Blog
The IRS Wants to Know About Your Crypto… Now What?
Listen up if you're into crypto, Big changes are coming for tax time in 2025. Remember that whole thing about people buying and selling crypto without paying taxes? Yeah, Congress isn't a big fan. So, they're making companies that deal with crypto report everything to...
2024 Tax Calendar for Small Business and Self-Employed Taxpayers
Did you know that even missing one tax deadline can lead to penalties and headaches? Don't let that happen! The new year is here, and with it comes tax season! That's why we are sharing the 2024 Federal Tax Calendar to help you stay on top of important deadlines. But...
URGENT! My CPA Didn’t File My Taxes
Imagine this: Dr. Smith, a successful dermatologist in Beverly Hills who generates over $5 million annually, has entrusted his tax filings to a seemingly reputable wealth management firm for five years. They assure him everything is handled, even providing fabricated...
Is the IRS Still Looking at Your Old Returns?
Feeling stressed about old tax returns? The IRS has limitations on how far back they can look. Let's explore these timeframes and ease your worries! The statute of limitations clarifies when the IRS can no longer audit your tax return or assess additional taxes. In...
Retire a Millionaire? Here’s How IRAs Can Help Young Adults Get Started
Dreaming of retiring as a millionaire? With the deadline approaching to maximize your IRA contributions for the 2023 tax year by April 15, 2024, now is the prime opportunity for young adults to kickstart their journey toward financial independence. Navigating the...
Critical Alert: Corporate Transparency Act Compliance – Act Now!
The Corporate Transparency Act (CTA), already in effect since January 1, 2024, for new entities and looming ahead for existing ones by January 1, 2025, is a key legislative development in the global fight against money laundering and terrorism financing. This Act...
Celebrating International Women’s Day
On behalf of the entire Palma Financial Services team, we wish you a happy International Women's Day! We celebrate the incredible women who contribute so much to our communities, businesses, and families. We're particularly proud of the strong legacy of female...
Is Your Business Structure Holding You Back? Climb Higher in 2024!
Imagine your business breaking barriers and reaching new heights. Is your current legal structure a hidden obstacle? For established entrepreneurs and new business owners, the right entity choice is key to unlocking growth, operational efficiency, and financial peace...
Navigating the 2024 Tax Maze: Paper vs. Digital?
Tax season is just around the corner! Feeling overwhelmed with choosing between e-filing and paper returns? Don't worry; we've got you covered. Let's break down the pros and cons of each method: E-filing offers: Immediate IRS confirmation: No waiting for processing...
$1.2 Billion in Debt Forgiveness! What You Need to Know About Taxes
Significant updates for student loan borrowers have been announced! President Biden disclosed the cancellation of $1.2 billion in student loan debt, benefiting around 150,000 borrowers and contributing to a total debt forgiveness of $138 billion for nearly 3.9 million...