In this episode Associate Director of Tax Services Max Jewell shares opportunities and challenges related to the pass-through entity tax and states where it can make a big tax difference.
To help Floridians prepare for hurricane season, the state legislature has enacted two 14-day sales-tax holidays for the purchase of a wide variety of qualifying disaster-preparedness supplies. The first holiday runs June 1 through 14. The second one, a first in the state, is set for August 24 through September 6. During both of these […]
In this episode Director of Tax Services Sarah Gaymon shares some reasons why everyone needs an estate plan and how to get started.
Earlier this year, the IRS introduced Rev. Proc. 2024-5, which requires public charities organized as 501(c)(3)s to follow new procedures when requesting IRS reclassification as a different tax-exempt entity. Nonprofit entities seeking tax-exempt status generally must file Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, within 27 months […]
If you are a U.S. citizen or resident alien residing or working outside the U.S., you may be eligible for a two-month extension of time to file your federal tax return and pay the related tax liabilities without penalties. Included in this relief are expatriates and members of the U.S. military on active duty. Under […]
In this episode Director of Tax Services Art Lieberman shares the latest news about Opportunity Zones and the looming December 2026 deadline.
Many of the taxpayer-friendly provisions of the tax code introduced by the Tax Cuts and Jobs Act (TCJA) in 2017 are set to expire at the end of 2025, exposing individuals and businesses to the prospect of significantly higher tax liabilities beginning in 2026. While it is possible lawmakers will intervene and extend some provisions […]
There is a broad range of opportunities to save money during your working years so that you may afford a comfortable retirement in the future. Yet, with each type of retirement savings plan comes a unique set of rules and requirements, including procedures for paying taxes on your plan contributions and earnings. In the most […]
The IRS has begun auditing the use of corporate jets to ensure taxpayers properly allocate business use from personal use for tax purposes. These efforts are part of the agency’s larger strategic plan to increase audit enforcement and improve tax compliance among large corporations, partnerships and high-net-worth individuals. Under current law, businesses may deduct certain […]
Effective Jan. 1, 2024, it is easier for individuals to claim federal tax credits for the purchase of new electric, plug-in hybrid and fuel-cell electric vehicles, but there are fewer cars and trucks that qualify for the full $7,500 credit this year. The clean vehicle tax credit was amended in 2022 as part of the […]