Dec 5, 2024 | Blog Posts, Tax
A federal district court has issued a nationwide injunction preventing the enforcement of the Corporate Transparency Act (CTA) and its associated beneficial ownership information (BOI) reporting rule, citing potential constitutional violations. The ruling, part of...
Oct 24, 2024 | Blog Posts, Tax
The Internal Revenue Service (IRS) has released the annual inflation adjustments for tax year 2025, providing updated information on more than 60 tax provisions. Outlined in Revenue Procedure 2024-40, these adjustments will affect taxpayers when they file their...
May 31, 2024 | Blog Posts, Tax
An employee stock option plan (ESOP) is an often-overlooked exit strategy for business owners. An ESOP is a qualified retirement plan that gives employees ownership in the company through stock. They are flexible, allowing owners to slowly sell their shares over time...
May 31, 2024 | Blog Posts, Tax
From 2017 to 2022, there were several wide sweeping changes to the Tax Code. From the tax cuts created by the 2017 Tax Act to the legislation passed in 2020 and 2021 in response to the Covid pandemic. These tax law changes have effected most US taxpayers. However,...
May 31, 2024 | Blog Posts, Tax
The Tax Reduction and Jobs Creation Act of 2017 (The 2017 Act) reduced the number of taxpayers who might be subject to Estate Tax upon their death. The Estate Tax exempts estates under a specific exemption amount. For 2024, the exemption amount is $13.6 million or for...
May 31, 2024 | Blog Posts, Tax
Today’s topic for Tax Tip Friday is Backdoor Roth IRAs. While Roth IRAs are very popular, many high income taxpayers are unable to contribute due to Modified Adjusted Gross Income (MAGI) limits. The backdoor Roth IRA is a strategy that allows high income taxpayers,...
May 31, 2024 | Blog Posts, Tax
If you’re 70 ½ or older and have a traditional IRA account, you might want to explore the option of making a Qualified Charitable Distribution (QCD). With the ongoing increase in standard deductions, many taxpayers find themselves unable to itemize deductions,...
Feb 26, 2024 | Blog Posts, Tax
In Week Five of our CTA Series, we’re exploring the intricacies of inactive entities exempt from BOI reporting. According to FinCen, specific criteria must be met for an entity to qualify as inactive. Let’s dive into these criteria and unravel the essentials. 1. The...
Feb 26, 2024 | Blog Posts, Tax
As we are entering the 2024 tax season, the following are some changes that may impact the filing of Federal, DE, PA or NJ returns this year and beyond. Pennsylvania For tax years beginning on or after January 1, 2023 for PA Personal Income tax purposes: Pennsylvania...
Feb 26, 2024 | Blog Posts, Tax
RE: Soroban Capital Partners LP, Soroban Capital Partners GP LLC v. Commissioner of Internal Revenue This is a summary memo regarding the United States Tax Court Decision that was filed November 28, 2023. The case dealt with the issue of self-employment income...
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