Recent Federal Court Decision: Texas Top Cop Shop, Inc., et al. v. Garland, et al.

Our clients should be aware of a recent ruling in Texas Top Cop Shop, Inc., et al. v. Garland, et al., Case No. 4:24-cv-478 (E.D. Tex.), which may have important ramifications for companies managing federal tax and regulatory compliance.

In this case, the plaintiffs challenged certain federal regulatory actions and interpretations impacting small businesses. While the specifics of the court's ruling are nuanced, the decision highlights ongoing legal debates over administrative authority, compliance requirements, and the balance between state and federal oversight.

This ruling emphasizes the importance of staying informed about the evolving legal landscape, particularly for businesses operating in highly regulated industries. Our firm is closely monitoring the case and its potential ripple effects on tax and regulatory matters.

If you have any questions about how this decision might affect your business or if you would like to discuss your compliance strategy, please do not hesitate to contact us.

Stay tuned for further updates as this case develops.

If you have any questions about how this decision might affect your business or if you would like to discuss your compliance strategy, we invite you to set up a  consultation with our firm.

Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense.  Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board.  Wilson Tax Law Group, APLC, is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.

For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC

Tel: (949) 397-2292 (Newport Beach Office) 

Tel: (714) 463-4430 (Yorba Linda Office)

Disclaimer: This blog post is for informational purposes only and does not constitute legal advice. Please consult with a qualified attorney for specific guidance related to your circumstances.

IRS Urges Retirees to Complete Mandatory 2024 Withdrawals

In addition to highlighting the changes brought about by the SECURE 2.0 Act, the Internal Revenue Service today reminded people 73 years of age and older of the deadline for taking required minimum distributions out of individual retirement accounts (IRAs) and other retirement plans.

Many owners of IRA accounts and retirement plans are required to take out required minimum distributions (RMDs) each year. If these withdrawals are not made on schedule, fines may apply as they represent taxable income. The new rules in the statute are explained in detail on the IRS’s  retirement plan and IRA required minimum distributions FAQs  webpage.

The SECURE 2.0 Act eliminated RMDs for designated Roth accounts in 401(k) and 403(b) retirement plans and increased the age at which account owners must start taking RMDs.

The minimum distribution rules generally apply to original account holders and their beneficiaries in these types of plans:

• IRAs: IRA withdrawals from traditional IRAs and IRA-based plans occur every year once people reach age 73, even if they’re still employed.


• Retirement plans: The RMD rules apply to employer-sponsored plans, with delays allowed until retirement unless the participants own more than 5% of the sponsoring business.


• Roth IRAs: Roth IRA owners are not required to take withdrawals during their lifetime, however beneficiaries are subject to the RMD rules after the account owner’s death.

The RMD regulations will not apply to designated Roth funds in 401(k) or 403(b) plans if the account owner is still living in 2024. Key RMD regulations for defined contribution plans and IRAs are described in the RMD comparison chart .

To find out more about how Wilson Tax Law Group, could help with your tax litigation and defense needs, we invite you to set up a  consultation with our firm.

Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense.  Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board.  Wilson Tax Law Group is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.

For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC

Tel: (949) 397-2292 (Newport Beach Office) 

Tel: (714) 463-4430 (Yorba Linda Office)

 

Joseph Wilson, recognized as Top Rated Attorney with SuperLawyers for 2025

We are pleased to announce Managing Shareholder, Joseph Wilson, has been recognized as a Top Rated Attorney with SuperLawyers for 2025! Join us in celebrating this achievement as this peer designation is awarded only to a select number of accomplished attorneys in each state.

For more information, please visit Mr. Wilson's SuperLawyers profile here.

 

IRS Provides a Series of Online Tools for Filing Federal Tax Returns

Did you know the IRS provides online tools and key reminders to plan for filing your federal tax return?

As the tax year 2024 draws to a close, you might want to look at the IRS website and its online resources to help you plan for and be ready to file your federal tax return to avoid penalties and interest. Maybe you might need more time to file or qualify for filing assistance from IRS-certified volunteers? The IRS offers a series of options and steps to determine if you need to file and how to pay your taxes on time. Another benefit of planning ahead for your federal tax returns is having time to review the list of required documentation and tax forms on the IRS website; this will ensure higher accuracy on the filing of your return while avoiding any delays to your refund, if applicable. Filing your federal tax return should be simple and it’s great to see the agency supports simplicity and designs tools that are making this process easier as well as more accessible to taxpayers.

To find out more about how Wilson Tax Law Group, could help with your tax litigation and defense needs, we invite you to set up a  consultation with our firm.

Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense.  Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board.  Wilson Tax Law Group is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.

For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC

Tel: (949) 397-2292 (Newport Beach Office) 

Tel: (714) 463-4430 (Yorba Linda Office)

The Future of Tax Policy and Strategic Planning in 2025

It’s easy to get caught up in the uncertainty of what might happen to the tax landscape after a U.S. Presidential Election and the end of an election year. In our last blog post, we discussed possible tax benefits with Trump’s re-election. We believe that you and your company should approach the impending tax changes by starting small and avoiding any attempts to scale the entire mountain of change as we end tax year 2024. Any changes to tax law, positive or negative, will have significant influence on tax preparation in the future.

