The U.S. Supreme Court issued an order reviving the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) reporting requirements. Reporting entities established before … [Read more...] about Supreme Court Revives BOI Reporting
IRS Tax Planning Ideas, Tips & News
Tax Court Denies Clothing Donations of $25,446
Duncan Bass worked hard. He worked one full-time job for about 53 hours a week and a second job for about 15 hours a week. In addition to his W-2 jobs, Mr. Bass operated a landscaping, … [Read more...] about Tax Court Denies Clothing Donations of $25,446
Inherited IRAs
IRS Finally Figures Out What is Going On Way back in 2019, Congress passed the SECURE Act. One provision of this Bill changed the taxation of inherited IRAs on non-spousal … [Read more...] about Inherited IRAs
IRS Collections – Updates
I had the opportunity to listen to a podcast hosted by attorney Eric Green. His guest on the podcast was Rocco Steco, the Acting Director for Collection Policy at the IRS. Many temporary … [Read more...] about IRS Collections – Updates
Happy Birthday to Health Savings Accounts
As health insurance premiums get increasingly expensive, employers are looking to shift costs to their employees. They do this by having a high deductible health plan (HDHP). These plans … [Read more...] about Happy Birthday to Health Savings Accounts
Real Estate 721 Exchange
Real estate investors are more familiar with the 1031 exchange, a like-kind exchange. This is where the owner exchanges their rental property for a new property at equal or greater value and can … [Read more...] about Real Estate 721 Exchange
