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If you enjoy gambling, whether occasionally or frequently, it is crucial to understand how your winnings and losses can affect your tax liability. Basic Rules Winnings: You report your gambling winnings from casinos, lotteries, raffles, and other gambling activities as “above-the-line” taxable income. Losses: You deduct gambling losses “below-the-line”...

The Affordable Care Act (ACA) changed the landscape for small businesses that offered health benefits for their employees. Before the ACA, many small businesses reimbursed some or all of their employees’ individually purchased health insurance. The ACA makes that illegal and imposes a $100-a-day, per-employee penalty for such reimbursements...

Many individuals either contemplate or hold citizenship in more than one country. While dual citizenship can offer many benefits, such as enhanced travel mobility, access to social services, and the ability to work and reside in both countries, be sure you are aware of the tax responsibilities. As a...

The IRS is on a tear against improper employee retention credit (ERC) claims. Here are four recent actions taken by the IRS: 1. Unfair Stop to Processing New ERC Claims On September 15, 2023, the IRS announced a temporary halt on processing new ERC claims until after the end...

After years of delays, the first stage of the Corporate Transparency Act (CTA) goes into effect on January 1, 2024. It imposes a new federal filing requirement for most corporations and limited liability companies (LLCs) formed in 2024 and later. The CTA’s purpose is to prevent the use of...

If you can convert a personal vehicle to business use, you likely can increase your tax benefits—and do that without spending any money or driving another business mile. Here’s an example: Once Mel and Sharpe, his wife, started using both cars, they had 73.7 percent business use of each...

As the year winds down, many of our clients look toward clothing and household item donations as a means to give back and optimize tax deductions. Recent cases, such as the one involving Duncan Bass, highlight the importance of understanding and following the IRS regulations concerning these contributions. Mr....

The Augusta rule gets its name from the Masters Golf Tournament, where some members and others who live in the area receive tax-free rent by renting their homes for a week or two. You don’t have to live in Augusta to benefit from this rule. IRC Section 280A(g), also...

Contrary to popular belief, the IRS does not limit business owners to claiming deductions on only one business vehicle. You might maximize tax benefits by using multiple vehicles for business purposes. This is particularly true when The allowability of multiple vehicle use is made clear in both IRS Publication...

I hope this letter finds you and your loved ones safe and well. Recent natural calamities in various parts of our nation have caused considerable distress. I want to bring to your attention some crucial tax-related implications and preventive measures you may consider. IRS Tax Relief Update For Hawaii...

Say you have a friend who moved to the U.S. from Greece. Here is a high-level look at eight tax considerations your friend needs to know: 1. Tax residency. A foreign individual’s income tax obligation in the U.S. hinges on their tax residency status—whether they are a resident alien...

When enacted, the Affordable Care Act (ACA) eliminated most small business health plans that reimbursed individually purchased health insurance. Consequently, many small business owners chose health savings accounts (HSAs) or opted to provide no health coverage at all. As of 2022, over 35 million HSAs were active, with assets...