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    IRS tax return filing requirements to avoid court cases
    Posts

    Tax court corner: three cases, three great tips

    Here’s a brief summary of three recent tax court cases and some tips you should learn from them. Keep those...

    Moving a trust to another state qualifying for the home gain exclusion and your tax benefits
    Posts

    Your home is a bundle of tax benefits

    Many tax benefits come with owning your home. Here is a review of the most common. Tax benefits of your...

    Unused compensation reductions and employee tax-free income
    Posts

    Employee tax-free income

    Most income from your employer quickly ends up on a W-2 tax form at the end of the year. However,...

    how to deduct business meals correctly
    Posts

    Deduct business meals the right way

    Suppose you take your best client to dinner to celebrate your business relationship. Can you deduct any of the cost...

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    Understanding tax terms: depreciation recapture

    One of the more unpleasant surprises that can hit a taxpayer occurs when you sell personal property, rental property, or...

    relief program and withdrawal options for scam victim of ERTC claims scams
    Posts

    IRS suspends processing of ERTC claims

    The IRS has immediately frozen the processing of new Employee Retention Tax Credit (ERTC) claims. Due to an influx of...

    Essential Estate Planning Strategies for Tax beneficial savings
    Posts

    Don’t overlook these two essential estate planning strategies

    Many tools and methods can help minimize your taxable estate and guarantee your final wishes come true. Many should implement...

    IRS guidance on new catch-up contribution rules for tax-favored retirement plan
    Posts

    IRS issues guidance on new retirement catch-up contribution rules – part two

    The new catch-up requirements are set to take effect after 2023. Many retirement plan sponsors have found it challenging to...

    IRS guidance on new catch-up contribution rules for tax-favored retirement plan
    Posts

    IRS issues guidance on new retirement catch-up contribution rules – part one

    The SECURE 2.0 Act was signed into law by President Biden in December 2022. The expansive new law significantly altered...

    Understanding Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniques
    Posts

    Taxes: Knowing the basics is key

    Understanding how our tax system works can be tricky for anyone. Whether you're an adult who pays little attention to...

    What is unearned income on tax forms
    Posts

    Understanding tax terms: unearned income

    The tax code uses jargon that can be confusing. One that impacts most of us is the term "unearned income."...

    Keep proper documentation to avoid rejected tax returns via e-filing
    Posts

    Save those receipts: These tips are money in your pocket

    When it comes to taking qualified deductions on your tax return, having proper documentation to prove your expenditure is a...

    IRA contribution error with contributions to retirement savings to retire early
    Posts

    An IRA contribution error

    The IRS is beginning to tackle the taxpayer error of a yearly excess contribution to an IRA account. If you...

    Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Taxes Due
    Posts

    What to do if you miss a quarterly estimated tax payment

    Many taxpayers maintain their federal tax withholdings as low as possible to prevent the IRS from receiving their funds at...

    relief program and withdrawal options for scam victim of ERTC claims scams
    Posts

    The IRS warns businesses about ERTC scams – part two

    If you fall victim to an ERTC scam, you may be responsible for repaying the credit. In addition, you may...

    relief program and withdrawal options for scam victim of ERTC claims scams
    Posts

    The IRS warns businesses about ERTC scams – part one

    Nowadays, businesses are allegedly missing out on the lucrative Employee Retention Tax Credit (ERTC). This allegation comes from numerous advertisements...

    tax tips for hiring family members in your small business
    Posts

    What you need to know about hiring family members

    Many business owners hire their child(ren), spouse, or other family members to work in their business. Sometimes this works out...

    Selling property to family and what else requires a tax review for inherited IRA
    Posts

    When to call: common situations that require a tax review

    Taxes can affect many areas of your life. Some common situations may make you want to ask, "What requires a...

    What does the IRS know about me? Revenue officer notices and visits from tax return filing requirements
    Posts

    IRS ends unannounced revenue officer visits

    The IRS recently announced a major policy change that will end most unannounced revenue officer visits to taxpayers. All the...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    IRS provides transitional relief for RMDs and inherited IRAs – part two

    In response to recent legislative changes, IRS Notice 2023-54 expands the relief already provided to taxpayers subject to the so-called...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    IRS provides transitional relief for RMDs and inherited IRAs – part one

    In response to recent legislative changes affecting the age at which taxpayers must start taking required minimum distributions (RMDs) from...

    Essential Estate Planning Strategies for Tax beneficial savings
    Posts

    Tax-beneficial savings alternatives

    With the recent interest rate increases made by the Federal Reserve, it is time once again to actively manage your...

