Employee Retention Tax Credit COVID-19 has affected us all economically in some form or fashion, and this certainly includes small businesses across the country. In response to these troubled times, Congress approved the creation of the Employee Retention Tax Credit (“ERTC”) to encourage small businesses to retain their employees. This is a refundable tax credit
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Put Your Home in a Trust
Put Your Home in a Trust Owning a home is a quintessential part of the American Dream. During the excitement and joy of signing closing papers and receiving keys, very few homeowners stop to consider how to protect their home in the event they pass away. One way homeowners can protect their homes, amongst other
IRS Tax Brackets 2023
Will New Tax Brackets for the 2023 Calendar Year Help You? The IRS updates tax rates annually based on inflation—and with this year’s monthly inflation numbers struggling to dip below seven percent, income tax thresholds are changing fairly dramatically compared to past years. The new IRS Tax Brackets 2023 reflect the substantial changes to prices
FBAR – Foreign Bank Accounts Require Disclosure
FBAR – Foreign Bank Accounts Require Disclosure If you are U.S. Citizen or a Green Card holder and you have a bank account outside the United States, your foreign bank account(s) requires disclosure to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) through Form FinCEN 114 or FBAR. Every U.S. Citizen
IRS and FTB Penalties for Filing Late Taxes Should Your Accountant Neglect to E-file
Penalties for Filing Late Taxes The IRS and Franchise Tax Board (FTB) can charge penalties for filing late taxes or for the late payment of taxes. The penalties for filing late taxes and late payments charged by the IRS and FTB can be up to 25% of the tax owed. The penalties may be excused
You hit the lottery jackpot! Now what?
Lottery Jackpot We play the lottery jackpot when we are feeling lucky. But how does a winner ensure they stay lucky when they hit it big? Hitting the lottery jackpot might seem like a dream come true: by spending a few dollars and selecting a few numbers, a person can win an enormous amount of
Why Law Students Should Consider Tax Law and a Masters in Taxation – LL.M.
Masters in Taxation – LL.M. People gain a sense of purpose from the belief their work will be of use to everyone. For example, a gas station owner believes everyone needs gas, and a doctor believes everyone, at some point, will require medical assistance. Just like the gas station owner and medical professional, specialized tax
The Inflation Reduction Act of 2022 – What It Means For Americans
Inflation Reduction Act of 2022 The Inflation Reduction Act of 2022 was signed into law on August 16, 2022, by President Joe Biden. The Act includes subsidies for healthcare, clean energy, and energy efficiency. It also includes major tax implications that could affect both corporations and individuals. What can Americans expect from the Inflation Reduction
IRS Penalty Relief for Certain Taxpayers Filing Returns for Taxable Years 2019 and 2020
IRS Penalty Relief The IRS announced on August 24, 2022, it will be waiving late-filing penalties and processing refunds to taxpayers who missed the filing deadlines on their 2019 and 2020 federal income tax returns (IRS Notice 2022-36). Before this IRS penalty relief announcement there were two ways to petition for a waiver of penalties.
Tax Treaty Provisions Are an Important Part of International Tax Reporting File IRS Form 8833 to Avoid Penalties!
What is a Tax Treaty? A tax treaty is an agreement between two countries intended to address and resolve issues such as double taxation of income for each country’s citizens or residents. The United States has tax treaties in place with numerous countries. These treaties seek to provide reciprocal reduced tax rates or exemptions for
Breaking Down the Attorney Client Privilege Break Down
Attorney Client Privilege The concept of attorney client privilege as we know it could be shifting in the Ninth Circuit. The 1981 case Upjohn Co. v. United States determined the purpose of attorney client privilege is to “encourage full and frank communication between attorneys and their clients.”1 However, when it comes to legal tax professionals
