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When you file a joint income tax return, the law makes both you and your spouse responsible for the entire tax liability, which is called joint and several liability. The IRS provides innocent spouses equitable relief if appropriate. Joint and several liability... Read More

California has passed legislation to allow owners of pass though entities such as partnerships and S-Corporations to bypass the state and local tax (SALT) cap of $10,000 for individuals. For taxable years beginning on or after January 1, 2021, and before January... Read More

In Revenue Ruling 2019-11, posted on IRS.gov, the IRS provided four examples illustrating how the long-standing tax benefit rule interacts with the new SALT limit to determine the portion of any state or local tax refund that must be included on the taxpayer’s... Read More

Section 170(a) provides, subject to certain limitations, a deduction for any charitable contribution, as defined in § 170(c), payment of which is made within the taxable year. A charitable contribution is a donation or gift to, or for the use of, a... Read More

The Internal Revenue Service (IRS) makes every effort to examine tax returns as soon as possible after they are filed. Moreover, an IRS audit can take time to complete, but the IRS cannot extend the audit indefinitely. To ensure timely tax examinations,... Read More

What is the Employee Retention Credit? The Employee Retention Credit is a fully refundable tax credit for employers equal to 50 percent of qualified wages that Eligible Employers pay their employees. This Employee Retention Credit applies to qualified wages paid after March 12,... Read More