Why Recognition as a Donor Doesn’t Guarantee a Deduction If you’re a frequent donor to charitable organizations, you may enjoy special recognition, such as exclusive membership levels. However, being acknowledged as a donor doesn’t automatically qualify you for a charitable
Learn the Warning Signs and Essential Steps to Protect Yourself Hiring a tax preparer is supposed to make tax filing easier and ensure compliance with complex regulations. However, if your preparer becomes the target of an IRS investigation, it could
New IRS Guidance on Paid Family and Medical Leave Programs The IRS recently issued Revenue Ruling 2025-4, which provides clarity on the income and employment tax treatment of contributions and benefits under state-mandated paid family and medical leave programs. This
Extended Deadlines and Key Benefits for Affected Taxpayers The IRS has announced significant tax relief for individuals and businesses impacted by the California wildfires and straight-line winds that began on January 7, 2025. Affected taxpayers now have until October 15,
Fraudulent Tax Returns Cause Nearly $7 Million Loss to the IRS A Minnesota businessman has been sentenced to 108 months in prison for orchestrating a tax fraud scheme involving falsified tax returns. His actions caused the IRS a loss of
IRS Collection Efforts Thwarted by Concealed Assets A Virginia businessman has been sentenced to 78 months in prison for evading employment taxes, filing false tax returns, and obstructing IRS investigations. His actions led to a tax loss of over $1.5
Understanding the Financial and Economic Implications: Explore the Costs, Benefits, and Potential Impacts of Letting the 2017 Tax Cuts and Jobs Act Provisions Expire The 2017 Tax Cuts and Jobs Act (TCJA) introduced sweeping changes to the U.S. tax code.
A landmark ruling emphasizes the strict requirements for conservation contributions. The Tax Court’s Landmark Decision The Tax Court recently upheld the IRS’s denial of a $23 million charitable contribution deduction claimed by Capital Places II Owner, LLC (CPII). The case
From Social Security Reform to Disaster Relief, Here’s What Passed and What’s Next December was a pivotal month for tax legislation. While Congress narrowly avoided a government shutdown, several impactful tax-related bills were passed before closing out the 118th legislative
Former Massachusetts Home Builder Concealed Over $1 Million in Income and Created Fake Documents A former Massachusetts home builder has pleaded guilty to conspiring to defraud the United States and creating false documents to assist a client in securing a