The California State Controller’s Office recently announced a program to help businesses that are holding on to unclaimed property that should have been turned over to the state in the past. As an attorney and business owner, the matter of holding unclaimed property...
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FinCEN Announces Initiatives to Combat Fraud in Minnesota
Following the recent discovery of the billions of taxpayer dollars in benefits fraud that Minnesota suffered, FinCEN (Financial Crimes Enforcement Network), a part of the U.S. Department of the Treasury, issued several initiatives including an order to require banks...
Get Ready, Get Set…File Your 2025 Federal Income Tax Return
The IRS is making it easier for taxpayers to prepare for the filing season with updates and important information that may help lower your tax liability for 2025. By now, all taxpayers should have an online account with the IRS, which may be established or accessed...
Car Loan Interest Up to $10,000 May Now Be Deductible
Under the One, Big, Beautiful Bill, the IRS has issued proposed regulations that provide a new deduction for interest paid on vehicle loans incurred after December 31, 2024. This may be used by taxpayers regardless of whether they itemize their deductions or use the...
New Rules for Real Estate Professionals to Report Cash Transactions of Residential Real Estate
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has designed a reporting requirement to increase transparency of cash transactions in real estate, which will aid in deterring money laundering through real estate transactions. The reporting...
Rat Out Tax Cheats with New IRS Online Portal and Receive Reward
As long as people have been cheating on their taxes, other people have turned the tax cheats into the IRS. In 2007, the IRS launched a program to provide a portion of the proceeds to the whistleblowers. To date, the IRS has paid out over $1.4 billion to...
New Tax Benefits for Health Savings Account Participants
The IRS recently provided guidance for participants of health savings accounts (HSAs) for new tax benefits they may receive. The changes expand eligibility which allows more people to pay for healthcare costs through tax-free, ultimately saving them money. To learn...
The IRS Issues Guidance on Trump Accounts for Children Born in 2025-2028
Children born between January 1, 2025 through December 31, 2028 have the opportunity to elect to receive a $1000 investment thanks to the Trump Accounts under the Working Families Tax Cuts. To learn which children qualify, how to elect to receive the payment, what...
IRS Helps Taxpayers Prepare for Filing 2025 Tax Returns
The IRS knows many taxpayers will want to file their 2025 income tax returns as soon as possible to get any expected refunds. Other may delay a while for a variety of reasons. Either way, there are actions taxpayers can take in 2025 to be best prepared. Getting...
FinCEN Proposes to Sever Access to the U.S. Financial System if Foreign Banks do Business With 10 Gambling Establishments Tied to Laundering Money From Narcotics Trafficking With the Sinaloa Cartel
This week the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed to sever the access to the U.S. financial system by 10 gambling establishments in Mexico, by prohibiting financial institutions from opening or maintaining a...
