In the IRS Tax Tip 2025-29, the IRS reminds taxpayers that there are options available to those who can’t pay in full. Pay now (or by the tax deadline) Short term payment plan – 180 days or less – Individuals: Benefits $0 set if applied online, phone, in person or mail Long term payment plan
The House just passed a bill much more restrictive in IRS funding that Trump's administration proposal back in June 2025. Based on different sources, the bill allocates just $9.5 billion to the IRS—a 23% reduction from current funding levels. By comparison, even the Trump administration’s June proposal had suggested a $9.8 billion budget—already a 20%
Since April 2025, there is ongoing uncertainty surrounding the agreement between ICE (Immigration and Customs Enforcement) and the IRS to share taxpayer information, particularly that of individuals filing with an ITIN. Under this new agreement, the ICE can request taxpayer information—including names, addresses, and tax years—from the IRS under the narrow confidentiality exception in Section 6103(i)(2).
In the IR-2025-71, the IRS shared the mid year report to Congress and provided a summary of items. These items below indicate the areas of focus and improvement for the future: Status on the 2024 filing season The IRS received around 141 million return (processed 138 million - the difference might be bounced returns due
From a tax point of view, Real Estate investments can have significant tax advantages if you meet the real estate professional requirement as you might be able to offset active or earned income from one spouse against the active or earned losses of the other spouse. For high earning couples, one can be a high
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
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
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
Brief History First let’s start with a brief history on the Roth IRAs and how paying taxes today might* avoid them at retirement time (distribution). The word might* in the previous sentence is because we never know if Roth IRA will be taxed in the future (i.e. Social Security benefits began to be taxed in
As discussed often, the S Corporation requires the officer to have a reasonable salary (w2). The reasonable requires your salary to be: In line with the net profit or losses of the company - A start up company having losses might not have officer salary (neither owner distributions) You should perform a benchmark for your
