Posts Tagged ‘IRS’
What Do the 2025 Contribution Limits Mean for Dental Retirement Plans?
At a glance Schedule a consultation The full story: The Internal Revenue Service (IRS) raises contribution limits for retirement plans every year due to inflation. For 2025, the contribution limit has increased to $23,500 from $23,000 in 2024. The new contribution limit presents excellent opportunities for dental practice owners and practitioners to save more for…
Read MoreIRS Extends Transition Period for R&D Refund Claims
At a glance The full story: The IRS has, for the third time, extended the transition period for Federal R&D Tax Credit refund claims, in which taxpayers have 45 days to “perfect” any claims that the IRS deems deficient upon initial submission. This transition period will now continue until January 10, 2026, and, unless extended…
Read MoreUnderstanding the 1031 Like-Kind Exchange Rules
At a glance Schedule a consultation The full story: Internal Revenue Code (IRC) Section 1031, also referred to as the “like-kind” exchange, provides individuals with an exception by allowing them to defer capital gains if they reinvest the proceeds into other qualifying properties. The 1031 like-kind exchange can be a viable long-term tax saving strategy…
Read MoreFederal Employment Tax Issues When Engaging Independent Contractors
At a glance Schedule a consultation with Aprio’s Employment Tax Services team today. The full story: Independent Contractors (ICs) can offer businesses flexibility, specialized skills, and cost savings. However, navigating the payroll tax implications of using ICs instead of or in addition to employees is a critical management decision, from drafting out the initial terms…
Read MoreU.S. Expatriation Tax and Form 8854: Planning Ahead for Exit Tax Compliance
At a glance Schedule a consultation The full story: The individual U.S. expatriation tax is for U.S. citizens or green card holders. This is for long-term residents who have been green card holders for a minimum of eight of the prior fifteen years and U.S. citizens who are formally relinquishing their citizenship or green card…
Read MoreMORE Updates to Form 6765 for Federal R&D Tax Credits
At a glance The Full Story: On June 21, 2024, the IRS released an updated draft version of a new Form 6765 (the tax form used to claim the Federal R&D Tax Credit), revealing major updates since publishing the first draft of proposed changes in 2023. The nature of the changes, which significantly reduce the…
Read MoreIRS Rolls Back Some Requirements for R&D Refund Claims
At a glance: The full story: One June 18, 2024, the IRS announced a significant update to the filing requirements for R&D Tax Credit refund claims that will benefit taxpayers. Effective immediately, the IRS will waive the requirement for two of the original five pieces of information needed for filing a refund claim, alleviating the…
Read MoreThe Standard Mileage Reimbursement Rate for Government Contractors
At a glance: Schedule a consultation with Aprio’s Government Contracting team today. Mileage reimbursement is a vital component of business and government activities, ensuring that employees and officials are fairly compensated for using their personal vehicles for work-related purposes. The federal mileage reimbursement rate is the standard guideline used to calculate the allowable amount for…
Read MoreIRS Tax Notices 6173, 6174, and 6174-A, What They Mean and What To Do.
Did you receive the IRS tax notice 6174, 6174A or 6173 in connection with your virtual currency transactions? If you had virtual currency transactions in any of the relevant tax years (2013 through 2017), you may have been one of the 10,000 taxpayers who received a tax notice letter from the IRS recently. If you…
Read MoreFederal Government Shutdown Creates Tax Filing Uncertainty
The United States has been under a partial government shutdown since Dec. 22, 2018, and while the House of Representatives is expected to pass bills each day this week to fund closed parts of the government they are unlikely to go through the Senate. President Trump himself has stated he would be willing to keep…
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