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So far Victor Garrido, CPA, EA has created 324 blog entries.
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The IRS recovered $4.7 billions but how much Government loses due to inefficiency

Back in December 2024, the IRS released IR-2024-310 indicating that billions of dollars were recovered. The IRS indicated that "... The IRS has now recovered $4.7 billion from new initiatives underway. This includes more than $1.3 billion from high-income, high-wealth individuals who have not paid overdue tax debt or filed tax returns, $2.9 billion related

Retirement options for a non working spouse

In many couples, there is one spouse that might not be working at a w2 job or being self-employed. The "non working" spouse is usually managing the household ensuring it runs smoothly, which can be a 24/7 job especially if there are children. In many of these cases, the "non working" spouse is supporting cost-saving

By |2025-01-11T19:15:13+00:00March 24th, 2025|Categories: Individuals|Tags: , , , , , , , , , , , |

What to know about Qualified Opportunity Zones

The Qualified Opportunity Zones (QOZs) were established at the Federal level in the Tax Cuts and Jobs Act of 2017. Note that there might be also Opportunity Zones at the State and Local level with different tax advantages, so do not mix them but you could take advantage of several of them. The QOZs were

By |2025-01-02T16:29:05+00:00March 17th, 2025|Categories: Business, Individuals|Tags: , , , , , , , , , |

Are you missing any job based retirement benefits from prior jobs?

Effective 2025, the Employee Benefits Security Administration ESBA launched a website Retirement Savings Lost and Found database that allows to search for unpaid retirement benefits. Note that the retirement plan administrators will provide this information on a voluntary basis (at least, initially) so it is not a comprehensive database in this early stage. There are

By |2025-01-02T13:46:18+00:00March 10th, 2025|Categories: Individuals|Tags: , , , , , , , |

U.S. Treasury announces the suspension of BOI for U.S. entities

Today, the U.S. Treasury Department announced the suspension of enforcement for Beneficial Ownership Interest (BOI) against U.S. Citizens and domestic reporting companies. The Treasury Department has confirmed that it will not impose penalties on U.S. citizens or domestic reporting companies for failing to comply with BOI reporting requirements, whether under current regulatory deadlines or future

Putting your kids on payroll for tax savings

If you are a business owner, it might be positive to employ your kids or other family members in the business. Especially, if you are already supporting these individuals at your higher tax rate, it might be quite beneficial to have an expense for the business and save on the taxes paid a lower rate

By |2024-12-15T05:34:03+00:00March 3rd, 2025|Categories: Business, Individuals|Tags: , , , , , , , , , , |

Taxation on gifts or bequests from US person versus foreign person

At the Federal level, receiving a gift or inheritance has different implications if the donor is a US citizen or if the donor is a foreign person. US donor Currently, the exclusion for estates at the Federal level is $13,990,000 per individual and $19,000 for gifts in 2025. Case US donor 1: If the taxpayer

By |2024-11-30T05:10:18+00:00February 24th, 2025|Categories: Individuals|Tags: , , , , , , , , |

BOI is on again – Deadline to file: March 21st, 2025

The BOI saga keeps going on – Now requirement is back on with deadline until March 21st, 2025. The daily fine is not updated to $606 (up to $10,000) and two years in prison. Most small businesses required to submit beneficial ownership information (BOI) reports now have until March 21 to comply, following a federal

By |2025-02-23T19:47:33+00:00February 23rd, 2025|Categories: Business|Tags: , , , , , , , , |

Should you consider a Backdoor Roth contribution?

Brief History First let’s start with a brief history on the Roth IRAs and how paying taxes today might* avoid them at retirement time (distribution). The word might* in the previous sentence is because we never know if Roth IRA will be taxed in the future (i.e. Social Security benefits began to be taxed in

By |2024-12-15T04:28:25+00:00February 17th, 2025|Categories: Business, Individuals|Tags: , , , , , , |

One in five Americans has no retirement savings – what are my options?

With the increase cost of living (inflation) and other factors, one in five Americans has no retirement savings and over half of them consider that they have not enough for retirement. Based on our experience, we consider that the vast majority of Americans is not ready for retirement as a) cost of healthcare and homecare

By |2024-12-02T03:12:09+00:00February 10th, 2025|Categories: Business, Individuals|Tags: , , , , , , , |
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