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
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
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
Since the pandemic, there is a higher mobility on the working force and even companies switching headquarters to more tax friendly environments. As a member of the Philadelphia Tax Reform Commission, we considered extremely relevant the comparison of State and Local taxes in different territories. Taxes is one of the factors for business and individual
At this point, our readers should be aware that there are certain industries that are more subject to examinations like restaurants and retail industries, especially if cash intensive and low controls in place. You can see numerous tax evasion schemes related to restaurants in the news, United States Attorney's Office of each State and the
The Cannabis industry had some rumors in the last few months on a potential move from Schedule I substance which are considered hard drugs with no medical use and that are especially harmful for users due to abuse to a more relaxed Schedule III which are medical drugs with lower dependence. The current Biden administration
The numbers for the FinCen BOI requirement starting 2024 are staggering. FinCen is going to allow access to the data collected from business owners to different financial institutions and State and Local authorities. From different articles, "...FinCEN also estimated that 15,934 entities will seek access to BOI, and that the vast majority of them—15,716—will be
If you are a business owner, then, you are familiar with the increase in regulations and the complexity of running a business. Keeping a business in compliance is more and more difficult due to the fast pace of law changes from different Federal, State and Local government entities and the allocation of more funding for
