New IRS guidance provides welcome clarity for families contributing to Trump Accounts, confirming that qualifying contributions may be treated as completed gifts eligible for the annual gift tax exclusion, potentially eliminating the need to file a federal gift tax return in many cases
In our latest National Tax Advisory Newsletter, "Recent Court Decisions Create Potential Refund Opportunities for COVID Era IRS Penalties and Interest," Alison Gadoua outlines a time-sensitive opportunity for taxpayers to recover IRS penalties and interest incurred during the COVID 19 pandemic.
The IRS has recently issued a significant number of CP53E notices, prompting taxpayers to update or add bank account information for direct deposit of refunds. While the notice itself is legitimate, its widespread distribution has also created increased opportunities for fraud.
As Prager Metis tax professionals continue to monitor developments on Capitol Hill, the informally dubbed “Big Beautiful Bill” (“BBB”) has emerged as a landmark piece of legislation with far-reaching implications.
