Stay informed with the latest insights and perspectives from Withum.
Accounting firms are seeing a noticeable increase in scams tied to IRS Notice CP53E, a legitimate notice that the Internal Revenue Service (IRS) has been issuing more frequently this year. As the IRS continues moving away from paper refund checks and toward electronic payments, many taxpayers are encountering CP53E for the first time – creating…
For many New Yorkers, estate tax planning has felt like something that could wait. Under current law, that reaction is understandable. New York’s basic exclusion amount for 2026 is $7.35 million, which means many families and business owners still feel comfortably outside the state estate tax conversation. That is why the recent proposal linked to…
Estate of Galli v. Comm’r, T.C., No. 7003‑20 and 7005‑20 involves an intra‑family loan that the Court determined was a valid, interest‑bearing obligation rather than a disguised gift, recognizing that a note issued at the Applicable Federal Rate (AFR) with proper documentation and timely interest payments can be respected as a bona fide loan while…
As the IRS continues shifting toward electronic only payments, taxpayers are gaining convenience — but also facing new pitfalls. Whether you’re making an estimated payment, an extension payment or paying a balance due with a notice, correctly selecting the payment type and tax year is essential to keeping your IRS account accurate and avoiding unnecessary…
Equity compensation deferral arrangements can be excellent wealth builders, but each one follows its own tax clock. Knowing when income is recognized—and what rate applies—drives better decisions. From RSUs and incentive stock options (ISOs) to nonqualified stock options (NSOs) and deferred compensation plans, equity compensation comes with distinct tax rules, timing considerations and planning opportunities….
The season of giving has come and gone. There were countless charitable causes to support, but just because you think a client has donated lots of money or other assets, the tax courts won’t necessarily agree. Let’s walk through how recent tax court cases change the valuation landscape for donations and beyond. Say one of…