    Avoid Amending for Audits of an IRS Tax Return Audit
    Posts

    Amending a tax return

    There's usually an element of relief after filing your annual tax return. But what do you do if you find...

    Maximize Your HSA limits
    Posts

    2024 HSA limits

    Contribution limits for the ever-popular health savings account (HSA) are set for 2024. And inflation adjustments break through the historic...

    Plan for GST Tax or cash in on zero percent capital gains rate
    Posts

    Cash in on 0% capital gains tax rate

    While the maximum capital gain tax rate can be as high as 23.8%, most taxpayers pay 15%. But there is...

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    Pull your property taxes back down to Earth

    Higher property tax bills have accompanied the rising market values of homes over the past several years. If your bill...

    FAQs to Prepare for Tax Day with year-end tax reduction techniques
    Posts

    Common tax questions everyone is wondering

    During tax season, there are a number of areas that generate questions. Here are five of the most tax FAQs...

    Using your tax refund and tips for marriage
    Posts

    Tax tips for those getting married

    If you are newly wed, engaged to be married, or know someone ready for marriage, here are some important tax...

    What to Know about Your Status of IRS Tax Refund Deadline
    Posts

    Taxpayers may forfeit more than $1.4 billion in refunds

    The deadline for your tax refund is quickly approaching on July 17, 2023. "Time is running out for more than...

    taxation and reporting of virtual currency transactions
    Posts

    Virtual currency lands in the IRS’s crosshairs – part two

    Digital assets are regarded as property for tax purposes in the United States. Consequently, the specific tax laws that apply...

    taxation and reporting of virtual currency transactions
    Posts

    Virtual currency lands in the IRS’s crosshairs – part one

    The IRS has grown more interested in virtual currency, even if its value is still erratic. The government began Operation...

    Avoid Federal Gift and Estate Tax Uncertainty With a SLAT Spousal Trust
    Posts

    Prepare for an uncertain federal gift and estate tax exemption amount with a SLAT

    The federal exemption from gift and estate tax for 2023 is $12.92 million ($25.84 million for married couples). However, if...

    The best defense for what to do when audited on audits of an IRS Tax Return Audit
    Posts

    Five steps to take if you’re audited by the IRS

    Getting audited is no one’s idea of a good time, yet you can minimize the stress if you take the...

    Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Taxes Due
    Posts

    Reminder: Now is the time to make your estimated tax payment

    If you have not already done so, now is the time to review your tax situation. The second quarter due...

    Potential Tax Legislation: Fiscal Responsibility Act
    Posts

    What’s in the Fiscal Responsibility Act?

    The new debt ceiling agreement that President Biden and Speaker of the House Kevin McCarthy (R-CA) struck has been signed...

    College Savings
    Posts

    New College Savings Option: How to get more money without reducing need awards

    There is a new way to save money for college that won't impact your student's ability to qualify for financial...

    Inventory Management for Start-Up Business Expenses and Accounting Methods
    Posts

    4 ways prioritizing inventory management can help your business

    Mastering inventory levels is a key to many successful and growing businesses. Here are four reasons why prioritizing your inventory...

    Maximize Your HSA limits
    Posts

    Understanding tax terms: Health Savings Accounts (HSA)

    If Benjamin Franklin were alive today, his famous quote, "Nothing is certain, except death and taxes," might include a third...

    Increase and Maximize Your Social Security Benefits
    Posts

    Social Security’s future: The problem and the proposals part II

    Recent studies have rekindled fears about the Social Security program's approaching insolvency without congressional action. Social Security reform has long...

    Increase and Maximize Your Social Security Benefits
    Posts

    Social Security’s future: The problem and the proposals part I

    Over 6 million people currently receive Social Security benefits. But, according to the Congressional Budget Office (CBO), in 2032, the...

    Tax Break for Elderly Caregiver(s) Receiving an Inheritance
    Posts

    You’ve received a sizable inheritance: Now what?

    It may be tempting to think of a sizeable inheritance you've recently received or will soon receive as "found money"...

    Maximize the Child and Dependent Care Credit to Deduct Summer Activity Expenses
    Posts

    Make your child’s summer break a tax break

    As a busy working parent, you are probably concerned about what activities are available for your kids this summer. However,...

    Moving a trust to another state qualifying for the home gain exclusion and your tax benefits
    Posts

    The home gain exclusion: make sure you qualify

    The home gain exclusion is one of the most generous tax breaks available to taxpayers, providing the ability to exclude...

