by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Dec 8, 2022 | Crowdfunding, Tax Bill
Crowdfunding is a popular phenomenon both nationally and internationally. Famous websites like GoFundMe and Kickstarter help raise more than $17 billion annually in North America. All of this crowdfunding activity prompts the obvious question: Are the funds taxable as...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Nov 21, 2022 | Business Planning, Pro Tips, Tax Bill, Tax Planning, Tax Strategy
Deductible SALT payments before year-end are a priority for pass-throughs.Question: Can I pay my individual state income taxes through my business to bypass the state itemized deduction limitation, and get a business deduction? PROBLEM: While the $10,000 SALT itemized...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 8, 2022 | Pro Tips, Tax Bill, Webinar
The $80 billion question: What will the IRS do with all its new money? Live Webinar: President Biden’s Inflation Reduction Act The Inflation Reduction Act of 2022 is now law! >>>Is it true that the IRS is getting ready to go Beast Mode with the...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Oct 3, 2022 | Tax Strategy, Tax Bill, Tax Planning, Travel Deductions
IRS using Passport Revocation as a Collection Tool The IRS has announced its intention to increase enforcement. It should be no surprise, given the annual tax gap and anticipated federal budget increases. The annual tax gap — the estimated difference between taxes...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Sep 1, 2022 | Tax Planning, Pro Tips, Tax Bill, Tax Reform, Tax Strategy
Inside President Biden’s Inflation Reduction Act is $80 billion for the Internal Revenue Service. The Inflation Reduction Act Explained Picture this. It is more than six times the current annual budget ($12.6 billion). The Wall Street Journal described the IRS...
by Miguel A. Palma, CPA, PFS, CGMA & Tax Advisor | Aug 25, 2022 | Tax Bill, Newsletters, Press Releases, Pro Tips
Biden announced that he plans to cancel student loans debt. Key areas of this plan to cancel student loans debt: Eliminate up to $10,000 in student loans for individuals making less than $125,000 or households making less than $250,000. Forgiveness of up to $20,000...