Dr. Lodhi Accounting & Tax Services

Trillions of dollars in tax breaks, including the QBI deduction for self-employed filers and business owners, are set to expire in 2025 without Congressional extension. The QBI deduction, introduced in the Tax Cuts and Jobs Act of 2017, allows for a 20% deduction of eligible revenue for pass-through entities. The potential expiration of this tax break has raised concerns among business owners, with advocates pushing for its permanency citing economic growth benefits, while critics point to its high cost and complexity.
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Millions of AT&T and non-AT&T customers' phone call and text message records from mid-to-late 2022 were compromised in a data breach. The stolen data, which included phone numbers, call-and-text metadata, and records of calls or texts made to different wireless networks, affected most of AT&T's cellphone users and partner network services customers. The breach did not expose the actual content of communications. Some records from January 2, 2023, were also impacted. AT&T is working with law enforcement to investigate the breach, which involved an unauthorized download of data on a third-party cloud system detected in April. This incident is separate from a previous data leak affecting 73 million customers reported in March. Although AT&T believes the exposed data is not publicly accessible, CNN could not independently verify this claim.
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https://www.cnn.com/2024/07/12/business/att-customers-massive-breach/index.html

Nearly all AT&T cell customers’ call and text records exposed in a massive breach | CNN Business The call and text message records of hundreds of millions of AT&T cellphone customers in mid-to-late 2022 were exposed in a massive data breach, the telecom company revealed Friday.

Corporations reaped huge benefits from the 2017 tax cuts, enjoying a significant 14-percentage point reduction in their tax rate. As lawmakers grapple with the need to extend trillions in tax cuts for individuals next year, both Republicans and Democrats are eyeing corporations as a possible source of revenue to offset the budget shortfall.

Get in touch with us for all your Corporation Accounting, Tax Management, IRS & State Notices handling, and discover how our services can help reduce your tax liability and ensure compliance excellence.
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https://www.politico.com/news/2024/06/24/business-tax-2024-fortune-00163668

Corporations face reversal of fortune as 2025 tax debate heats up Businesses were a big winner in the Republicans' 2017 tax law, but with debt concerns mounting, they are on the defensive.

🤔💭Inflation is easing up however prices remain sky high putting numerous Americans under financial strain.💸💸 As buyers depend upon bank cards, additional borrowers are also failing to maintain with their obligations, latest reviews reveal.

This has led to customers leaning on their bank cards more and extra debt to cover pricey residing costs. Many are being compelled to dip into financial savings, incur credit card debt, or take on second jobs 😓. Despite the slight reprieve from inflation, the economic headwinds are expected to persist for some time.💸📉

Hiring your own kids this summer could actually score you a tax break, but there are rules to follow. If you're self-employed, bringing your kids on board could lead to some tax benefits. You could deduct their wages as a business expense and even contribute to their Roth individual retirement account. Just make sure to familiarize yourself with state and federal labor and tax laws first, according to experts.
Experience the peace of mind of 24/7 access to our expert consultants. Let us handle the financial complexities, so you can focus on what matters most.
Contact us today to schedule your consultation!

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https://www.cnbc.com/2024/05/27/hiring-your-kids-tax-breaks.html

You could score a tax break for hiring your own kids this summer — if you follow the rules Hiring your kids can offer tax benefits if you're self-employed. But first, you need to understand your state and federal labor and tax laws.

https://www.cnbc.com/2024/06/21/irs-will-deny-employee-retention-credit-claims.html

Streamline Your Financial Management with Dr. Lodhi Accounting
& Tax Services.

Simplify your finances with our comprehensive accounting services for businesses and individuals. Our dedicated team provides a full spectrum of solutions to empower informed decisions and achieve financial clarity.
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Our services include:
Accounting & Bookkeeping: We ensure accurate record-keeping and financial reporting, allowing you to focus on core operations.

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Business Financials & Filings: We assist with crafting financial plans, obtaining licenses, and managing annual filings.

Auditing Services: We offer internal and external audits to provide comprehensive financial oversight.

Tax Management & Representation: Our team handles IRS and state notices, and prepares original, amended, and non-resident tax returns.

Financial Management Services: We collaborate with you to develop and execute strategic financial plans.

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IRS to reject billions of dollars in ‘improper’ pandemic-era small business tax credit claims The IRS will deny billions of dollars' worth of improper employee retention credit claims. Here's what small businesses need to know.

https://www.malwarebytes.com/blog/uncategorized/2024/03/tax-scammer-goes-after-small-business-owners-and-self-employed-people

Tax scammer goes after small business owners and self-employed people | Malwarebytes We found a tax scammer that set up a fake website where targets could apply for an Employer Identification Number.

