Articles
How to change your name after marriage with the IRS: A guide to avoid tax season woes
Disclaimer This article is for informational purposes only and does not constitute legal advice. Always consult with a tax professional for your specific circumstances. Ma...
Federal court blocks nationwide enforcement of Corporate Transparency Act (CTA)
Overview: A major setback for the Corporate Transparency Act On December 3, 2024, a federal court in Texas issued a landmark ruling prohibiting the enforcement of the Corporate Transparency Act (CTA) across the...
IRS announces inflation-adjusted tax penalties for 2025
The IRS has announced new inflation-adjusted tax penalties for 2025, impacting taxpayers, businesses, and tax professionals who file or pay taxes late or submit incorrect information. These penalties – part of the IRS’s enforcement strategy to maintain compliance – are outlined for the upcoming tax season and emphasize...
IRS announces 2025 retirement contribution limits and adjustments
The IRS has released updated retirement contribution limits for 2025, covering 401(k)s, IRAs, SIMPLE accounts, and other retirement plans. These adjustments, aimed at reflecting cost-of-living changes, include increased contribution limits and updated income thresholds for various retirement accounts, making it easier for Americans to s...
What Trump’s second term means for taxes, economy, and foreign policy
Donald Trump’s re-election to the White House marks a pivotal moment in US policy, with plans for significant economic, tax, and foreign policy changes. After securing 295 electoral votes and a strong popular mandate, Trump is set to implement a bold “America First” agenda with sweeping implications for American househ...
IRS changes foreign gift and inheritance filing penalty assessments
The IRS has recently implemented significant changes in response to taxpayer and practitioner concerns about the automatic assessment of penalties for late-filed foreign gift and inheritance filings. Announced by IRS Commissioner Danny Werfel at the ...