Can’t Pay Your Taxes? Explore These Alternatives to Manage Your Tax Liability

Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Tap a Retirement…

How Employers Can Establish and Fund Employee Pensions with Tax Incentives

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Article Highlights: Tax Credit for Employer Contributions to New Retirement Plans Retirement Plan Qualifications Employer Qualifying Contributions Employer Eligibility Phase-Out Based on Number of Employees Employee Qualifications …

Important March 2025 Due Dates

March 2025 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than…

Navigating the Aftermath: Understanding Disaster Loss Tax Provisions for Homeowners Affected by Disasters

Article Highlights: Understanding Qualified Disaster Losses Claiming a Qualified Disaster Loss Election to Claim Loss on Prior Year Amended Return Net Operating Loss Deduction Insurance Coverage and Reimbursement Taxation…

Untangling the Tax Maze: Who Claims the Kids After Divorce?

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Article Highlights: Custodial Parent Joint Custody Issues Conflicts Between Family Court and the Tax Code Tiebreaker Rules Impact on Dependent Care Credit Child Tax Credit Impact on Earned Income Tax Credit (EITC) Education…

Unlocking Wealth: How Exchanges Can Transform Your Real Estate Investments

Article Highlights: The Basics of Section 1031 Exchanges Key Requirements Limitations Imposed by the Tax Cuts and Jobs Act State Considerations The Role of a Qualified Intermediary Types of 1031 Exchanges Boot in 1031…

Uncertain About the Reporting Deadlines for BOI?

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Article Highlights: Corporate Transparency Act Beneficial Ownership Information Events Leaving Beneficial Ownership Information Reporting in Doubt History of Events Current Status Back in 2021 Congress passed the Corporate…

IRS Wage Garnishment: What It Means, Why It Happens, and How You Can Stop It

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Picture This… It’s Monday morning. You’re running on caffeine fumes and a sliver of hope as you open the mail. Then—bam—you see it. A letter from the IRS. You scan the page, your eyes land on those dreadful words: “Wage Garnishment.”…

The EV Tax Debate: Should Electric Vehicle Owners Pay More to Use the Roads?

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As electric vehicle (EV) adoption accelerates across the U.S., states are grappling with a major funding dilemma: how to replace the billions of dollars traditionally generated by gasoline taxes, which have long funded infrastructure and road…

How Living in a Community Property State Impacts Married Couples’ Taxes

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Article Highlights:  Community Property Laws Community Property States Domicile and Its Importance Treatment of Community Property Community vs. Separate Property When Community Property Ends Special Rule for Spouses…