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Read our latest articles delivering expert tax insights, practical guidance, and industry updates.
On the heels of intense legislative negotiations, the One Big Beautiful Bill Act (OBBBA) has officially been signed into law, ushering in one of the most significant overhauls of the tax code in recent memory.
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The Partnership Tax Deadline is Approaching: What You Need to Know As the partnership tax deadline approaches, it is crucial for businesses to be proac...
On January 7, 2025, areas in and around Los Angeles County were affected by a series of catastrophic wildfires fueled by straight-line winds. In respon...
Relocating a business headquarters to another state can be a strategic move, offering benefits such as lower tax burdens, reduced operational costs, an...
On the heels of intense legislative negotiations, the One Big Beautiful Bill Act (OBBBA) has officially been signed into law, ushering in one of the mo...
On November 7th, 2024, the IRS released Form 15620 as the standardized form for taxpayers making the Section 83(b) election. This election allows taxpa...
Congress is in the midst of negotiating one of the most sweeping federal tax packages in years: the One Big Beautiful Bill Act (OBBBA). Originally pass...
Family offices (FOs) continue to expand across the globe: according to Deloitte, there will be 10,720 FOs by 2030. Given this rapid growth, there has b...
Evolved, LLC is pleased to announce that Zaid Butt, CPA, has been named a Partner in the firm’s tax and advisory services group. March 20, 2025, NEW YO...
Business services targets can be a less predictable source of portfolio growth than the sector’s history of steady income would suggest, warns Evolved'...
The start of a new year means another tax filing deadline is around the corner. With a multitude of various filings due from January through April, we ...
The rise of cryptocurrency and digital assets has brought significant changes to the tax landscape in recent years. As these assets become more mainstr...
To guide current (and potential) clients, we’ve gathered a list of Evolved Tax’s strengths when it comes to client service. Use the lists below to eval...
As we approach the end of the year, taxpayers should take action to minimize their tax burden for 2024. The tips below apply to taxpayers of all backgr...
The importance of this decision cannot be understated, and the impact will be felt throughout every industry, says Matthew John McNally, Managing Partn...
President-Elect Donald Trump’s Tax Policy Proposals With President-Elect Donald Trump’s win, many taxpayers and businesses may wonder how his proposed ...
Harris vs. Trump Tax Plans: 2024 Presidential Election By: Jarrod Galassi Updated October 22, 2024 Since our last article comparing the presidential ca...
Owning rental real estate is one of the most popular means by which Americans accumulate wealth. Given rising property values and the reliable cash flo...
Some taxpayers saving for retirement prefer to fund a Roth IRA rather than a traditional IRA. Roth IRAs offer several advantages, including tax-free gr...
Equity compensation is an attractive way for employers to recruit and maintain employees in the long term. Given the various types of equity compensati...
On May 10, 2024, Governor Bill Lee enacted Public Chapter 950 which resulted in the removal of the property measure component from the franchise tax co...
Understanding H.R. 8021: Redefining P.L. 86-272 and the Solicitation of Orders On April 16, 2024, a significant bill, H.R. 8021, known as the “Intersta...
Unlike traditional C-Corporations, S-Corporations are pass-through entities, meaning the corporation's income and losses pass through to the shareholde...
A Section 83(b) Election is a provision in the Internal Revenue Code that allows taxpayers who receive restricted stock or other property subject to ve...
From the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), California was one of the handful of states that did not conform to a number of provisi...
When you decide it’s time to sell your company, you will have to sell the assets of your company to the prospective buyer. Based on the agreed purchase...
When comparing a Limited Liability Company (LLC), a Limited Partnership (LP), and an S Corporation (S-Corp), it is essential to consider their differen...
When determining their tax reporting and compliance requirements, there are many factors that private equity firms must consider. Private equity firms ...
The Internal Revenue Service (IRS) utilizes various forms to ensure compliance with the United States tax laws, especially regarding information report...
Many high net worth individuals are increasingly flocking to states like Florida or Nevada due to their lack of a state income tax. However, under the ...
IRS released Notice 2024-11 on December 28, 2023, updating the list of countries with tax treaties meeting Section 1(h)(11)(C)(i)(II) criteria. Under s...
Accounting methods, whether general (like cash or accrual) or specialized (e.g., long-term contract methods), are pivotal for financial reporting. This...
The IRS has increased its compliance efforts with the objective of accurate reporting and payment of Self-Employment Contributions Act (SECA) taxes. Th...
During tax season, individuals are faced with a pivotal decision: whether to take the standard deduction or opt for itemizing deductions. This choice h...
On January 31st, 2024, the House of Representatives passed bill H.R.7024 Tax Relief for American Families and Workers Act of 2024 which aims to provide...
It is important for older individuals and retirees to be mindful of potential tax advantages that can help optimize their financial situations. There a...
In July 2023, the Texas legislature passed Senate Bill 3, which increased the no tax due threshold and eliminated reporting requirements for certain en...
Effective January 1, 2024, the Ohio Commercial Activity Tax (CAT) will undergo major changes following the enactment of Am. Sub. H.B. 33 of the 135th O...
In 2017, an extensive tax reform bill was enacted during the tenure of former President Trump, introducing a wide array of substantial alterations to t...
Big news for franchise owners in Oklahoma: Oklahoma House Bill 1039 enacted on June 2, 2023, repealed the franchise tax and the reporting requirements ...
IRS has taken action against ineligible claims for ERC, a refundable tax credit designed to support businesses and tax-exempt organizations that mainta...
The end of the year is a popular time for taxpayers to increase their charitable giving. Yet, one key requirement to claim larger donations on a tax re...
In a rapidly changing financial landscape, Americans are flocking to fixed-income investments, attracted by the promise of higher returns. However, the...
