Blog

The Fifth Circuit clarified that the term “limited partner” in IRC § 1402(a)(13) focuses on a partner’s limited liability, rather than whether they perform services. This means that many partners who are officially limited partners might be able to exclude their distributive share from self-employment tax, even if they do work for the partnership. While…

Purchasing a car ranks among the most significant expenses most households face. Federal tax breaks for auto loan interest and electric vehicle (EV) purchases can deliver significant savings, often in the thousands. The One Big Beautiful Bill Act of 2025 (OBBA) now allows up to $10,000 of interest deduction on new auto loans. Meanwhile, EV…

Inherited IRAs have always been a fantastic way to pass retirement savings to future generations! However, some recent changes are shaking things up a bit. The IRS is focusing more on how inherited IRAs are managed. With the new enforcement measures, non-spouse beneficiaries who delay or miss their required minimum distributions (RMDs) might face significant…

Unlocking Tax Benefits for Employees: What IRS Written Determination 202434006 Means for Your Retirement and Health Savings Recognizing the tax advantages available to employees is essential for financial health. The IRS Written Private Letter Ruling offers insights into how employer contributions to retirement and health benefit plans can benefit you. This ruling outlines the regulations…

As a business owner, understanding and managing your tax obligations is crucial to avoid penalties and maintain financial health. Here’s what you need to know about business tax compliance in plain language: 1. Types of Business Taxes: Businesses typically owe federal, state, and sometimes local taxes. These may include income taxes, payroll taxes, sales taxes,…

Unemployment benefits provide crucial support during periods of job loss, but navigating the associated tax implications and legal considerations is essential. Here’s a clear overview to help you understand: What are Unemployment Benefits? Unemployment benefits are financial assistance provided by state governments to eligible individuals who have lost their jobs through no fault of their…

Loan forgiveness can be a huge relief for borrowers struggling with student loans or other debts. However, it’s crucial to understand the potential tax implications that come with it. Here’s a breakdown to help you navigate this complex issue: Types of Loan Forgiveness: How Loan Forgiveness is Taxed: Preparing for Tax Consequences: What You Can…

Tax season is often stressful, but it can become a nightmare if you fall victim to tax identity theft or fraud. These crimes involve someone using your personal information to file a fraudulent tax return and claim your refund. Here’s how it happens and what you can do to protect yourself: How Tax Identity Theft…

Taxes can be overwhelming, especially with the myriad of deductions, credits, and rules that change every year. At Lamarre Law Group, P.A., we’re here to simplify the process and ensure you maximize your savings. In this blog post, we’ll break down some common tax deductions you might be missing and show you how we can…

Hello, readers! Today, we’re going to discuss a recent development in tax law that could have significant implications for your estate planning: IRS Revenue Ruling 2023-2. This ruling addresses the tax implications of transferring assets to an irrevocable trust. But don’t worry, we’ll break it down in plain language so you can understand how it…