Floyd "Money" Mayweather's IRS Problem: When Wealth Doesn't Equal Cash Floyd Mayweather Jr., the undefeated boxing champion who earned an estimated $1.15 billion during his career, has been locked in a decades-long battle with the Internal Revenue Service. Despite his "Money" nickname and lavish lifestyle, Mayweather's financial saga reveals a critical lesson for wealthy taxpayers:
State boards of accountancy and tax practitioners are reporting highly convincing fake IRS notices, including those referring to CP53E (failed direct deposit) and CP5071/5071C (identity verification). Some of these letters ask you to “verify” or provide bank account information (even when you owed tax, not a refund) and include QR codes or shortened/odd‑looking website addresses.
When a U.S. person or business owns a foreign entity, the tax issue is often disclosure, not just income. U.S. tax law requires detailed reporting and strict recordkeeping, even when there is little or no current U.S. tax due, and penalties for getting it wrong can be severe. U.S. Businesses with Foreign Ownership: Form 5472 If
Recent budget proposals in Washington include a roughly $1.4 billion reduction to the IRS’s annual funding, with a significant portion targeted at enforcement activities. The administration has framed this as a way to streamline operations and trim “inefficiency and duplicative spending,” while House appropriators have advanced a funding bill that would lower enforcement dollars well
Recent data show that Americans are steadily moving out of some higher‑tax, higher‑cost states into jurisdictions with lower overall tax burdens and housing costs. While the decision to move is never only about taxes, migration trends are making it clear: tax policy and cost of living matter more than ever for both individuals and business
Victor Garrido is honored to be recognized by Forbes as a Best-in-State CPA for the second year in a row (2025 and 2026), following his inclusion in the inaugural Forbes Top 200 CPAs in America list and recognition as a 2025 '40 Under 40' by CPA Practice Advisor, among others. While this recognition is appreciated,
One of the most common — and costly — mistakes taxpayers make is waiting too long to respond to a tax notice. Across federal and state tax systems, the time allowed to challenge an income tax assessment is strict, jurisdictional, and unforgiving. Missing a deadline often means the assessment becomes final, regardless of merit. Below
In our recent blog posts, we covered the federal impact of the One Big Beautiful Bill Act (OBBBA). In this post, we turn to how these federal changes interact with state tax systems—specifically whether each state chooses to conform to or decouple from the new federal provisions. A state’s tax impact depends on two factors:
Under default IRS rules, rental real estate activities are considered passive, regardless of how much time the taxpayer spends managing properties. Passive losses generally can only offset passive income, and unused losses must be carried forward. However, taxpayers who qualify as real estate professionals may treat rental activities as nonpassive, which allows: ✔ The ability
As the year wraps up and everyone’s busy before New Year’s Eve, the IRS has one more reminder for those with retirement accounts: Required Minimum Distributions (RMDs). If you’re age 73 or older (or turning 73 this year), most tax-deferred retirement accounts — traditional IRAs, 401(k)s, 403(b)s, etc. — require you to take a minimum
