Taxes
Even though tax returns on extension were filed just a few days ago, the IRS is already thinking about the next tax season. Chances are, you may be, too. For taxpayers, that should mean reaching out to tax and financial professionals to discuss year-end strategies. And for tax professionals, it’s…
On this day in 1931, Al Capone was found guilty of tax evasion. The gangster, who had reportedly boasted, “They can’t collect legal taxes from illegal money,” was sentenced to 11 years in prison for failing to file tax returns. Humble Beginnings Alphonse Gabriel Capone was born in Brooklyn, New…
The U.S. Department of the Treasury and the IRS have announced that the number of states offering Direct File will double in Filing Season 2025 to 24. In Filing Season 2025, Direct File will be available in Alaska, Arizona, California, Connecticut, Florida, Idaho, Kansas, Maine, Maryland, Massachusetts, Nevada, New Hampshire,…
The IRS is not backing down on efforts to stem the tide of what it believes to be erroneous or false claims related to the Employee Retention Claim (ERC). The agency has now announced it is opening a supplemental claim process to help third-party payers and their clients resolve incorrect…
The Corporate Transparency Act—or CTA—requires reporting companies to file reports with the Financial Crimes Enforcement Network (FinCEN). The deadline for some companies to file is fast approaching—and some might have already passed. To help companies comply, FinCEN has been rolling out guidance, including new FAQ information posted as of September…
The European Union’s top court has issued a final ruling in an ongoing legal battle over tax benefits, finding that Apple must pay billions in back taxes. This week, the Court of Justice of the European Union (CJEU) confirmed a 2016 European Commission finding that Ireland granted Apple unlawful aid.…
Vice President Kamala Harris has proposed a 28% tax on long-term capital gains for Americans who earn $1 million or more. Are higher taxes a surprise from a progressive Democrat? In some ways, yes, but not for the reason you might think. Is the surprise that you’ll have to pay…
The U.S. Bureau of Labor Statistics reported that the consumer price index (CPI) increased by 0.2% on a seasonally adjusted basis in August after rising the same level in July—over the last 12 months, the all items index increased 2.5% before seasonal adjustment. You won’t just feel the impact of…
Capital gains tax on commercial property can vary depending on factors like the length of ownership and the taxpayer’s income level. When a commercial property is sold at a profit, the difference between the property basis and the sale price is subject to capital gains tax. Understanding how the capital…
The Kamala Harris campaign has made one of its first concrete policy proposals this week with a tax plan. The centerpiece of the plan is a series of high-end tax increases on corporations and wealthy households worth approximately $5 trillion over 10 years. Specifically, Harris has proposed enacting the tax…