It is important to start by examining how the stock market reacts to election results, specifically about potential changes in tax laws and regulations, how the market will be affected by these changes, and how investors are hoping to end the year. The types of strategic planning tactics that will be necessary in keeping individuals and businesses moving forward primarily depend on the ability to recognize indicators of economic stability.

At WTLG, we believe in establishing and creating tax priority lists according to the order in which they affect the operations and financial health of your businesses or personal financial situation. How can you and/or your business protect your interests to redirect planning if needed? How will your future business planning needs be impacted by tax law changes and will you and/or your business have the resources to change course? With these considerations, we urge our readers to stay alert and be proactive in addressing any potential tax implications with the trusted advice of a tax law attorney wherever possible. Leave the unpleasant complexities and tax controversies to the tax professionals.

To find out more about how Wilson Tax Law Group, could help with your tax litigation and defense needs, we invite you to set up a  consultation with our firm.

Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense.  Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board.  Wilson Tax Law Group is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.

For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC

Tel: (949) 397-2292 (Newport Beach Office) 

Tel: (714) 463-4430 (Yorba Linda Office)

Trump's Victory Could Produce Significant Tax Benefits for Businesses and Individuals

Trump's recent presidential re-election could produce significant tax benefits for businesses and individuals, some which may include:

• Making individual TCJA expirations permanent except for the cap on SALT (effective January 1, 2026)
  
  
  
  • Lower Rates and brackets
  
  
  • Increased Standard deduction
  
  
  • Increased Personal exemption
  
  
  • Child tax credit and other dependent tax credit benefits
  
  
  • Elimination of the $10k deduction limitation on state and local taxes
  
  
  • AMT changes
  
  
  • Section 199A pass-through deduction and noncorporate loss limitation increases
  
  
  
  


• Making TCJA estate tax changes permanent (effective January 1, 2026)


• Restoring TCJA business tax provisions (effective January 1, 2026)
  
  
  
  • 100 percent bonus depreciation
  
  
  • R&D expensing
  
  
  • EBITDA-based interest limitation
  
  
  
  


• Reinstituting the domestic production activities deduction (DPAD) at 28.5 percent to lower the effective corporate tax rate for domestic production to 15 percent


• Exempting tips from income taxes


• Exempting Social Security benefits from income taxes


• Exempting overtime pay from income taxes


• Creating an itemized deduction for auto loan interest

To find out more about how Wilson Tax Law Group, could help with your tax litigation and defense needs, we invite you to set up a  consultation with our firm.

Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense.  Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board.  Wilson Tax Law Group is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.

For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC

Tel: (949) 397-2292 (Newport Beach Office) 

Tel: (714) 463-4430 (Yorba Linda Office)

IRS Tax Updates for 2025: What You Need to Know

As we approach the 2025 tax season, the IRS has announced several significant updates that could impact your tax planning and filing. Here’s a breakdown of the key changes to be aware of:

1. Increased Standard Deduction

The standard deduction has been raised to $15,000 for single filers and $30,000 for married couples filing jointly. This increase can help reduce your taxable income, potentially lowering your overall tax bill.

2. New Tax Bracket Adjustments

Tax brackets have been adjusted for inflation. Be sure to review the new rates for 2025, as this could change your tax liability, especially if your income falls near the threshold of a higher bracket.

3. Child Tax Credit Enhancements

The Child Tax Credit remains at $2,000 per qualifying child. However, the eligibility requirements may have changed slightly, so it’s essential to check if you qualify for this credit.

4. Higher Retirement Contribution Limits

Contribution limits for retirement accounts have increased. You can now contribute up to $22,500 to 401(k) plans (with an additional catch-up contribution of $7,500 for those aged 50 and over) and $7,500 to IRAs. This is a great opportunity to bolster your retirement savings.

5. Health Savings Account (HSA) Updates

The contribution limit for HSAs has also been raised, allowing individuals and families to save more for medical expenses while enjoying tax advantages. Check the specific limits for 2025 to maximize your contributions.

6. Changes to Itemized Deductions

Certain itemized deductions have been adjusted, including limits on mortgage interest and property tax deductions. Review these changes to determine if itemizing remains beneficial for you.

7. Tax Relief for Disaster-Affected Areas

The IRS continues to provide tax relief options for individuals and businesses affected by natural disasters. If you’re in an impacted area, look for specific provisions that may apply to your situation.

8. Filing Deadlines

The deadline for filing individual tax returns remains April 15, 2025. Be sure to gather your documents early to avoid last-minute stress.

Conclusion

These updates from the IRS for the 2025 tax year could have a significant impact on your tax strategy. Staying informed and proactive can help you take full advantage of available deductions and credits. For more detailed information, visit the official IRS website or consult a tax professional to navigate your specific situation.

To find out more about how Wilson Tax Law Group, could help with your tax litigation and defense needs, we invite you to set up a  consultation with our firm.

Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense.  Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board.  Wilson Tax Law Group is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.

For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC

Tel: (949) 397-2292 (Newport Beach Office) 

Tel: (714) 463-4430 (Yorba Linda Office)