Category: Tax

Tax

Tax Implications for S Corporations Filing for Bankruptcy by Richard E. Cabrera, CPA, JD, LLM


Posted on October 12, 2023 by Richard Cabrera

Just as business owners must consider the tax implications of their companies’ legal structures before beginning operations, special care should be taken to address these issues on a consistent basis throughout the organization’s lifecycle, especially before filing for bankruptcy. According to the IRS, the majority of US corporations are structured as pass-through entities, including sole […]

4 Red Flags of Employee Retention Credit Abuses by Joseph Leocata, JD, CPA, MBA


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 […]

IRS Delays RMD Rules for IRAs, 401(k)s…Again by Joanie B. Stein, CPA


Posted on September 25, 2023 by Joanie Stein

In July 2023, IRS issued guidance granting taxpayers temporary relief from compliance with recently enacted laws concerning required minimum distributions (RMDs) from tax-deferred retirement accounts, including individual retirement accounts (IRAs) and 401(k)s. Beginning Age for RMDs In 2019, the president signed into law the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) that, […]

UPDATED – IRS Extends Tax Relief to Victims of Hurricane Idalia in Florida, South Carolina by Steven Rubin, CPA


Posted on September 13, 2023 by Steven Rubin

The IRS has extended until Feb. 15, 2024, various tax-filing and tax-payment deadlines for individuals and businesses recently impacted by Hurricane Idalia, which first made landfall on Florida’s west coast on Aug. 27, 2023. The postponed deadline applies automatically to taxpayers with homes or businesses located in the following jurisdictions declared as federal disaster areas: […]

IRS Cracks Down on Potentially Abusive Malta Pension Plans by Joseph Leocata, JD, CPA, MBA


Posted on August 30, 2023 by Joseph Leocata

The IRS’s Criminal Division ramped up its enforcement efforts relating to Maltese pension plans, which gained popularity after the signing of the U.S.-Malta Tax Treaty 2011 and the subsequent enactment of Malta’s Retirement Pension Act of 2011. In recent weeks, the department began issuing summons to U.S. taxpayers who participated in Maltese pension plans and […]

Tax Scams Surge this Summer by Brandon Bowers


Posted on August 16, 2023 by Brandon Bowers

Tax-related scams cast a dark cloud over this summer’s blue skies, putting taxpayers at increased risk of identity theft and fraud. To avoid falling victim to these scams, individuals should be alert to unsolicited telephone calls, emails and texts asking them to click links or share personal information, such as usernames and passwords, Social Security […]

Deciding Whether a Private Foundation or Donor-Advised Fund is Best for You by Adam Cohen, CPA


Posted on August 09, 2023 by Adam Cohen

Charitable giving is a critical component of financial planning that enables individuals to support organizations and causes close to their hearts. While many people donate cash directly to nonprofit charities, those with substantial wealth often go one step further to create a legacy of philanthropy for future generations via a private foundation or a donor-advised […]