Asset Protection: One Size Does Not Fit All
Asset protection means shielding your assets from creditors who may go after them to satisfy a judgment or other debt. It’s not intended to help
Finding the Right Buyer for Your Business
How do you determine the buyer or category of buyer that will lead to a successful sale of your business? Is your potential buyer likely
IRS Grants Exemption from Electronic Filing for Form 1042, Notice 2024-26
The IRS has granted to withholding agents an administrative exemption from the electronic filing requirements for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons. Under the exemption: withholding
IRS Increases Language Options and Resources to Broaden Taxpayer Services, IR-2024-73
The IRS has continued to increase the amount of information available in multiple languages. This was part of the IRS transformation work under the Strategic Operating Plan, made possible by additional resources provided by
Individual Failed to Timely File Claim for Innocent Spouse Relief, P.A. Frutiger, 162 TC -, No. 5, Dec. 62,432
An individual’s claim for innocent spouse relief was rejected for lack of jurisdiction because the taxpayer failed to file his petition within the 90-day deadline under Code Sec. 6015(e)(1)(A). The taxpayer argued that the deadline to file a petition for a
IRS Launches Initiative Targeting High-Income Taxpayers with Unfiled Returns, FS-2024-6
The IRS has launched a new initiative to improve tax compliance among high-income taxpayers who have not filed federal income tax returns since 2017. This effort, funded by the Inflation Reduction Act, involves sending
President Biden Targets Corporations, the Wealthy in State of the Union
Corporations and billionaires will be paying more in taxes if Congress follows recommendations President Biden gave during his State of the Union address. President Biden highlighted a number of initiatives during the March 7, 2024,
Biden Supports Extending Individual Tax Provisions of TCJA, Yellen States
President Biden support extending the individual tax provisions of the Tax Cuts and Jobs Act, many of which are set to expire next year, Department of the Treasury Secretary Janet Yellen said. “The President has made
Understanding the Centralized Partnership Audit Rules
The Bipartisan Budget Act of 2015 introduced a “centralized” partnership audit regime that took effect in January 2018. Partnerships — including LLCs taxed as partnerships
Getting Your Board to Willingly Fundraise
A common complaint from nonprofits is that their board members are reluctant fundraisers. Many are simply uncomfortable asking others to donate. Maybe they haven’t been
FinCEN Issues Small Entity Beneficial Ownership Information Compliance Guide
The Financial Crimes Enforcement Network (FinCEN) has published a Small Entity Compliance Guide (Guide) to provide an overview of the Beneficial Ownership Information Access and Safeguards Rule (Access Rule) requirements for small entities that obtain beneficial ownership information (BOI)
2024 Auto Depreciation Caps and Lease Inclusion Amounts Issued, Rev. Proc. 2024-13
The IRS has issued the luxury car depreciation limits for business vehicles placed in service in 2024 and the lease inclusion amounts for business vehicles first leased in 2024. Luxury Passenger Car Depreciation Caps The luxury car depreciation caps for a passenger car placed in service in 2024 limit annual depreciation deductions