE) expenses in the tax year they are incurred. As a result, businesses that invest in innovation must continue to capitalize and amortize those costs over […]
The IRS scored significant wins in two separate cases before the U.S. Supreme Court and D.C. Court of Appeals. While both matters addressed different provisions of the tax code, the court’s decisions essentially fortified the IRS’s international reach and its ability to enforce compliance with various U.S. tax laws regarding taxpayers’ foreign investments and business […]