On December 12, 2024, President Biden signed into law the Federal Disaster Tax Relief Act of 2023 (H.R. 5863), providing tax relief for victims of various federally declared disasters. This legislation offers benefits to individuals and businesses affected by natural disasters, wildfires, and the East Palestine, Ohio train derailment.

Topel Forman wants to provide a friendly reminder regarding the upcoming deadline for the Beneficial Ownership Information (BOI) reporting under the Corporate Transparency Act (CTA). The CTA requires many corporations, LLCs, and other entities to report information about who ultimately owns or controls them unless a specifically enumerated exemption applies.

Tax Impact of Stock-Based Compensation Compensation may take several forms, including salary, fringe benefits and ...

Generally, amounts received for nonpersonal injuries are included in gross income. Punitive damages are also generally included in gross income, with a limited exception for certain wrongful death actions. However, Section 104(a) of the Internal Revenue Code (IRC) generally excludes amounts received as compensation for personal physical injury or physical sickness from gross income. This exclusion applies to a variety of payments, including those received under workmen's compensation acts, certain accident or health insurance, pensions or annuities for injuries or sickness resulting from active military service, compensation for the death or disability of a public safety officer, disability income due to injuries from terrorist or military actions, and damages (other than punitive damages) received for personal physical injuries or physical sickness.

Taxpayers who contribute property and claim a deduction of more than $500 but not more than $5,000 must also obtain a contemporaneous written acknowledgment from the donee and maintain the additional written records needed to complete Form 8283.