Ideas and Opportunities

Meet Our Firm

Tim LaFalam

Tim is a Tax Manager with the Firm. Tim has experience working from both planning and compliance perspectives with individuals, estates, trusts, corporations, and partnerships – in states across the United States. With a focus on effective client communication, he has built solid and trusting relationships with countless clients.(more)

Why your Gen Z employees are unhappy—and what you can do about it

Gen Z workers have been branded as demanding, unmotivated, and even entitled—a word that was used not too long ago to describe millennials. In an Intelligent.com survey last fall, 60% of employers said they had fired Gen Z workers not long after hiring them, and one in six managers said they were hesitant to hire recent college graduates. It’s no surprise that Gen Z continues to be misunderstood, or that older employees might rely on lazy tropes as they try to make sense of a new generation.(More)

Citigroup Mistakenly Credited a Customer with $81 Trillion Instead of $280: 'Inputting Error'

Citigroup made the mistake of crediting $81 trillion to a customer's account instead of $280, according to a Friday report from the Financial Times. The multi-trillion-dollar error occurred in April 2024 and was overlooked by both a payments employee and a second employee assigned to check the transaction before it was approved to be processed. (More)

Treasury Department Suspends Enforcement of Corporate Transparency Act

The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either. (More)

Phish, smish, and spear phish: IRS releases 2025’s Dirty Dozen

Phishing, smishing, and spear phishing are all ways that scammers try to trick tax professionals into turning over confidential information, the IRS said Thursday in its annual Dirty Dozen list of scams. "Scammers are relentless, and they use the guise of tax season to try tricking taxpayers into falling into a variety of traps. These red flags can lead to everything from identity theft to being misled into claiming tax credits for which they're not entitled," Terry Lemons, IRS communications senior adviser, said in a news release. (More)

Making the Tax Cuts and Jobs Act Permanent: Economic, Revenue, and Distributional Effects

Permanently extending the expiring individual, estate, and business tax provisions would boost long-run economic output by 1.1 percent, the capital stock by 0.7 percent, wages by 0.5 percent, and hours worked by 847,000 full-time equivalent jobs. Extending the expiring individual tax provisions adds 0.4 percent to long-run GDP, while the business provisions add 0.7 percent. Extending the estate tax provisions leaves GDP unchanged but boosts domestic saving, resulting in an increase in American incomes as measured by GNP. Increased interest payments, the result of reducing tax revenues by $4.5 trillion...(More)

Maximizing Your Stock Compensation Benefits with Expert Insights from Matt Baran

Stock compensation is a powerful component of employee benefits, yet it often remains a complex affair for many individuals navigating their financial futures. In this podcast episode, Matt Baran, a tax manager at MP CPAs, joins Sophia Yvette to break down the intricacies of equity compensation and share strategies to optimize wealth while sidestepping costly tax pitfalls. Understanding stock compensation isn’t mere academic knowledge; it embodies practical strategies that can significantly impact an employee’s financial journey. To start, equity compensation is fundamentally the practice where a company provides its employees with stock in lieu of—or in addition to—traditional forms of compensation, such as salary and bonuses. (More)

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