Category Archives for Tax Tips
IRS Corporate Jet Audits: Increased Scrutiny on Tax Deductions
Under the Radar No MoreThe Internal Revenue Service recently announced a campaign to investigate the use of corporate jets by large businesses and wealthy individuals. Although the announcement was made
Read MoreMaximize Estate Tax Exemptions Before 2025 Deadline
Act now to utilize estate tax exemptions before they decrease in 2025. Learn how with the right tax planning strategies.Maximize Your Estate Tax Exemptions Before Time Runs OutWith the Tax Cuts and Jobs
Read MoreIRS Targets Nonfilers: Their New Push to Bridge the Tax Gap
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
Read MoreOhtani’s $680M Decision Spurs Deferred Contract Tax Planning Insights
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.
Read MoreIRS Targets Sports Teams, Boosts Wealthy Tax Filers Enforcement, Cites Tax Losses
Buying and running sports teams come with certain tax breaks (from tax losses).The Internal Revenue Service (IRS) will intensify its scrutiny of the sports industry’s reporting of sports teams' tax losses,
Read MoreIRS Collects $482M in Back Taxes From Millionaires in 2023
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
Read MoreThe IRS Delays $600 1099-K Threshold for Another Year
The Internal Revenue Service recently said it would postpone the $600 threshold for reporting transactions on Form 1099-K for the second year in a row, and begin to phase in a threshold of $5,000 starting
Read MoreIRS grants $1B in penalty relief
The IRS has granted about $1 billion in penalty relief to some 4.7 million individuals, businesses and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic.Most
Read MoreIRS Targets ‘Complex Pass-Through Entities’ Used by High-Income Earners
The IRS announced the establishment of a new division targeting “pass-through” entities, which the agency claims will hold America’s wealthiest tax filers “accountable.”Pass-through entities
Read MoreIRS Targeting Wealthy Citizens in New Compliance Initiatives
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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