Category Archives for TAX DEDUCTIONS

IRS Targets Nonfilers: Their New Push to Bridge the Tax Gap

  • March 15, 2024

Taxpayers beware: the IRS is renewing efforts to address the rising issue of nonfilers, aiming to recover billions in unfiled tax returns."The Growing Challenge of Nonfilers for the IRSThe Internal Revenue

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Ohtani’s $680M Decision Spurs Deferred Contract Tax Planning Insights

  • February 16, 2024

Shohei Ohtani's groundbreaking $700 million contract with the Los Angeles Dodgers not only sets a new benchmark in professional sports but also introduces complex financial planning and tax considerations.

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IRS Collects $482M in Back Taxes From Millionaires in 2023

  • February 14, 2024

Some millionaires were also sent to prisonThe Internal Revenue Service says it collected almost half a billion dollars from wealthy tax cheats last year, in a continuing effort to step up their enforcement

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IRS Targeting Wealthy Citizens in New Compliance Initiatives

  • November 15, 2023

In a series of new IRS compliance initiatives, the tax agency has its sights set on high-income, high-wealth entities and individuals. The IRS is, among other issues, going after individuals having over

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Deducting Mortgage Interest when Your Name is Not on the Deed

  • July 21, 2022

Tax law has an exception for unconventional “homeowners”. If you are able to “itemize” your deductions, you can deduct the mortgage interest payments even when the deed to the house and the mortgage

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Are IRS Penalties Tax Deductible?

  • May 11, 2021

The U.S. tax code does not allow taxpayers to deduct penalties assessed by the Internal Revenue Service (IRS). IRS penalties are typically assessed for violations of tax laws, such as misreporting income

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What 2020 Tax Issues are Impacting the 2021 Tax Season?

  • February 19, 2021

The past year was unique in a number of ways that will impact the rapidly approaching filing season. Continued implementation of the Tax Cuts and Jobs Act, plus the pandemic-response legislation such as

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Small Businesses that Received PPP Aid May Face Tax Problems

  • December 1, 2020

A recent IRS ruling tying up a loose end in the 2020 economic-relief law could require many small businesses to pay taxes on government PPP aid meant to help through the pandemic.On Nov. 18, the agency

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Top 10 Year-End Tax Planning Tips

  • November 2, 2020

Between the political environment and the COVID-19 pandemic and its attendant stimulus packages, this year has seen more than its share of uncertainty around tax – which makes year-end tax planning all

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Avoiding Tax Debt with PPP Loans

  • July 28, 2020

The Paycheck Protection Program (PPP) loans are a popular option for businesses struggling due to COVID-19, but understanding the tax obligations associated with them can be confusing and challenging,

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