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View all of our in-depth articles, expert interviews, and a library of downloadable guides, checklists, and tools designed to support and streamline your tax planning and compliance efforts.
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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Read our latest articles delivering expert tax insights,
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What the One Big Beautiful Bill Means for Your Taxes
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...
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The Partnership Tax Deadline is Approaching: What You Need to Know
The Partnership Tax Deadline is Approaching: What You Need to Know
Tax Relief for Los Angeles County Taxpayers
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...
Business Relocation: Tax Traps to Avoid
Relocating a business headquarters to another state can be a strategic move, offering benefits such as lower tax burdens, reduced operational costs, an...
What the One Big Beautiful Bill Means for Your Taxes: Key Takeaways for Individuals, Estates, and Businesses
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...
IRS RELEASES NEW 83(b) ELECTION FORM
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...
Key Provisions: One Big Beautiful Bill Act
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...
Assessing the Family Office Investment Landscape in 2025
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...
Zaid Butt, CPA, Named Partner at Evolved, LLC, Tax and Advisory
Evolved, LLC is pleased to announce that Zaid Butt, CPA, has been named a Partner in the firm’s tax and advisory services group.
Why Business Services Create a Unique Wrinkle in Conventional M&A Patterns
Business services targets can be a less predictable source of portfolio growth than the sector’s history of steady income would suggest, warns Evolved'...
What to Know for the 2025 Tax Filing Season
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 ...
New Filing Requirements for Cryptocurrency and Digital Assets in 2024
The rise of cryptocurrency and digital assets has brought significant changes to the tax landscape in recent years. As these assets become more mainstr...
Evolved Tax Client Service Checklist
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...
Tax Year-End Checklist
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...
Keynote Interview - Supreme Court ruling opens Pandora’s box
The importance of this decision cannot be understated, and the impact will be felt throughout every industry, says Matthew John McNally, Managing Partn...
Presidential Election 2024 - Donald Trump
President-Elect Donald Trump’s Tax Policy Proposals
Harris vs. Trump Tax Plans: 2024 Presidential Election
Harris vs. Trump Tax Plans: 2024 Presidential Election
Tax Tips for Rental Property Owners
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...
Backdoor Roth IRA
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...
Types of Equity Compensation and How They Are Taxed
Equity compensation is an attractive way for employers to recruit and maintain employees in the long term. Given the various types of equity compensati...
Tennessee’s Franchise Tax: Are You Eligible to Claim a Refund?
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...
What is the Interstate Commerce Simplification Act of 2024?
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...
Do S-Corps Pay Corporate Taxes?
Unlike traditional C-Corporations, S-Corporations are pass-through entities, meaning the corporation's income and losses pass through to the shareholde...
Section 83(b) Election: Tax Benefits and How to File
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...
California Seeks to Limit Net Operating Losses
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 to File Form 8594 - Asset Acquisition
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...
LLC vs. LP vs. S-Corp: A Guide for Business Owners
When comparing a Limited Liability Company (LLC), a Limited Partnership (LP), and an S Corporation (S-Corp), it is essential to consider their differen...
Private Equity – Tax Reporting Requirements and Considerations
When determining their tax reporting and compliance requirements, there are many factors that private equity firms must consider. Private equity firms ...
Understanding IRS Form W-9 and W-8 Compliance
The Internal Revenue Service (IRS) utilizes various forms to ensure compliance with the United States tax laws, especially regarding information report...
Tax Havens: Establishing Residency in Puerto Rico and the Potential Benefits of IRC Section 933
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 ...
United States Income Tax Treaties That Meet the Requirements of Section 1(h)(11)(C)(i)(II)
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...
A Quick Guide for Accounting Method Change
Accounting methods, whether general (like cash or accrual) or specialized (e.g., long-term contract methods), are pivotal for financial reporting. This...
Limited Partners May Not Be Exempt From Self-employment Contributions Act (SECA) Taxes
The IRS has increased its compliance efforts with the objective of accurate reporting and payment of Self-Employment Contributions Act (SECA) taxes. Th...
Should I Itemize or Should I Take the Standard Deduction?
During tax season, individuals are faced with a pivotal decision: whether to take the standard deduction or opt for itemizing deductions. This choice h...
Tax Relief for American Families and Workers Act of 2024
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...
Maximizing Tax Benefits for Retirees: Qualified Charitable Distributions
It is important for older individuals and retirees to be mindful of potential tax advantages that can help optimize their financial situations. There a...
Texas Franchise Tax Changes to No Tax Due Reporting for 2024
In July 2023, the Texas legislature passed Senate Bill 3, which increased the no tax due threshold and eliminated reporting requirements for certain en...
Changes to Ohio Commercial Activity Tax in 2024
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...
Last Call for Tax Savings: Act Before 2017 Cuts Run Out
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...
Oklahoma Franchise Tax Officially Ends
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 Will Deny Over 20,000 Employee Retention Credit (ERC) Claims
IRS has taken action against ineligible claims for ERC, a refundable tax credit designed to support businesses and tax-exempt organizations that mainta...
When Do You Need an Appraisal for Charitable Tax Deductions?
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...
Unlocking the Hidden Tax Trap of High Returns: Navigating the Tax Landscape of Fixed-Income Investments
In a rapidly changing financial landscape, Americans are flocking to fixed-income investments, attracted by the promise of higher returns. However, the...
Know the Different Types of Authorizations for Third-Party Representatives
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, ...
