The income tax brackets, standard deduction amounts, and many other tax items are adjusted annually for cost-of-living increases. These adjustments reflect the average chained Consumer Price Index (CPI) for all-urban
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Introduction: In the United States, individuals who give substantial gifts to their loved ones may encounter the federal gift tax. The federal gift tax is imposed on the transfer of
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In Texas, two or more filed entities may need to file a combined franchise tax return if they meet certain criteria. The Texas franchise tax is a tax imposed on
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We previously alerted you to the enactment of The Corporate Transparency Act (the “CTA”) and the proposed rules issued by the U.S. Department of Treasury’s Financial Crimes Enforcement Network (“FinCEN”).
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The IRS has said a recent court decision upholds its longstanding position regarding abusive microcaptive insurance transactions. In Reserve Mechanical Corp. the court upheld the IRS’s position on abusive microcaptive
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At this time of year, the IRS mails notices to taxpayers regarding their recently filed returns. Notices are sent for a variety of reasons that don’t involve collection, so there’s
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