Blog Full With Right Sidebar

The One Big Beautiful Bill Act (“OBBBA”) provided three new rules with respect to reporting and claiming itemized deductions resulting from charitable donation contributions. 1. The New 2/37ths Limitation Rule: Applying to ALL Itemized Deductions OBBA made changes to IRC section 68... Read More

The Sixth Circuit reversed the Tax Court’s dismissal of a petition that was filed more than 90 days after the IRS mailed the notice of deficiency, joined the Second and Third Circuits in holding that the deadline in section 6213(a) is not jurisdictional and remanded the... Read More

The IRS has provided taxpayers with a fact sheet (FS-2025-7) that answers frequently asked questions (FAQs) on the limitation on credits and refunds for employee retention credits claimed by taxpayers for the third and fourth quarters of 2021 and filed after January... Read More

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