IRS Reminds Storm Victims in 3 States: File and Pay by Oct. 16; Most of California, Parts of Alabama and Georgia Affected
The Internal Revenue Service reminded individuals and businesses in most of California and parts of Alabama and Georgia that their 2022 federal income ...
Hurricane Idalia IRS & Florida State Tax Relief
IRS: THOSE IMPACTED BY IDALIA QUALIFY FOR TAX RELIEF; OCT. 16 DEADLINE, OTHER DATES POSTPONED TO FEB. 15
IRS Warns Taxpayers of New Scam Targeting Refunds
The Internal Revenue Service (IRS) has issued a warning to taxpayers about a new, sophisticated scam that’s specifically designed to trick individuals ...
Florida Governor Signs H.B. 5 to Repeal Tax Credit Programs
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...
Changes to New Jersey’s Corporation Business Tax Act (CBT) and Gross Income Tax Act (GIT)
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...
Why the New 1099-K Reporting for Third Party Payment Platforms Will Hurt Small Taxpayers
The American Rescue Plan Act (ARPA) that was enacted in March 2021 brought about substantial changes to Form 1099-K reporting standards. Originally mea...
Tips For Establishing Residency in a New State
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...
Proposal to Tax Carried (Profits) Interests as Ordinary Income
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 ...
Unlocking Opportunities: IRS Proposes Regulations for Clean Energy Tax Credit Transfers under the Inflation Reduction Act of 2022
The Internal Revenue Service (IRS) recently unveiled proposed regulations aimed at establishing clear procedures and rules for eligible taxpayers to tr...
Connecticut Governor Signs Budget Bill Making PTET Elective and Enacts Other Tax Changes
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...
Inflation Reduction Act – New Corporate Alternative Minimum Tax
Effective for tax years beginning after December 31, 2022, the Inflation Reduction Act of 2022 (IRA) imposes a 15 percent Corporate Alternative Minimum...
A Solo 401(k) Offers Attractive Tax Incentives for Small Business Owners
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...
Maximizing Tax Benefits: Navigating Section 174 Rules and Leveraging the FDII Deduction for R&E Costs
The latest regulations, known as Section 174 rules, now require taxpayers to capitalize and gradually deduct research and experimental (R&E) costs ...
Hobby or Business: Here’s What to Know About That Side Hustle
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...
1099 vs W-2: Understanding the Key Differences for Workers and Employers
The classification of workers in the United States as either 1099 (independent contractors) or W-2 (employees) has significant implications for both pa...
Taxation of Non Fungible Tokens
Nonfungible Tokens (NFTs) have gained immense popularity in recent years as unique digital assets that can be used to certify ownership and authenticit...
Tax Implications of the New Leasing Standard ASC 842
ASC 842, the new lease accounting standard from the Financial Accounting Standards Board (FASB), has been in effect since December 15, 2018, for public...
US Tax Court Ruling: IRS Cannot Assess Penalties Under IRC Section 6038(b) for Willfully Failing to Report Foreign Income
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...
Federal & State Electronic Filing Perfection Periods
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...
United States v. Colliot: A Landmark Decision Impacting FBAR Penalties and Compliance
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
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 Fed’s Discount Window Lending at Levels Not Seen Since The Great Recession
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...
IRS Launches Digital Intake Initiative
The Internal Revenue Service (IRS) has embarked on a digital transformation journey to streamline tax processing and improve efficiency. The Internal R...
Credits for New Clean Vehicles Purchased in 2023
What is a Clean Vehicle Credit?
California Tax Basis Capital Accounts Reporting
California Tax Basis Capital Accounts Reporting
Our Brand Has Evolved, LLC!
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...
Who Must File The Delaware Annual Franchise Tax Report Due March 1?
All active non-exempt domestic corporations incorporated in Delaware are required to file an annual franchise tax report and pay franchise tax electron...
Are Cryptocurrencies Subject to Tax and Wash Sale Rules?
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...
Everything You Need to Know About This Year’s 1099 Filing Season
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.
New York City’s Proposed Secure Jobs Act May Drive Businesses Out of The City
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...
Schedule K-2/K-3 Domestic Filing Exception
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...
Is Paying Passthrough Entity Tax a Smart Move for My Business?
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?
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...
How Do I Choose the Right Legal Entity for My Startup Business?
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...
Convenience of the Employer Rules
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
Carried Interest Taxed as Ordinary Income
Which Tax Changes in the Federal Government’s 2023 Budget Could Impact Private Equity and Alternative Asset Management Funds?
Can New York City Partnerships or Resident S Corporations Elect to Pay Pass Through Entity Tax in 2022?
Can New York City Partnerships or Resident S Corporations Elect to Pay Pass Through Entity Tax in 2022?
Can New York City Coworking Spaces Use Membership Fees to Reduce Their Commercial Rent Tax?
Can New York City Coworking Spaces Use Membership Fees to Reduce Their Commercial Rent Tax?
What Should Startups Know About Regulation A+ Fundraising?
For growth-minded startups, capital is everything. Traditionally, this capital has come from angel investors, venture capital, friends, family, and fre...
Six States Plan to Tax Forgiven Student Loan Debt – How Will Borrowers be Affected?
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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Interviews
Explore featured interviews with external publications, delivering tax expertise,
actionable strategies, and timely industry news.
The importance of this decision cannot be understated, and the impact will be felt throughout every industry, says Matthew John McNally, Managing Partn...
Downloads
Browse our library of downloadable tax resources, including end-of-year
checklists, preparation guides, and more.
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...
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...