    Separation of Duties for Start-Up Business Expenses and Accounting Methods
    Posts

    Safeguarding your business’s cash with separation of duties

    The best way for small businesses to battle fraud is to create a separation of duties framework. With the separation...

    The Kiddie Tax - Child Credits for 2021 Gift Return
    Posts

    Replacing lost tax breaks for your growing children

    Your children are getting older. They'll soon be dating, driving, and starting college, if they haven't already begun. Unfortunately, as...

    FAQs to Prepare for Tax Day with year-end tax reduction techniques
    Posts

    Calling all taxpayers: Plan now or pay later

    Procrastination is easy, especially when it comes to summertime tax planning. But waiting to implement these planning strategies to reduce...

    Using your tax refund and tips for marriage
    Posts

    Put your tax refund to good use

    Every year, three-fourths of tax filers receive a refund, with the typical check so far this filing season coming in...

    The Homeowner Tax Break to reduce your bills, property taxes, and real estate probate costs or apply risk of depreciation recapture rules on home sale
    Posts

    How to reduce your property taxes

    Home values are increasing, which may result in additional property tax bills. So get ready to reduce your property taxes...

    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    IRS guidance coming regarding the IRA’s Clean Vehicle Credit – part two

    The IRS will be releasing new rules to make it more straightforward how "clean vehicles," which include EVs, plug-in hybrids,...

    IRS Guidance on the Clean Vehicle (CV) Credit for Electric Cars
    Posts

    IRS guidance coming regarding the IRA’s Clean Vehicle Credit – part one

    The Section 30D Clean Vehicle (CV) Credit, formerly known as the Electric Vehicle (EV) Credit, was extended and enhanced by...

    Plan for GST Tax or cash in on zero percent capital gains rate
    Posts

    Plan carefully to avoid GST tax surprises

    It's crucial to consider and plan for the generation-skipping transfer (GST) tax if you wish to pass along some of...

    2024-2025 Calendar for Tax Return Information and Tips with first quarter estimates taxes
    Posts

    Now is the time to file your taxes and make your estimated tax payment

    You have until Tuesday, April 18, to file your individual tax return and pay your first quarter estimated taxes. This...

    Moving a trust to another state qualifying for the home gain exclusion and your tax benefits
    Posts

    Should you move your trust to another state?

    You may desire to transfer a trust to a more advantageous location for several reasons. For example, to prevent or...

    What to Know about Your Status of IRS Tax Refund Deadline
    Posts

    Where is my refund?

    You can check the status of your refund after filing your income tax return using the "Where's My Refund" function...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    New tax rules mean changes for retirement accounts

    There are many methods for you to increase your retirement savings accounts through the SECURE Act 2.0, which Congress passed...

    giving excess gifts and filing a gift tax return vs. bequests
    Posts

    Understanding the gift giving tax

    There are particular limits to the number of gifts one may give to any individual each year to prevent taxpayers...

    sole proprietors
    Posts

    An IRS audit target: the sole proprietor

    The IRS releases its Data Book annually, which details all of its activities. And during the past few years, audits...

    President Biden's Proposed Budget for 2024 Includes Business and Individual Tax Provisions
    Posts

    President Biden’s proposed budget includes notable tax provisions for businesses

    The federal government's planned budget for the fiscal year 2024 has been made public by President Biden. They intend to...

    President Biden's Proposed Budget for 2024 Includes Business and Individual Tax Provisions
    Posts

    President Biden’s proposed budget includes notable tax provisions for individuals

    The federal government's planned budget for the fiscal year 2024 has been made public by President Biden. The budget intends...

    FBAR issue
    Posts

    U.S. Supreme Court rules against the IRS on critical FBAR issue

    The Bank Secrecy Act (BSA) clause that has divided two federal courts of appeal received fresh guidance from the U.S....

    giving excess gifts and filing a gift tax return vs. bequests
    Posts

    To file or not to file a gift tax return, that is the question

    You might wonder if filing a gift tax return is necessary if you made gifts last year. The short answer:...

    Roth IRA tax-free retirement savings
    Posts

    Is a Roth IRA right for you?

    Consider investing in a Roth IRA if you're searching for tax-free savings and greater freedom in retirement. While Roth IRA...

    Business Owner Employee Tax Limits not filing on time for Independent Contractor vs. Employee and retirement plans for small businesses
    Posts

    Attention businesses: File on time or pay the price

    The deadline for S-corporations and partnerships to file their tax returns for the calendar year is March 15. Although no...

