Posted on May 14, 2024
by
Adam Cohen
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 […]
Posted on May 07, 2024
by
Tomoko Shoji
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 […]
Posted on April 19, 2024
by
Rick Bazzani
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 […]
In this episode Director of Tax Services Richard Cabrera explains why it’s important for S Corps to consider the tax implications before entertaining bankruptcy proceedings.
Posted on March 13, 2024
by
Luke Lucas
Professional athletes and entertainers, like most taxpayers, must learn to navigate the often-treacherous federal tax code and a broad range of differing tax laws at the state and local level that can increase their tax liabilities and eat into their hard-played earnings. For athletes and entertainers who travel across the country for games and performances, […]
Posted on February 26, 2024
by
Heath Standorf
Beginning in the 19th century, some of the U.S.’s wealthiest industrialists quietly abandoned Wall Street banks to hire their own teams of experts to discreetly manage, preserve and grow their business operations and family wealth for future generations. Today, these family offices have moved beyond the shadows of the Rockefellers, Morgans and Vanderbilts and expanded […]
