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Charitable donations – Cash vs In kind? Does a pledge count?

Based on numerous reports around three out of four Americans donate to charity on a regular basis. These donations if made to the appropriate organizations, tax-exempt organization by section 501(c)(3) of the Internal revenue code, then, you can deduct in your itemized deductions.  You can use the IRS tool for Tax Exempt Organization Search  Note

Got a tax notice? Review carefully as it might be wrong

Last week, some of our clients and other tax professionals have been sharing with us some of their notices received from different tax authorities. As we always recommend, please, review it carefully as it might be sent by error as more and more tax departments are relying on a) IT criteria, b) outstanding balance without

By |2024-05-18T19:56:48+00:00May 18th, 2024|Categories: Business, Individuals|Tags: , , , , , , |

Disagreeing with the IRS? Consider the Independent Office of Appeals

In the IRS Tax Tip 2024-47, it presents the option of reaching out to the Independent Office of Appeals when there is a disagreement with the IRS. Note that this is a relatively informal process where you start with a written letter / petition, then, an officer of Appeals listen to your case (you can

By |2024-05-16T19:06:40+00:00May 16th, 2024|Categories: Business, Individuals|Tags: , , , , , , |

Impacted by a Ponzi scheme? You might be able to deduct the loss faster

In early January 2024, the IRS updated the post titled Help for Victims of Ponzi Investment Schemes which makes references to the 2009 related guidance. Note that this guidance was released a year after the Bernard Madoff scandal. In a normal case scenario if you have a loss in the value of a security (capital

Remember to claim the energy efficient home and residential clean energy credits

If you are doing improvement work in your home, you should consider the energy efficient and residential clean energy credits as it might give you back some of the money invested on those improvements. Remember to fill out our tax organizer each year so we are aware of those expenses, or let us know if

By |2024-05-13T19:58:56+00:00May 13th, 2024|Categories: Individuals|Tags: , , , , , , , |

IRS Strategic Operating Plan update released: a) better service b) more audits and c) more 60% funding

Early March 2024, the IRS released their Strategic Operating Plan Update in their  IR-2024-130 communication with the following updates: a) Better services: Keep enhancing live assistance in call centers (hopefully lower wait times even in the tax priority line and more experienced IRS phone agents), simplifying up to 200 notices so it might be easier

By |2024-05-08T20:31:20+00:00May 8th, 2024|Categories: Business, Individuals|Tags: , , , , , , , |

IRS Indep. Office of Appels announced a new Alternative Dispute Resolution program

As published on IR-2024-119 on April 24th, 2024, " The Internal Revenue Service Independent Office of Appeals today announced the formation of a new Alternative Dispute Resolution Program Management Office. This office will collaborate with the IRS Business Operating Divisions to help taxpayers resolve tax disputes earlier and more efficiently." "...For years, the IRS has

By |2024-05-08T18:22:09+00:00May 8th, 2024|Categories: Business, Individuals|Tags: , , , , , , , |

Victor Garrido, CPA, EA, our Managing partner, recognized as Forbes “Top 200 CPAs in America”

The Managing partner Victor Garrido has been recognized as one of the Top 200 CPAs in America in its first edition. As mentioned in Forbes, "CPAs are often called upon to fill the role of separating financial fact from fiction. A reliable CPA is a bodyguard for your accounting. And as with a bodyguard, the

By |2024-05-07T03:18:51+00:00May 7th, 2024|Categories: Business, Financial Education, Individuals|Tags: , , , |

Tax planning more important than ever – estimated tax penalty 8%

As the interest rates for money market funds are over 5%, the estimated tax penalties that the tax authorities charge if no payment was made when due and other cases is around 8%. To avoid having to pay that extra 8%, then, taxpayers should: Make tax payments when due, especially estimated tax payments Review any

By |2024-05-04T20:14:26+00:00May 4th, 2024|Categories: Business, Individuals|Tags: , , , , |

FTC implementing a ban on noncompete agreements to be in effect in August 2024

The Federal Trade Commission released a nationwide ban on noncompete agreements on April 23rd, 2024. Note that this new rule is subject to a moratorium of 120 days and we are expecting that this ban will be challenged in court so it could be deemed an invalid ban before being in place in August 2024.

By |2024-05-03T02:44:36+00:00May 3rd, 2024|Categories: Business, Individuals|Tags: , , , , , , , |
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