The Internal Revenue Service and the Treasury Department released final regulations on the sale of property seized by the IRS through a levy for nonpayment of taxes, providing a long overdue update to rules that had been in place since at least the 1950s, and even the 19th century. “The
Cooling inflation will bring some relief in the form of slightly lower taxes next year. An average inflationary adjustment of 2.8% under IRS guidance for 2025 released earlier this month came in lower than the 5.4% hike for this year and a boost of more than 7% across the seven
Forvis Mazars is expanding in Florida through the acquisition of MSL, P.A., effective Nov. 1. The deal will add new offices in Orlando, Fort Lauderdale and Tallahassee to the firm. Financial terms of the deal were not disclosed. Forvis Mazars had annual revenues of approximately $2.2 billion in the U.S.
Steven Menna Steven Menna was hired as a partner in the financial services group at Withum, Princeton. The firm also announced the successful implementation of its integrated cloud-based digital audit platform. Robert Traphagen, managing partner at Traphagen CPAs & Wealth Advisors, Oradell, received the NJBIZ 2024 ICON Award, recognizing his
The Internal Revenue Service said Friday that the amount individuals can contribute to their 401(k) plans in 2025 has increased by $500 to $23,500, up from $23,000 for 2024, as part of its annual cost-of-living adjustments, although the limit for individual retirement accounts remains $7,000. The IRS issued technical guidance
To the mat; extra help; FACS of the case; and other highlights of recent tax cases. Corona, California: Tax preparer Salvador Gonzalez has been sentenced to six years in prison for preparing false returns for clients. For more than a decade, Gonzalez operated the tax prep business Grace’s Lighthouse Resource
Ernst & Young LLP resigned as the auditor to troubled server maker Super Micro Computer Inc., citing concerns about the company’s governance and transparency. The shares plummeted the most in six years. The Big Four firm raised questions about the company’s commitment to integrity and ethics, according to a filing
Herbein + Co. Inc., a Regional Leader firm based in Reading, Pennsylvania, has acquired Bumpers & Co., an accounting and advisory firm in Wilmington, Delaware, effective Oct. 28, 2024. The deal is part of Herbein’s strategic plan to expand its footprint by establishing its first location in Delaware. “We are
Former President Donald Trump called for a tax break for caregivers, the latest in a series announced by the Republican nominee with the election only about a week away. “I’m announcing a new policy today that I will support a tax credit for family caregivers who take care of a
The Internal Revenue Service did little to stop fraudsters who used the Practitioner Priority Service Line to fraudulently file 4,828 tax returns and claim nearly $462 million in refunds, according to a report by the Treasury Inspector General for Tax Administration. Of these illicit claims, the IRS detected and stopped