Posted on February 13, 2025
by
Lewis Kevelson
Buyers in the market for a yacht often hear from friends and anxious salespersons that they can claim federal income tax deductions when using a yacht for business purposes, such as entertaining clients or renting it out for private charters to generate income. This is often coupled with the promise of large depreciation write-offs against […]
Posted on February 12, 2025
by
Sarah Gaymon
It has been said that a picture is worth a thousand words. However, the IRS has the final say when it comes to the valuation and tax treatment of paintings, sculptures and other works of art. Whether you own a few valuable pieces or amassed a significant art collection, you must consider how these assets […]
Posted on January 28, 2025
by
Karen Lake
The IRS has issued tax relief to individuals and businesses affected by the devastating wildfires in southern California. Taxpayers who live in or own a business in a federally declared disaster area automatically receive an extension to file various federal tax returns and make tax-associated payments originally due between Jan. 7, 2025, and Oct. 15, […]
Posted on January 14, 2025
by
Steven Rubin
The IRS released the standard mileage rate taxpayers may use to determine the deductible costs of operating a motor vehicle for business, charitable and medical purposes in tax year 2025. Taxpayers also have the option to calculate these expenses based on the actual costs they incur to use their vehicles. Effective Jan. 1, 2025, the […]
Taxpayers can contribute more pre-tax dollars to their employer-sponsored retirement savings plans in 2025, but their contributions to Individual Retirement Accounts (IRAs) remain unchanged from the previous year. Employer-Sponsored Retirement Plans In 2025, employees may contribute up to $23,500 to a workplace 401(k), 403(b) and certain 457 plan, a $500 increase from the previous year. […]
Posted on January 08, 2025
by
Jonathan Kraes
Following are the annual inflation adjustments to various provisions of the tax code, which you will use when you file your 2025 federal income tax returns in 2026. It is important to recognize that some of these tax rates, deductions and exemptions will expire or reset at the end of the year under the Tax […]
Posted on December 23, 2024
by
Jairan Shirazi
One of the more challenging tax reporting requirements for multinational businesses is the translation of gains and losses of their foreign branch offices and qualified business units (QBUs) into their home country’s functional currency. This process is often complicated by exchange rate fluctuations, including currency devaluations, that can have a material impact on the principal […]
Posted on December 16, 2024
by
Maxwell Jewell
Since the enactment of the Tax Cuts and Jobs Act (TCJA) in 2017, several states have proposed optional pass-through entity taxes (PTETs) to help their residents escape the law’s $10,000 limit on deductions for state and local taxes (SALT) payments on their personal income tax returns. However, because the PTET requirements can vary widely from […]
Posted on December 05, 2024
by
Arthur Dichter
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.
Posted on December 04, 2024
by
Sarah Gaymon
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 […]
