Articles
IRS announces 2025 retirement contribution limits and adjustments
The IRS has released updated retirement contribution limits for 2025, covering 401(k)s, IRAs, SIMPLE accounts, and other retirement plans. These adjustments, aimed at reflecting cost-of-living changes, include increased contribution limits and updated income thresholds for various retirement accounts, making it easier for Americans to s...
What Trump’s second term means for taxes, economy, and foreign policy
Donald Trump’s re-election to the White House marks a pivotal moment in US policy, with plans for significant economic, tax, and foreign policy changes. After securing 295 electoral votes and a strong popular mandate, Trump is set to implement a bold “America First” agenda with sweeping implications for American househ...
IRS changes foreign gift and inheritance filing penalty assessments
The IRS has recently implemented significant changes in response to taxpayer and practitioner concerns about the automatic assessment of penalties for late-filed foreign gift and inheritance filings. Announced by IRS Commissioner Danny Werfel at the ...
2025 IRS inflation adjustments: Key tax changes and benefits for US taxpayers
The IRS has released its annual inflation adjustments for the 2025 tax year, which will affect a variety of tax provisions, including income tax brackets, standard deductions, credits, and deductions. These changes, outlined in Revenue Procedure 2024-...
Dual citizenship taxes: Guide for US expats
As a US citizen living abroad, you may find the complexities of dual citizenship taxes about as easy as practicing Brazilian Jujitsu, while covered in baby oil. Whether you've acquired citizenship in another country or you're an "accidental American," understanding your tax obligations is the only way to get a grasp on that slip...
IRS provides tax relief to victims of Hurricanes Milton, Helene, and related disasters
The IRS has announced extended tax relief for individuals and businesses affected by Hurricanes Milton, Helene, and other disasters in the Southeastern United States, including the entire state of Florida. These relief measures include extended filing deadlines, deposit penalty relief, and special provisions for those affected by the hu...