Beware of a new IRS scam involving clean energy tax credits, where scammers are misrepresenting the rules to unsuspecting taxpayers. Learn how this scam works and discover tips to protect yourself from falling victim.
With the rise of legal sports betting and online gambling, it’s crucial to understand the IRS reporting requirements associated with your winnings. Discover the thresholds for different types of gambling and how to report your earnings accurately. Learn how to avoid potential penalties and comply with IRS regulations.
Selling private company stock can be challenging for non-controlling shareholders. This article explores the critical considerations, from understanding company restrictions to finding the right buyers and planning for taxes.
“The path from my internship to full-time associate at Packer Thomas has been one of the most natural paths I’ve taken in my career. “
The IRS is making significant strides in processing Employee Retention Credits. Gain a deeper understanding of these recent updates and their implications for your business. Stay ahead of the curve by reading our latest article.
The IRS is set to dramatically boost audits on high-income earners, major corporations, and complex partnerships. Find out what these changes mean for you and how to prepare effectively.
Understanding the Alternative Minimum Tax (AMT) can be complex, but it’s essential for strategic tax planning. This article guides you through the process of calculating your AMT and offers useful strategies for minimizing its impact.
As the Tax Cuts and Jobs Act (TCJA) approaches its 2026 expiration, businesses face significant corporate tax changes. While the flat 21% corporate tax rate remains, key provisions such as the Qualified Business Income (QBI) deduction, bonus depreciation, and Opportunity Zone incentives are set to expire. Businesses must act swiftly to maximize benefits from expiring deductions, plan significant purchases to leverage higher bonus depreciation rates, and capitalize on Opportunity Zone investments before capital gains deferral benefits end. Additionally, employers should assess the impact of the imminent end of the employer credit for paid leave and consider alternative strategies to support employee well-being. As fringe benefits exclusions are reinstated in 2026 and limits on deductions for business losses are relaxed starting in 2029, businesses must strategize to navigate the changing tax landscape effectively. Consulting with expert advisors for personalized guidance is recommended to ensure optimal tax planning and business strategies.
The IRS proposed significant changes to regulations governing donor-advised funds (DAFs) in late 2023, potentially impacting existing funds. These proposed rules, while not final, could apply retroactively, necessitating proactive understanding and preparation. The regulations redefine eligible funds, donors, and donor-advisors, expanding the definition of DAFs and clarifying the roles of advisors. Implications include potential excise taxes on distributions managed by investment advisors and expanded eligible distributions. Sponsoring organizations should conduct thorough reviews of existing funds and seek guidance from legal and tax professionals to ensure compliance. While awaiting finalization and further guidance, proactive measures are crucial to navigate the evolving landscape of DAF regulations.
In an effort to combat the abusive use of partnerships for tax evasion, the Internal Revenue Service (IRS) has announced several new measures and guidance. The IRS is establishing a dedicated group in the Office of Chief Counsel to develop guidance on partnerships and close tax loopholes used by high-income taxpayers and corporations, particularly in the area of ‘basis-shifting’ transactions. These measures, which will be supported by increased auditing and reporting requirements, have been necessitated by the potential cost of these abusive transactions to taxpayers, estimated at over $50 billion over 10 years. The focus on partnerships forms part of the IRS’s ongoing commitment to high-income compliance issues and combating tax evasion.
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