In recent years, wildfires, hurricanes, and other natural disasters have become increasingly frequent and devastating, leaving many individuals and families grappling with the loss of their homes and personal property. For those affected by such disasters, particularly in areas designated as federal disaster zones, understanding the tax implications and available relief options is crucial. This...
In a significant shift impacting the tax landscape, the Internal Revenue Service (IRS) is projected to lay off approximately 6,700 employees right in the middle of tax season. As of the announcement, the IRS had expanded its workforce to roughly 100,000 employees after hiring initiatives initiated by the Biden administration, which aimed to enhance enforcement,...
Running a small business is a round-the-clock hustle. You juggle employees, invoices, marketing, and a million other tasks that always demand your attention. The last thing you want is to overlook a perfectly legal tax deduction that could save you thousands—or worse, get stuck paying more than your fair share. Ready for a quick win?...
Remember when “downsizing” was something you did to your closet every spring? Now, it’s a buzzword for a major financial move: selling the big family home to streamline expenses, pocket extra cash, or fund that dream RV trip. Especially for Baby Boomers and Gen Xers stepping into retirement territory, downsizing isn’t just about purging your...
In an increasingly globalized world, many U.S. taxpayers find themselves with financial interests or assets located outside the United States. Whether through inheritance, investment, or business ventures, these foreign assets come with specific reporting requirements mandated by the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN). Understanding these requirements is crucial to...
To our clients: The Financial Crimes Enforcement Network (FinCEN) will extend the current March 21 beneficial ownership information (BOI) reporting deadline, has suspended BOI enforcement, and will develop new regulations it says will reduce “regulatory burden,” the agency said Thursday. The decision to pause enforcement prioritizes “reporting of BOI for those entities that pose...
To our clients: On February 18, 2025, the U.S. District Court for the Eastern District of Texas lifted the last remaining nationwide injunction which halted beneficial ownership information (BOI) filing requirements. In response to this decision, FinCen published an official notice on February 19, 2025 to announce FinCen is generally extending the deadline calendar...
To our clients: On Feb. 5, 2025, the U.S. Department of Justice (DOJ), on behalf of the Financial Crimes and Enforcement Network (FinCEN), filed a notice to appeal the decision in the Samantha Smith case and requested a stay on the current nationwide injunction. FinCEN intends to provide a 30-day filing extension for the BOI...
Liz Hair rejoined Abeles and Hoffman P.C. in 2024 after a previous tenure from 2009 to 2014. Liz plays a vital role in providing assurance services, including audits, reviews, and compilations, across industries such as wholesale, distribution, manufacturing, healthcare, and professional service companies. Additionally, she offers bookkeeping and tax preparation services to meet the diverse...
Individual Retirement Accounts (IRAs) are essential tools for retirement planning, offering tax advantages that can help you grow your savings over time. Two of the most popular types of IRAs are the Traditional IRA and the Roth IRA. While both serve the purpose of retirement savings, they have distinct differences that can significantly impact your...