Taxpayers can authorize a third-party representative to work with the IRS on their behalf. Sometimes this person is an unpaid family member or friend, ...
The Internal Revenue Service reminded individuals and businesses in most of California and parts of Alabama and Georgia that their 2022 federal income ...
IRS: THOSE IMPACTED BY IDALIA QUALIFY FOR TAX RELIEF; OCT. 16 DEADLINE, OTHER DATES POSTPONED TO FEB. 15 The Internal Revenue Service announced tax rel...
The Internal Revenue Service (IRS) has issued a warning to taxpayers about a new, sophisticated scam that’s specifically designed to trick individuals ...
Florida’s Governor, Ron DeSantis, took significant action on May 31, 2023, by signing H.B. 5, a comprehensive bill designed to dismantle several tax cr...
New Jersey Assembly Bill 5232 enacted on July 3, 2023 contains significant tax changes to Corporation Business Tax (CBT) and Gross Income Tax (GIT). Ne...
The American Rescue Plan Act (ARPA) that was enacted in March 2021 brought about substantial changes to Form 1099-K reporting standards. Originally mea...
Many taxpayers, especially those in highly taxed states, have considered moving out of state and seeking lower or zero income tax rates. When done prop...
Reforms to the tax treatment of carried (profits) interest has been a topic for many years. The Administration aims to ensure equal treatment of labor ...
The Internal Revenue Service (IRS) recently unveiled proposed regulations aimed at establishing clear procedures and rules for eligible taxpayers to tr...
Connecticut Governor Ned Lamont signed budget bill H.B. 6941 on June 12, 2023 making major changes to the state’s pass-through entity tax (PTET). Begin...
Effective for tax years beginning after December 31, 2022, the Inflation Reduction Act of 2022 (IRA) imposes a 15 percent Corporate Alternative Minimum...
The main question we hear from small business owners is how they can find more ways to reduce their taxable income. A solo 401(k) offers itself as an a...
The latest regulations, known as Section 174 rules, now require taxpayers to capitalize and gradually deduct research and experimental (R&E) costs incu...
The line between having a hobby and running a business can often be confusing, but knowing the difference is critical because hobbies and businesses ar...
The classification of workers in the United States as either 1099 (independent contractors) or W-2 (employees) has significant implications for both pa...
Nonfungible Tokens (NFTs) have gained immense popularity in recent years as unique digital assets that can be used to certify ownership and authenticit...
ASC 842, the new lease accounting standard from the Financial Accounting Standards Board (FASB), has been in effect since December 15, 2018, for public...
In a recent decision, the United States Tax Court ruled that the Internal Revenue Service (IRS) cannot assess penalties under IRC Section 6038(b) for w...
Have you ever wondered how many days you have to correct an e-file rejection and resubmit your tax return or extension to be considered timely? Per Pub...
The case of United States v. Colliot (2018) involves Dominique G. Colliot, a U.S. taxpayer who failed to file the required FBARs for his foreign bank a...
New York Division of Tax Appeals Finds Owner Personally Liable for Sales Tax The New York Division of Tax Appeals recently issued a decision that serve...
The Discount Window lending is at levels not seen since the Great Recession, with banks borrowing billions of dollars in order to shore up their balanc...
The Internal Revenue Service (IRS) has embarked on a digital transformation journey to streamline tax processing and improve efficiency. The Internal R...
What is a Clean Vehicle Credit? Electric vehicles (EV) are becoming increasingly popular, not just for cost saving benefits they offer, but also becaus...
California Tax Basis Capital Accounts Reporting In early 2022, California Franchise Tax Board (FTB) released 2021 tax form instructions for limited lia...
Evolved, LLC has recently undergone an exciting rebranding effort, and we are thrilled to unveil our new look and feel. Our new website, evolvedtax.com...
All active non-exempt domestic corporations incorporated in Delaware are required to file an annual franchise tax report and pay franchise tax electron...
As the end of the year approaches, taxpayers look at their portfolio of investments and attempt to understand the applicable tax rules. One of the most...
The time has come to check all the boxes and get your company ready for a quick and smooth filing as Form 1099 filing season approaches in January. Is ...
New York is a long-established “at-will” state, where employment can be terminated at any time without notice, for any reason or no reason at all, as l...
The IRS introduced Schedule K-2 and K-3 with the 2021 tax filing year. The forms were designed to provide more information to taxpayers about reporting...
Much to the dismay of taxpayers in high-tax states, 2017’s Tax Cuts and Jobs Act created a $10,000 cap on an individual’s itemized state and local tax ...
When Do I Have to Pay New York City’s Business Corporation Tax? New Economic Nexus Introduced in 2022 Affects Corporations with Property, Payroll or Sa...
If you’re starting a new business, one of your earliest, and most important considerations is picking the legal entity that best suits your endeavor. T...
Why New York’s Convenience of the Employer Rule May Put a Damper on Your Plan to Work Remotely, and Avoid New York State Income Tax Thanks to the rise ...
Which Tax Changes in the Federal Government’s 2023 Budget Could Impact Private Equity and Alternative Asset Management Funds? President Biden’s FY 2023...
Can New York City Partnerships or Resident S Corporations Elect to Pay Pass Through Entity Tax in 2022? In 2022, New York State enacted a law which, am...
Can New York City Coworking Spaces Use Membership Fees to Reduce Their Commercial Rent Tax? The short answer is yes. In September 2022, the New York Ci...
For growth-minded startups, capital is everything. Traditionally, this capital has come from angel investors, venture capital, friends, family, and fre...
Recently, the Biden administration launched the application process for most student loan borrowers to have up to $20,000 of their education loans forg...
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