Apr 17, 2025 | Blog Posts, Tax
A major shift is coming to how Americans send money to and receive payments from the federal government. On March 25, 2025, President Donald J. Trump signed an Executive Order directing all federal agencies to phase out paper-based payments and adopt modern, secure...
Feb 28, 2025 | Blog Posts, Tax
The U.S. Treasury Department announced on March 2, 2025, that it will not enforce penalties for noncompliance with the beneficial ownership information (BOI) reporting requirement provision of the Corporate Transparency Act (CTA). In addition to suspending fines and...
Jan 27, 2025 | Blog Posts, Tax
President Biden signed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863) into law on December 12, 2024. This legislation introduces several beneficial tax provisions to assist victims of federally declared disasters. Relief for Personal Casualty Losses One of...
Jan 12, 2025 | Blog Posts, Tax
The U.S. Department of Justice (DOJ) has petitioned the Supreme Court to lift a nationwide injunction that currently blocks the enforcement of the Corporate Transparency Act (CTA). Enacted in 2021, the CTA mandates that millions of companies disclose their beneficial...
Dec 5, 2024 | Blog Posts, Tax
A federal district court has issued a nationwide injunction preventing the enforcement of the Corporate Transparency Act (CTA) and its associated beneficial ownership information (BOI) reporting rule, citing potential constitutional violations. The ruling, part of...
Oct 24, 2024 | Blog Posts, Tax
The Internal Revenue Service (IRS) has released the annual inflation adjustments for tax year 2025, providing updated information on more than 60 tax provisions. Outlined in Revenue Procedure 2024-40, these adjustments will affect taxpayers when they file their...
May 31, 2024 | Blog Posts, Tax
An employee stock option plan (ESOP) is an often-overlooked exit strategy for business owners. An ESOP is a qualified retirement plan that gives employees ownership in the company through stock. They are flexible, allowing owners to slowly sell their shares over time...
May 31, 2024 | Blog Posts, Tax
From 2017 to 2022, there were several wide sweeping changes to the Tax Code. From the tax cuts created by the 2017 Tax Act to the legislation passed in 2020 and 2021 in response to the Covid pandemic. These tax law changes have effected most US taxpayers. However,...
May 31, 2024 | Blog Posts, Tax
The Tax Reduction and Jobs Creation Act of 2017 (The 2017 Act) reduced the number of taxpayers who might be subject to Estate Tax upon their death. The Estate Tax exempts estates under a specific exemption amount. For 2024, the exemption amount is $13.6 million or for...
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