    Tax Break for Elderly Caregiver(s) Receiving an Inheritance
    Posts

    3 tax break tips for caregivers

    If you've ever had to provide care for a sick, elderly, or disabled person, you are aware of the financial...

    buy-sell agreements
    Posts

    Business owners: Now’s the time to revisit buy-sell agreements

    Buy-sell agreements should be a crucial part of your estate and succession plans if you have a stake in a...

    tax surprises bring rejected tax returns via e-filing electronically filing information returns
    Posts

    What to do if your e-filed tax return is rejected by the IRS

    Nowadays, more than 90% of individual tax returns are submitted electronically, and the procedure is usually simple. But e-filing can...

    Potential Tax Legislation: Fiscal Responsibility Act
    Posts

    Potential tax legislation in the new Congress

    As a result of the 2022 midterm elections, the Democrats no longer hold control of both chambers of Congress, tipping...

    Avoid Amending for Audits of an IRS Tax Return Audit
    Posts

    Your most important defense against an IRS audit

    A tax court judge determined that a joint tax return that both spouses do not sign is ineligible to be...

    financial distress debt in business
    Posts

    Tax ramifications can be good or bad

    Few things are as upsetting as not getting paid what you are due. However, if the debt isn't paid, you...

    correct your reporting online payment on 1099-Ks
    Posts

    A recent IRS change regarding 1099-Ks

    The IRS will no longer require third-party payment processors to submit 1099-Ks to anyone receiving payments of more than $600...

    What is unearned income on tax forms
    Posts

    How to handle all those forms

    Over the past few weeks, tax forms have begun to pile up in your mailbox, and more are probably on...

    2024-2025 Calendar for Tax Return Information and Tips with first quarter estimates taxes
    Posts

    Tips to make sure your tax return doesn’t get stuck

    Here are five tips to ensure your tax return is prepared and filed as quickly (and accurately!) as possible. Tax...

    What does the IRS know about me? Revenue officer notices and visits from tax return filing requirements
    Posts

    Reasons to file early

    When the IRS receives its first tax return in late January or early February, the 2022 tax filing season officially...

    taking your company public
    Posts

    Deciding to take your company public?

    An initial public offering (IPO) is a demanding process and a pivotal point for any company. The two most important...

    2023 Deadline for Form 1040 and Tax Due Dates for Individuals, Businesses, and Employers
    Posts

    2023 tax calendar for businesses

    Here is a breakdown of the due dates for different tax-related documents, payments, and other actions. We provide this information...

    2023 Deadline for Form 1040 and Tax Due Dates for Individuals, Businesses, and Employers
    Posts

    2023 tax calendar for individuals

    This breakdown of the due dates for different tax-related documents, payments, and other actions is offered to assist you in...

    Tax Tips to Avoid Late Payment Penalties when Second or Fourth Quarter Taxes Due
    Posts

    Reminder: Fourth quarter estimated taxes now due

    If you haven't already, you should assess your tax situation and file Form 1040-ES to make an estimated quarterly tax...

    New log standard business mileage tax deduction rates for 2024/2025
    Posts

    IRS publishes standard mileage rates for 2023

    In July, your business mileage tax deduction became more valuable for 2022 after an announcement by the IRS. As of July...

    Year-end spending package tackles retirement savings planning
    Posts

    Year-end spending package tackles retirement planning: part two

    Congress enacted the Consolidated Appropriations Act of 2023 on December 23, 2022. In addition, the expansive year-end spending "omnibus" bill...

    Year-end spending package tackles retirement savings planning
    Posts

    Year-end spending package tackles retirement planning: part one

    Congress enacted the Consolidated Appropriations Act of 2023 on December 23, 2022. In addition, the expansive year-end spending "omnibus" bill...

    DAF Benefits and Disadvantages for Charitable Trust and Giving to Charity or to Donate Appreciated Stock
    Posts

    Consider donating appreciated stock and mutual funds

    If you donate appreciated stock to a charity of your choice rather than cash, it could lower your tax bill...

    2024 planning for tax-effective contributions to retirement savings accounts and relief for RMDs with the 10-year rule
    Posts

    Plan Your 2023 Retirement Contributions

    As part of your planning for next year, you should review the contributions needed to fund your retirement accounts in...

    2022 Year-End Tax deadlines
    Posts

    5 Year-End Tax Essentials

    Before 2022 comes to a close, take some time to review these essential year-end items to ensure you are not...

