In this episode, Senior Manager Yovanny Hernandez shares the details about 1031 exchanges and how they help real estate owners mitigate taxes..
For the third consecutive year, Florida offers consumers and skilled tradespersons a one-week sales-tax holiday on tools and related equipment costing as much as $300 per item. During the week of September 1 through 7, 2024, individuals may purchase the following items in the state without having to pay state or local sales tax: Work […]
UPDATED – On December 3, 2024, a federal court in Texas ruled that the CTA is likely unconstitutional and prohibited its enforcement. As of this ruling, companies are no longer required to report by the end of the year. This may change based on the government’s next steps. We will keep you apprised. […]
On June 28, 2024, the U.S. Supreme Court issued a landmark decision in Loper Bright Enterprises v. Raimondo,[1] overturning its 40-year long-standing precedent set forth in Chevron v. Natural Resources Defense Council.[2] The latest ruling has far-reaching consequences concerning the courts’ power to override a federal agency’s interpretation (regulatory guidance) of the laws Congress designated […]
The IRS has extended until Feb. 3, 2025, various tax-filing and tax-payment deadlines for individuals and businesses recently impacted by Hurricane Debbie, which first made landfall on Florida’s Gulf Coast in early August. The postponed deadline applies automatically to taxpayers with homes or businesses located in the following jurisdictions declared as federal disaster areas: Florida: […]
In this episode, Director of Tax Services Andrew Leonard explains foreign tax credits and a recent court ruling that could make an impact on taxpayers.
In July 2024, the IRS issued final regulations regarding the SECURE Act’s elimination of stretch IRAs for certain non-spouse beneficiaries. The announcement gives taxpayers and their advisors much-needed clarification on the law’s requirement that beneficiaries of inherited IRAs draw down those accounts and pay the related taxes within 10 years of an original owner’s death. […]
One of the more challenging tax reporting requirements for multinational businesses is the translation of gains and losses of their foreign branch offices and qualified business units (QBUs) into their home country’s functional currency. This process is often complicated by exchange rate fluctuations, including currency devaluations, that can have a material impact on the principal […]
In May 2024, the IRS issued proposed regulations concerning the reporting requirements and tax consequences of U.S. persons who create, fund, transact with and receive gifts or loans from foreign trusts. The guidance, which applies to Sections 643(i), 679, 6039F, 6048, and 6677 (the foreign trust and gift provisions) of the U.S. tax code, updates […]
In this episode, associate tax director Brendan Kurpis explains electric vehicle tax credits and the common missteps.