Last night, President Trump officially ended the longest government shutdown in U.S. history. Federal employees are now returning to work — including national park staff and rangers, air traffic controllers, CBP officers, military personnel, and many others across agencies such as HHS, HUD, DOE, and EPA. Travelers can also breathe a sigh of relief: with
In recent years, natural disasters have become more frequent and more severe—bringing not only emotional and physical challenges, but also financial and tax consequences. While recovery takes time, understanding the IRS rules for disaster relief and knowing how to respond financially can make a meaningful difference. From extended deadlines and potential deductions to making sure
After our previous post for taxpayers and how the One Big Beautiful Bill impacts individuals, we are covering today how it affects business owners: Firstly, this bill makes permanent or extend some of the Tax Cuts and Jobs Act (TCJA) benefits that were to sunset in 2026. Bonus depreciation - 1st year 100% depreciation if
In the last few weeks, we have spent many hours spent reading parts of the the new bill, examining articles, posts and summaries, attending several tax webinars, and discussing these changes internally and with different colleagues. From our initial analysis, these are the main items that impact individuals: Tax rates from TCJA (Tax Cuts and
A new Executive Order signed by President Trump on March 25, 2025 requires every federal agency to stop issuing and accepting paper checks by September 30, 2025. From that date forward, tax refunds, Social Security, vendor payments, and even taxes or fees you send to the government must move through secure electronic channels (direct deposit,
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
