You’re probably aware that when you sell your home, you may exclude up to $250,000 of your gain from tax if you’re unmarried (or married, filing separately) and $500,000 if you are married and file jointly. To claim the whole… Read More »Sale or Casualty Loss of Personal Residence
IRS Announces Tax Relief for Individuals and Businesses in California Affected by Wildfires and Straight-Line Winds The Internal Revenue Service (IRS) announced in January that individuals and businesses in parts of California affected by wildfires and straight-line winds beginning on… Read More »Tax Relief for Fire Victims
OK – this has been a cray week! To recap the events, on December 23, 2024, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit reversed a Texas district court order that had initially granted a… Read More »BOI Filing Requirement is Back on Hold!!!
We live in crazy times. The Fifth Circuit Court of Appeals reinstated FinCEN BOI reporting immediately (today, December 23, 2024). Initially, that meant you had until midnight, December 31st, to have your report on file with FinCEN. However, FinCEN stepped… Read More »BOI Filing Requirement is Back On!!!!
Prepare for tax changes. The Tax Cuts and Jobs Act (TCJA) has been part of our tax landscape for nearly seven years, shaping how businesses and individuals plan their finances. With an eye toward the end of 2025, when many… Read More »2024 Tax-Saving Tips
The IRS has expanded its reporting requirements for payments made through third-party settlement organizations (TPSOs). The common ones are Venmo, PayPal, eBay, Etsy, StubHub, Airbnb, and similar platforms. The American Rescue Plan Act of 2021 lowered the reporting threshold from… Read More »Form 1099-K Update
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
