The U.S has more than 60 tax treaties with foreign countries who are trading partners. Tax treaties can benefit individuals by clarifying their tax obligations, reducing tax burdens, and simplifying cross-border economic activities.
With the American population aging, postmortem contributions are critical opportunities for nonprofits to receive charitable contributions
The IRS warns of phishing and smishing as top threats in its 2024 “Dirty Dozen” tax scams list. These tactics use fraudulent emails or texts posing as the IRS to extract personal and financial data. IRS Commissioner Danny Werfel urges caution, emphasizing the IRS does not initiate contact via email or text for such information.
Audit rates on large corporations to increase threefold, per newly released IRS roadmap for spending Inflation Reduction Act funds.
House Ways & Means Committee Chairman Jason Smith (R-MO) and House Tax Subcommittee Chairman Mike Kelly (R-PA) recently announced the formation of 10 "Committee Tax Teams". Each team will address key tax provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that are set to expire in 2025 and identify legislative solutions.
In its 2024 ranking of the Top 100 Firms, Accounting Today has named PBMares to its Leaders in Tax specialty category.
The IRS launched the Employee Retention Credit Voluntary Disclosure Program (ERC-VDP), providing an opportunity for employers to correct mistaken Employee Retention Credit (ERC) claims penalty-free, with submissions due by March 22, 2024.
On January 31, 2024 the House of Representatives passed the Tax Relief for American Families and Workers Act, providing business tax breaks and expanded child care credits. Learn if you should consider filing an extension for your 2023 individual and business tax return and consult with a professional tax advisor for evaluation.
Tax legislation packaging the child tax credit and favorable business tax provisions moves to the Senate with momentum but an uncertain fate.
The IRS has introduced a $1 billion penalty relief program to assist approximately 4.7 million taxpayers who did not receive automated collection reminders during the COVID-19 pandemic.
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