Category: Tax

Tax

Will the Loper Decision Foster Continued Uncertainty in Financial Services Tax Matters? by Magda Szabo, CPA, JD, LLM


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 […]

IRS Extends Tax Relief to Victims of Hurricane Debbie in South Carolina, Vermont and Portions of Florida and Georgia by Steven Rubin, CPA


Posted on August 20, 2024 by Steven Rubin

The IRS has extended until Feb. 3, 2025, various tax-filing and tax-payment deadlines for individuals and businesses recently impacted by Hurricane Debbie, which first made landfall on Florida’s Gulf Coast in early August. The postponed deadline applies automatically to taxpayers with homes or businesses located in the following jurisdictions declared as federal disaster areas: Florida: […]

IRS Finalizes Inherited IRA RMD Rules, Delays Effective Date Again by Joanie B. Stein, CPA


Posted on August 13, 2024 by Joanie Stein

In July 2024, the IRS issued final regulations regarding the SECURE Act’s elimination of stretch IRAs for certain non-spouse beneficiaries. The announcement gives taxpayers and their advisors much-needed clarification on the law’s requirement that beneficiaries of inherited IRAs draw down those accounts and pay the related taxes within 10 years of an original owner’s death. […]

Florida’s Back-to-School Sales-Tax Holiday Returns for Two Weeks in 2024 by Karen A. Lake, CPA


Posted on July 30, 2024 by Karen Lake

As the new school year approaches, the Florida legislature has approved a two-week Back-to-School Sales-Tax Holiday. Between July 29 through August 11, 2024, families can purchase the following essential supplies free of state and local sales tax: Personal computers, laptops, tablets, e-readers and related accessories (i.e., keyboards, monitors, non-recreational software, etc.) selling for $1,500 or […]

U.S. Taxpayers Living Abroad May Have Opportunities to Claim Tax Refunds for Foreign Tax Credits Applied Against Net Investment Income Tax by Andrew Leonard, CPA


Posted on July 17, 2024 by Andrew Leonard

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 […]