It has been widely reported that a federal district court ruled on December 3rd that the Corporate Transparency Act (CTA) is likely unconstitutional. The Court issued an order halting its enforcement, including the beneficial ownership information (BOI) reporting rule outlined… Read More »BOI Reporting on Hold
When the COVID pandemic hit, many employers set up their employees to work from home. Many of those same employers realized that by taking that action, they lowered their business expenses by minimizing or eliminating renting commercial office space. Consequently,… Read More »Home Office Deduction
It’s that time of year again when you should consider year-end strategies that might reduce your 2024 taxes. The following are some of the tax breaks from which you may benefit, as well as the strategies to help minimize your… Read More »2024 Year-End Tax Planning
The IRS Innocent Spouse Relief program is a legal provision designed to protect taxpayers who have filed joint tax returns. In some situations, one spouse should not be held fully responsible for tax liabilities incurred due to the actions or… Read More »Qualifying for an IRS Innocent Spouse Determination
As the year ends, many clients consider donating clothing and household items to give back while potentially maximizing charitable tax deductions. These items must be in good condition (or working order for electronics and appliances). I recommend that clients take… Read More »Property Donations
Dogs, cats, and other household pets are expensive. Owners spend an average of $1,270 to $2,800 to own a dog. The expenses for a family pet that provides you only with love and companionship are never deductible. They are purely… Read More »Deducting Pet Expenses
A number of taxpayers own personal property which they rent to their own business. The rental property typically includes equipment, vehicles, and furniture. As an example, a photographer may own various types of cameras and other photographic equipment that… Read More »Personal Property Rentals
The Beneficial Ownership Information Report (BOIR) is a new requirement under the Corporate Transparency Act (CTA) for U.S. businesses. It’s designed to increase transparency in business ownership and help combat financial crimes. Most U.S. business (except sole proprietorships) are covered… Read More »Beneficial Ownership Reporting Update
I discussed the IRS use of private collection agencies in an earlier post. However, there has been an increase in the number of scams involving alleged collection agency contacts. So, I want to focus on this topic in more depth.… Read More »Scam IRS collection agency contacts
Given this lousy economy and the financial pressures many taxpayers are facing, it may be that some of those retirement funds are needed just to survive. Early withdrawals from a traditional IRA before age 59½ generally incur a 10 percent… Read More »Avoiding IRA Withdrawal Penalty
