Author: taxsecretsblog

Article Highlights:   Overview of IRS Personnel Reductions IRS's Strategic Position Data Security Measures Managing Expectations: Refund Processing To Optimize Refund Speed Extension Options for Tax Filings Special Situations In a significant shift impacting the tax landscape, the Internal Revenue Service (IRS) is projected to

Article Highlights:   Federal District Court Lifts Final BOI Injunction FinCEN Extends Reporting Deadline for 30-days Current Status Pending Legislation Important Details to Consider On February 18, 2025, the federal district court lifted the last remaining nationwide injunction stopping beneficial ownership information (BOI) filing requirements.

This is the fourth in a series of articles for clients to keep them updated on the thinking on Capitol Hill on proposed tax changes so you can plan appropriately. This delves into President Trump’s proposal to eliminate taxes on tips which he reiterated when

Remember when “downsizing” was something you did to your closet every spring? Now, it’s a buzzword for a major financial move: selling the big family home to streamline expenses, pocket extra cash, or fund that dream RV trip. Especially for Baby Boomers and Gen Xers

When you’re planning the perfect retirement, it’s easy to focus on the fun stuff—like a sunnier climate, a nearby golf course, or how many grandkids you can squeeze into holiday photos. But there’s one factor that can make or break your plans: estate and inheritance

Article Highlights:   Scholarships Grants and Financial Aid Income from NIL (Name, Image, and Likeness) NCAA Eligibility and Tax Considerations Part-Time Jobs Student’s Standard Deduction Education Credit Student Loan Interest Deduction State Tax Considerations Planning and Compliance The world of college athletics has undergone significant

Article Highlights: Filing Status Thresholds for 2024 Why File a Tax Return Anyway? Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Unfiled Returns for Past Years Many individuals may find themselves earning below the income thresholds that require them to file a federal income

The UK’s tax landscape is undergoing a seismic shift, particularly for high-net-worth foreign residents who have long benefited from the country’s non-domiciled ("non-dom") tax status. The non-dom regime, which allowed UK residents whose permanent home was elsewhere only to pay tax on their UK income—while foreign

Tariffs aren’t just numbers on a spreadsheet anymore. They’re eating into your profit margins, creating supplier drama, and forcing you to rework your entire budget. If you’re an SMB owner or financial manager, you’re probably wondering how to navigate this new normal—especially when these U.S.

Article Highlights:   Community Property Laws Community Property States Domicile and Its Importance Treatment of Community Property Community vs. Separate Property When Community Property Ends Special Rule for Spouses Living Apart Effect of Prenuptial and Postnuptial Agreements Relief from Community Property Law Effect on Certain