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
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
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
In the IRS IR-2024-262, the IRS estimated that there is a tax gap of around $696 billion for 2022. Even if the IRS mentioned in their communication that 85% of taxpayers are compliant, the 15% remaining is broken down in the following three areas (extracted directly from IRS communications): "... Non-filing, which means tax not
If you are a reader of our posts, you are aware that the IRS has increased significantly its funding (billions of dollars). As part of this inflow of money, the IRS has focused on two fundamental areas: 1) Customer services and 2) Enforcement. The IRS keeps publishing the data in an example of transparency and
Earlier this month, a Texas Federal judge struck down the DOL (Department of Labor) exempt salary rule that raised the minimum salary as exempt from overtime and minimum wage requirements under the Fair Labor Standards Act (FLSA). It is reverted now to the rules before July 1, 2024. The salary level test amount for executive,
Probably all of us have had some interactions with Artificial Intelligence (AI) at this point. Either providing more advanced search results, creating presentations or writing papers, automating manual processes, or even having a discussion on the phone (yes, there are many sales and marketing tools available). Also, you have probably seen an increase of advertising
The Federal Trade Commission is extremely busy targeting businesses that are misleading consumer or employ deceptive claims for money making opportunities. Misleading consumer on social media, which it is extremely common even in the tax industry ensuring $50,000 of tax savings for clients on average, a million dollar tax refund, etc. might generate a
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
At the end of August 2024, a Federal judge from Texas put a hold to all the ban on non compete agreements. As you might remember, the Federal Trade Commission released a nationwide ban on noncompete agreements on April 23rd, 2024 as reported in our previous blog post from early May 2024 - FTC implementing
