Starting January 1, 2026, the One Big Beautiful Bill Act (OBBBA) significantly alters the charitable deduction rules. These updates include new limits, floors, and caps on deductions, as well as an above-the-line benefit for taxpayers who take the standard deduction. Understanding these rules is essential for maximizing tax benefits and aligning charitable goals with financial planning.
Commencing on January 1, 2024, the federal Corporate Transparency Act (CT) may require many domestic and foreign entities with less than $5,000,000 of annual gross receipts and fewer than 20 employees to file an informational statement with the federal Financial Crimes Enforcement Network (FinCEN).
The IRS is cracking down on perceived fraud in Employee Retention Tax Credit claims.
The IRS announced and released Notice 2023-74 today which provides a further transition period for the requirement placed on third party payors by the American Rescue Plan Act (ARP) of 2021.
On September 14th the Internal Revenue Service placed a moratorium on the processing of new Employee Retention Tax Credit claims until at least 2024.
Prager Metis’ National Tax Advisory Group is a leading resource for clients looking to stay current with tax-related developments.
On April 3, the United States Tax Court issued a ruling that holds that the Internal Revenue Service does not have authority to assess penalties for failure to file Form 5471. Click here to read more.
On December 2, 2022, the IRS released a revised draft of Schedule K-2 & K-3 (Form 1065) instructions updating their previous release from October 26.
Prager Metis’ National Tax Advisory Group is a leading resource for clients looking to stay current with tax-related developments.
On Friday, August 12th, Congress passed the Inflation Reduction Act of 2022 (The Act), and President Biden signed it into law on August 16th, 2022.
Empire State Development (ESD), the chief economic development agency in New York State, along with Governor Kathy Hochul,, recently announced a new initiative to provide aid to those impacted by COVID-19 pandemic.
The National Tax Advisory Group is a leading resource for clients looking to stay current with tax-related developments.
