Innovative Strategies For Winning Tax Controversies, Business Structuring And Estate Planning
Tax Court ruling concerning the IRS Notice for Passport Revocation. The Tax Court has held that a taxpayer's tax liabilities constituted a "seriously delinquent tax debt" under Code Sec. 7345, and the IRS' certification to the Secretary of State was not erroneous....
Employers in Financial Trouble get hit with More Anti-Business Laws in NJ New Jersey's mini-WARN Act (NJ WARN) requires employers to give advance notice to employees in the event of a mass layoff, plant closing, or reduction in force. Recent amendments to NJ WARN...
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IRS Audit Results must be reported to New Jersey Division Of Taxation within 90 Days Adoption of federal partnership tax audit regime. Under the bill, a partnership must report any federal partnership audit adjustments made by the Internal Revenue Service pursuant IRC...
The Tax Deductible Mileage Rate for Business Driving Increases for 2023 The IRS has announced the 2023 optional standard mileage rates used to calculate the deductible costs of operating a vehicle for business, charitable, medical or moving purposes. Background: If...
A Dozen Ways the SECURE 2.0 Law Helps Individuals and Employees In the waning hours of the 117th Congress, a large government funding bill was passed that includes many provisions that will help Americans save more for retirement. The Setting Every Community Up for...
Estate and Gift Tax Exemption Increases The limit on annual tax-free gifts without interfering with the estate tax exemption has moved from 16,000 to 17,000 per donee for 2023. This means that a couple could give $34,000 to each of their adult children, grandchildren,...
Social Security Wage Base and Earnings Test Amounts Increase in 2023 The Social Security Administration (SSA) recently announced that the "wage base" for computing Social Security tax will increase for 2023 to $160,200. This is up from $147,000 for 2022. Social...
The recently enacted Inflation Reduction Act of 2022 contains several new environment-related tax credits that are of interest to individuals and small businesses. The Act also extends and modifies some preexisting credits. These are some of the changes. Extension,...
A fellow attorney sent me the NY Times article about the recent Tax Law passed by Congress, pretending to be an inflation reduction bill and asked for my opinion: There are several truths that seem to be obfuscated in all of the political rhetoric: 1. The professional...
