On December 12, 2024 President Joe Biden signed H.R. 5863, the “Federal Disaster Tax Relief Act of 2023” which will designate a series of presidentially declared disasters as qualified disaster events. What this means – if you were impacted by recent hurricanes, you can now claim disaster-related losses more easily—whether you itemize your taxes or […]
On September 28, 2024 California Governor Gavin Newsom signed Senate Bill 988, the Freelance Worker Protection Act. Senate Bill (SB) 988 provides basic labor protections for freelance workers, such as the right to be paid on time and in full. Most freelancers lack basic worker protections, most notably, the right to be paid for their […]
The prime benefits of reclassifying cannabis from a Schedule 1 substance to a Schedule 3 substance is that the Federal government would recognize medical benefits of cannabis, make Section 280E inapplicable to licensed cannabis operators, and open up financial and banking markets. On August 26, 2024 the Drug Enforcement Administration (“DEA”) released its notice scheduling […]
Requirement For Banks & Financial Institutions To Report Beneficial Ownership Information Of Entity Accountholders Put On Hold The Federal government in its efforts to crack down on illicit finance and enhance transparency on September 29, 2022 issued a final ruling establishing a beneficial ownership information reporting requirement, pursuant to the Corporate Transparency Act (CTA). This rule will require most […]
Bush Estate Tax Cuts expire December 31, 2025 – Here is what you need to know. In 2001 and 2003 under President Bush temporary tax cuts were enacted through through two pieces of legislation: the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). Both measures […]
Bush Estate Tax Cuts expire December 31, 2025 – Here is what you need to know. In 2001 and 2003 under President Bush temporary tax cuts were enacted through through two pieces of legislation: the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). Both measures […]
Bush Estate Tax Cuts expire December 31, 2025 – Here is what you need to know. In 2001 and 2003 under President Bush temporary tax cuts were enacted through through two pieces of legislation: the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) and the Jobs and Growth Tax Relief Reconciliation Act (JGTRRA). Both measures […]
On October 25, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses in the Juneau area of Alaska, affected by flooding that began on August 5, 2024. These taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. The tax relief postpones various tax […]
Historic ruling that can impact challenging large penalties in the future. In recent years the IRS has made the Report of Foreign Bank and Financial Accounts (FBAR) penalty enforcement a top priority and this is alarming the taxpayers worldwide. Even during every routine domestic IRS audit, IRS agents are looking for undisclosed foreign bank accounts. […]
On October 11, 2024 the Internal Revenue Service (IRS) announced tax relief for individuals and businesses affected by Hurricane Milton, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia. These taxpayers now have until May 1, 2025, to file various federal individual and business tax returns and […]
Get a Tax Resolution Development Plan from us first before you attempt to deal with the IRS. There are several options for you to meet or connect with Board Certified Tax Attorney Jeffrey B. Kahn. Jeff will review your situation and go over your options and best strategy to resolve your tax problems. This is more than a mere consultation. You will get the strategy or plan to move forward to resolve your tax problems! Jeff’s office can set up a date and time that is convenient for you. By the end of your Tax Resolution Development Plan Session, if you desire to hire us to implement the strategy or plan, Jeff would quote you our fees and apply in full the session fee paid for the Tax Resolution Development Plan Session.
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