by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 27, 2023 | Tax Advisory, Tax Assessment, Tax Deadline, Tax Planning
https://mpalma.com/wp-content/uploads/2023/11/Beat-the-2023-Tax-Deadline_-Learn-the-Ultimate-Tax-Strategies-to-Save-Thousands-Before-Year-End.mp4 REGISTER...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 8, 2023 | Tax Planning, Tax Advisory, Tax Assessment
Horse breeding is not just a passion; it’s a business venture with the potential for significant financial gains. The Race Horse Cost Recovery Act of 2023 is a proposed legislation that aims to make the three-year depreciation schedule for racehorses permanent,...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 3, 2023 | Tax Planning, Tax Advisory, Tax Strategy
In our previous email, we mentioned that 93% of small businesses overpay their taxes by at least $10,000 annually. But here’s the surprising part: tax overpayments aren’t just a problem for businesses; they’re affecting individuals like you and me,...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 31, 2023 | Tax Strategy, Tax Advisory
In a recent court case (Bass v. Commissioner), the IRS upheld its requirement for an independent appraisal if the non-cash donation exceeds $5,000. It means that if you plan to donate clothing to charity and the value of the donation is over $5,000, you will need to...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Sep 23, 2023 | Tax Planning, Tax Advisory
As you may be aware, there is a possibility of a government funding lapse towards the end of September. Discussions on how to fund essential government operations are ongoing without a clear consensus. A government funding lapse could have notable consequences for...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Sep 15, 2023 | Tax Planning, Tax Advisory
The IRS has recently announced a significant change regarding the Employee Retention Credit (ERC), and we want to ensure you’re aware of its implications. According to the IRS publication IR-2023-169, dated September 14, 2023, the IRS has imposed a moratorium on...
