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December 2024

New Procedures When Fighting Over Child Tax Credits

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One of the biggest tax pains in the last two decades in the tax preparation world has been when two separated or divorced parents both try to claim the same child - regardless of who had the right to.  You see, the IRS doesn't care what a separation or divorce decree says.  They got tired of reading them to make determinations.   So they came us with the custodial parent rules.

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Using Charitable Giving for Year-End Tax Planning

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When the tax laws changed in 2018, most people no longer had to use the itemized deductions (Schedule A), but found it easier and more beneficial to just use the standard deduction.  Generally, I find that there is a small minority that still itemize.  They usually have a lot of property taxes, large amounts mortgage interest and give a generous amount to charities (such as tithing 10% to their church).

5th Circuit Court Stays Injunction on BOI

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January 1, 2025 Filing Deadline Has Been Reinstated

In a pivotal development for businesses nationwide, the 5th Circuit Court of Appeals has stayed the Texas District Court’s preliminary injunction, which had temporarily paused the enforcement of the Corporate Transparency Act (CTA). This decision reinstates the January 1, 2025, filing deadline for companies to comply with the CTA’s Beneficial Ownership Information (BOI) reporting mandate.

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