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CT – Once Again – Discusses Phasing Out Motor Vehicle Tax

April 12, 2024

Connecticut’s ongoing debate on the phase-out of the state car tax reveals deep concerns and varying opinions among stakeholders. The proposed legislation, which suggests eliminating the motor vehicle tax within […]

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IRS Targeting High-Income Taxpayers with Unfiled Returns

April 7, 2024

After its success targeting millionaires with unpaid taxes, 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 […]

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Exemption Granted from Electronic Filing for Form 1042

April 7, 2024

The IRS granted a temporary electronic filing exemption for Form 1042, Annual Withholding Tax Return for U.S. Source Income of Foreign Persons. The exemption is automatic, so withholding agents do not need to file […]

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Warning Signs of Questionable Employee Retention Credit Claims

March 10, 2024

The IRS has issued a warning to small businesses regarding potential issues with Employee Retention Credit (ERC) claims as the March 22, 2024 deadline for the ERC Voluntary Disclosure Program approaches. Seven suspicious warning signs have been identified based on feedback from tax professionals and […]

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Auto Depreciation Caps and Lease Inclusion Amounts for 2024

March 10, 2024

For 2024, the IRS has set new depreciation limits for business-use luxury cars and specific lease inclusion amounts. For vehicles placed in service or leased in 2024, there are distinct […]

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IRS Increases Audits on Personal Use of Business Aircraft

March 10, 2024

The IRS is expanding its ongoing efforts to improve tax compliance in high income categories with dozens of audits on personal use of business aircraft. Focused primarily on large corporations, […]

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2024 Tax Brackets & Ways to Move into a Lower One

March 10, 2024

Are you unsure of your tax bracket and looking for ways to reduce your tax burden? Here are some ideas to consider. First, a primer. In the United States, our […]

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New College Saving Opportunity: Converting 529 Plans to Roth IRAs

February 2, 2024

Saving for your children’s college education became much easier when 529 plans were introduced. The ability to access funds in a 529 plan without paying federal taxes, as long as […]

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IRS Announces Penalty Relief for 2020 and 2021 Tax Returns and Plans to Resume Collection Notices

February 1, 2024

The Internal Revenue Service (IRS) has recently announced a significant update for taxpayers, providing much-needed relief for those affected by the COVID-19 pandemic. Specifically, the IRS is offering automatic penalty […]

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Navigating New IRS Regulations: Understanding De Minimis Error Safe Harbors

February 1, 2024

The IRS has recently finalized regulations that provide clarity and relief for businesses and individuals regarding the penalties for inaccuracies in information returns and payee statements. These final regulations, effective […]

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IRS’s Aggressive Compliance Measures Bring in Over $500 Million from Millionaires

February 1, 2024

In a recent update that underscores the effectiveness of heightened compliance activities, the Internal Revenue Service (IRS) has made a significant impact on tax collection from high-net-worth individuals. Commissioner Daniel […]

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What the 2024 IRS Focus Guide Means for Taxpayers in Disputes

January 4, 2024

The IRS Independent Office of Appeals has recently unveiled its 2024 Focus Guide, which could bring significant changes for anyone currently in a tax dispute or who might find themselves […]

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