IRS Contribution Limits for 2025 The IRS recently announced new 401(k) and IRA contribution limits for 2025. Taxpayers can generally contribute up to $23,500 to their 401(k) accounts in 2025. For those with IRA accounts, taxpayers can contribute up to $7,500 in 2025. The IRS also announced the catch-up contribution limits for taxpayers 50 years
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The Tax Gap for 2022: Is Every Dollar of the $696 Billion Tax Gap a Problem?
Tax Gap 2022 The IRS recently announced it estimated the Tax Gap for the 2022 tax year is $696 billion. The Tax gap is the difference between the total taxes Americans are supposed to pay and the amount of taxes actually paid on time. According to the IRS, 77% of the tax gap results from
Five Essential Tax Planning Tips for the Middle Class
Tax Planning Tips Navigating the tax code can be challenging, especially for middle class households which are often caught in a balancing act between maximizing tax savings and managing their everyday expenses and cash flows. The good news is there are several strategies available to ensure you are taking full advantage of deductions, credits, and
Millionaire Tax Strategies for Middle Class Earners
Millionaire Tax Strategies Effective tax planning is not only for the wealthy; middle class families can benefit significantly from adopting similar strategies. Millionaires are proactive about reducing taxes, particularly in retirement, which helps them preserve more wealth. Below are some key millionaire tax strategies for middle class earners and how these strategies can be applied
How to Stay Off the California Franchise Tax Board (FTB) 500 Delinquent Taxpayer List
Delinquent Taxpayer List The California Franchise Tax Board or FTB publishes a list of the top 500 largest past due tax balances in the state. Any taxpayer who owes $100,000 or more to the Franchise Tax Board is at risk of appearing on the top 500 delinquent taxpayer list, known as the FTB 500 list.
IRS Announces Reopening of ERC Voluntary Disclosure Program
The IRS recently announced it was re-opening a second Employee Retention Tax Credit, or ERC, Disclosure Program. Under the terms of the ERC Voluntary Disclosure program, employers who submitted incorrect ERC claims can come forward and file a disclosure. In exchange for coming forward, those employers will receive a 15% discount on the tax owed
Do I Have to Pay Tax on That? Tax Consequences of S-Corporations, LLCs, Partnerships, and other Pass-Through Earnings
Tax Consequences of S-Corporations, LLCs, Partnerships, and other Pass-Through Earnings This new blog series will discuss the question we tax professionals often hear: “Do I have to pay tax on that?” This first installment will focus on the earnings and tax consequences of S-Corporations, LLCs, Partnerships, and other Pass-Through entities. To provide a little background,
Retirement Planning Mistakes Can Be Costly
Retirement Planning Mistakes Can Be Costly Retirement accounts like 401(k)s and IRAs are useful retirement planning tools. However, like any useful tool, they can be misused. As a tax controversy firm, we see clients make mistakes with their 401(k) and IRA accounts such as incorrect rollovers and failing to take Required Minimum Distributions. This blog
IRS Announces Employee Retention Tax Credit or ERC Refunds as Early as September for Some Businesses, While Many Other Businesses Will Remain in ERTC Limbo
The IRS issued another announcement on how it intends to process Employee Retention Tax Credit or ERTC claims and issue ERTC refunds. In previous announcements the IRS stated it was lifting the moratorium on Employee Retention Tax Credit or ERC refunds, but was going to leave most businesses in bureaucratic limbo. The IRS recently announced
Dynasty Trusts
Dynasty Trusts Families should consistently seek methods to preserve family wealth for future generations. Developing an effective strategy to minimize estate transfer taxes is critical to preservation. Unfortunately, poor planning may result in repeated taxes on familial wealth which can heavily erode and diminish the value of an estate as it passes from generation to