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
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
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
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”).
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
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