Last month, the U.S Department of Education released a press release to indicate how they would target the borrowers in default and one of the options of repayment is the wage garnishment. The press released pointed to "... More than 5 million borrowers have not made a monthly payment in over 360 days and sit
In the IRS IR-2025-53 released mid April 2025, the IRS provided details on the multiyear strategy. Per the communication, "... since the inception of the IRS Whistleblower Office in 2007, the Whistleblower Office has made awards of over $1.3 billion based on the collection of more than $7 billion attributable to whistleblower information. In fiscal
Our Managing partner Victor Garrido has been recognized as Best in State CPA by Forbes in its first edition. As mentioned in the Forbes article, “... The Forbes editorial team has devoted the past year to recognizing our first-ever Forbes Best-In-State CPAs. Our sequel to last year’s inaugural Forbes Top 200 CPAs list, this Best-In-State List
We are almost at the end of tax season 2024 and some taxpayers are waiting for their refunds, but what about the government taking that money? There are certain scenarios where the government can take your refund. This process, called a tax refund offset, is managed by the Treasury Offset Program (TOP) and might happen
Our Managing partner Victor Garrido has been recognized as one of the 40 under 40 accounting professionals by CPA Practice Advisor. As mentioned in the CPA Practice Advisor, “The 40 Under 40 Awards spotlight the top practicing public accountants, educators and thought leaders who are leading their profession by visibly and incrementally changing the accounting
If you are thinking about purchasing commercial property, there are several items that we discuss often with our clients. These are the three more common items raised during our discussions: Entity structure Different options depending on tax benefits, liability protection, and operational efficiency (usually, LLC or partnership for Real estate investments) Purchasing options (Cash flow)
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
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
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
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
