There is always something going on in the tax world! We pride ourselves on providing you with timely tax insights from our in-house leaders. With ongoing deadlines, tax changes and new laws, there is a lot to keep up with, and we want to make sure you are up to speed.

In this recap, we've gathered our most insightful and impactful blog posts from the past month. We encourage you to explore these highlights and revisit any articles you may have missed.

1. REMINDER: Employee Retention Credit Voluntary Disclosure Program Ends November 22nd: Act Now! The ERC Voluntary Disclosure Program is a fantastic opportunity for employers to correct improper claims for the ERC at a 15% discount. You must act before November 22^nd to benefit from the program. Check out our ERC Insights Page for important information from our in-house ERC expert, Anthony Mangiarelli, regarding warning signs for improper claims, steps to follow to correct those claims, when to expect ERC payments and more.
2. IRS Updates 2024-2025 Per Diem Rates for Business Travel Is your calendar filling up with business trips? Good news! You don’t have to keep up with receipts for meals, travel, etc. The IRS makes it easy for business travelers by allowing the use of “per diem” rates, which are daily allowances to compensate for lodging, meals and incidental expenses incurred on business trips. Starting October 1st, 2024....the per diem rate for travel to any high-cost location is $319, up from $309 last year. Travel to any other locality is now $225, up from $214 last year.
3. Did You Inherit Property? IRS Finalizes Consistent Basis Reporting Rules Did you know that when you inherit property, the starting value (basis) for tax purposes cannot exceed the final value used for estate taxes? New rules from the IRS issued this month stipulate that the basis or starting value of inherited property must be consistent for both the IRS and the person inheriting the property. Partner Dave Desmarais shares his thoughts.
   
4. Giving Up Your Green Card after 8 Years in the U.S.? Know the Exit Tax Implications Looking to give up your U.S. green card? Don’t just let it expire! Hear an exclusive audio clip from KLR Partner, Francheska Pimentel on the 3 most important considerations for those thinking about renouncing their green card.
5. Football Season Tax Tips: Understanding the Tax Implications of Winning Money or Prizes from Bets Are you a sports better? While the last thing you probably want to think about when turning on the big game is taxes, it’s crucial to adhere to state tax laws when it comes to winning money or prizes. There are strict penalties for noncompliance, ranging from fines to criminal charges. Keep in mind that sports betting is not legal in certain states. Are you a Patriots fan? Good news! As we reported last year, Massachusetts Legalized Sports Betting in 2023. Hear more from the sports tax expert, Mitchell Halpern here.
   
6. Starting a Business as a Sole Proprietor? Here are 7 Key Tax Considerations Launching a business? A sole proprietorship is the simplest business structure, where the owner reports business income and expenses on his/her own personal tax return. Are sole proprietors liable for self-employment taxes? How can sole proprietor benefit from the 20% pass-through deduction? We answer these questions and more in this piece from partner Andrew Tavares.