    Annual Gift Tax Exclusion Amount Increases for 2023
    Posts

    Annual gift tax exclusion amount increases for 2023

    Did you know that one of the easiest and most convenient ways to avoid paying estate taxes is also one...

    Understanding Taxes 101: Prepare for Tax Day Season with year-end planning and reduction tips and techniques
    Posts

    Take advantage of your income, expenses, and debts to reduce your business’s 2022 tax bill

    Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

    leverage your startup expenses and tax aspects of operating a business
    Posts

    Leverage your startup expenses and retirement plan to reduce your business’s 2022 tax bill

    Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

    accelerate depreciation of taxable income and defer deductions
    Posts

    Accelerate depreciation to reduce your business’s 2022 tax bill

    Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

    Maximize Your QBI Deduction to Reduce Your Business’s 2022 Tax Bill
    Posts

    Maximize your QBI deduction to reduce your business’s 2022 tax bill

    Many businesses have had a turbulent year, and the current economic situation foresees even more uncertainty. However, regardless of your...

    Business forecasting and harvesting your capital losses
    Posts

    5 steps to take now to cut your 2022 tax liability: Harvest your capital losses

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    DAF Benefits and Disadvantages for Charitable Trust and Giving to Charity or to Donate Appreciated Stock
    Posts

    5 steps to take now to cut your 2022 tax liability: Give to charity

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    managing your itemized deductions
    Posts

    5 steps to take now to cut your 2022 tax liability: Manage your itemized deductions wisely

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    Deferring or Accelerating Income and Tax Deductions
    Posts

    5 steps to take now to cut your 2022 tax liability: Defer or accelerate income and deductions

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    Roth IRA tax-free retirement savings
    Posts

    5 steps to take now to cut your 2022 tax liability: Convert your traditional IRA to a Roth IRA

    High inflation, rising interest rates, and a downturn in the stock market have all made for an eventful year. While...

    Should you file a joint tax return for the year of your spouse’s death?
    Posts

    Should you file a joint tax return for the year of your spouse’s death?

    A sad, traumatic event is the death of a spouse. Dealing with taxes and other financial and legal duties is...

    Posts

    What do the 2023 cost-of-living adjustment numbers mean for you? Part three: retirement plans

    For more than 60 tax provisions, the IRS recently released its cost-of-living adjustment numbers for 2023. Many values increased significantly...

    Posts

    What do the 2023 cost-of-living adjustment numbers mean for you? Part two: estate planning

    For more than 60 tax provisions, the IRS recently released its cost-of-living adjustment numbers for 2023. Many values increased significantly...

    Posts

    What do the 2023 cost-of-living adjustment numbers mean for you? Part one: individual tax

    For more than 60 tax provisions, the IRS recently released its cost-of-living adjustment numbers for 2023. Many values increased significantly...

    IRA energy-efficient construction
    Posts

    Inflation Reduction Act expands deductions for energy-efficient construction – part two

    Mitigating the adverse effects of climate change is one of the primary targets of the recent Inflation Reduction Act (IRA)....

    IRA energy-efficient construction
    Posts

    Inflation Reduction Act expands deductions for energy-efficient construction – part one

    Mitigating the adverse effects of climate change is one of the primary targets of the recent Inflation Reduction Act (IRA)....

    Unused compensation reductions and employee tax-free income
    Posts

    No parking: Unused compensation reductions can’t go to health FSA

    One of the pandemic's many long-lasting results is that some companies let employees work remotely. This decision brings up compelling...

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    “RRBB,” an independent member of the Crete Professionals Alliance, is the brand name under which Rosenberg Rich Baker Berman, P.A. and RRBB Advisors, LLC (including subsidiary entities) provide professional services. Rosenberg Rich Baker Berman, P.A. and RRBB Advisors, LLC (and its subsidiary entities) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable laws, regulations, and professional standards. Rosenberg Rich Baker Berman, P.A. is a licensed independent CPA firm that provides attest services to its clients, and RRBB Advisors, LLC (and its subsidiary entities) provide tax and business consulting services to their clients. RRBB Advisors, LLC (including subsidiary entities) and Crete Professionals Alliance are not licensed CPA firms. The entities falling under the RRBB brand are independently owned and are not liable for the services provided by any other entity providing the services under the RRBB brand. Our use of the terms “our firm” and “we” and “us” and terms of similar import, denote the alternative practice structure conducted by Rosenberg Rich Baker Berman, P.A. and RRBB Advisors, LLC.

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