The IRS is ramping up enforcement efforts on wealthy individuals, partnerships, and large companies – but you don't have to face it alone. Dr. Lodhi Accounting & Tax Services specializes in assisting clients with complex tax returns, ensuring compliance and minimizing the risk of evasion. Let us help you navigate the changing tax landscape and contribute your fair share while protecting your financial interests. Contact us now for expert tax solutions.

Dr. Lodhi Accounting & Tax Services

Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief The IRS, with billions of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy individuals, partnerships and large companies.

https://www.youtube.com/shorts/mPHSlH63Joo

Muniba Mazari: Change The Way You Think You have got to change the way you think because your thoughts run your life. You can either live a life full of gratitude, or live in sadness. Think about t...

Subway, the Miami- and Milford, Conn.-based sandwich chain, said today that it's agreed to be acquired by PE firm Roark Capital, ending a months-long sales process. The deal makes Atlanta-based Roark one of the world's largest restaurant owners, as it also controls Buffalo Wild Wings, Dunkin', Arby's, Baskin-Robbins, Jimmy John's and Sonic.

It's also one of the year's largest PE deals and it's the largest restaurant deal since Inspire Brands, also controlled by Roark, acquired Dunkin' for $11.3 billion in 2020. The approximately $9.6 billion valuation would imply a multiple of 12.8X the $750 million in EBITDA (per Pitchbook) Subway generated last year. For comparison, Inspire Brands' $11.3 billion acquisition of Dunkin' in 2020 was 18.9x EBITDA.

https://www.axios.com/2023/08/24/subway-acquired-roark
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Many business leaders prefer staying anonymous when it comes to their financial interests. They don’t want the public to know about their business affairs, plans, and strategies. Keeping your business anonymous is also one helpful way to avoid lawsuits.

Potential lawsuits are one of the biggest reasons that so many business owners choose to hide their ownership information. Forming an anonymous company is also an excellent way to protect your business assets.

Hey there! We've got some exciting news for all you Texans. Governor Abbott is making his way to the Houston area for a really special event. He's all set to sign what is being called a ‘historic’ property tax bill.

Now, this isn't just any bill. It includes relief from property taxes and reduces the school property tax rates. In fact, during his State of the State address in 2023, Governor made it clear that cutting property taxes was an emergency item he'd bring to the 88th Legislature's table.

Onto some more specifics about the bill. Every homeowner will receive a $100,000 homestead exemption. Plus, if your home is valued under $5 million, you can enjoy 20% off its appraisals for the next three years. And one more thing. The state is taking it upon itself to spend $12 billion to further cut down school property tax rates across the state. Now, that’s what we call a good news day!

Contact Dr. Lodhi Accounting & Tax Services for more information.

Abbott comes to Houston area to sign ‘historic’ property tax bill It was the largest property tax cut in Texas history and passed during Special Session #2 of the 88th Texas Legislature.

FDA says soda sweetener aspartame is safe, disagreeing with WHO finding on possible cancer link.
The U.S. Food and Drug Administration disagrees with the World Health Organization’s classification of the soda sweetener aspartame as possibly carcinogenic to humans.
The FDA said the studies WHO experts relied on to make this conclusion had “significant shortcomings.”
FDA scientists have no safety concerns about aspartame when the sugar substitute is consumed within the daily recommended limit.




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Trust Dr. Lodhi Accounting & Tax Services to help you avoid costly surprises at tax time. With the second-quarter estimated tax payment deadline approaching on June 15, it's crucial to stay ahead of the game. Whether you're a self-employed freelancer, small business owner, or investor, our team has the expertise to guide you through the process. Don't risk penalties for paying too little or missing the deadline altogether. Let us ensure your taxes are handled with care and precision, so you can focus on what matters most – growing your business. Contact us today for all your accounting and tax needs!. CALL (832) 973-9608

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IRS: Meet this June 15 deadline to 'avoid a surprise at tax time' The second-quarter estimated tax deadline for 2023 is June 15. Here's how to avoid a surprise at tax time, according to the IRS.

Auto loan delinquencies for young Americans at highest level since 2009.
In the last quarter, 4.6% of borrowers under 30 transitioned into serious delinquency – meaning they were at least 90 days overdue on an auto loan payment. This figure is up from a year ago and is the highest percentage since the tail end of the Great Recession in 2009, when it was 4.7%.

Across all ages, the number of new auto loans and leases totaled $162 billion last quarter, down from last year, but an increase from the volume before the pandemic. Of all borrowers, 2.3% were at least 90 days overdue on making their auto loan payments.

https://finance.yahoo.com/news/auto-loan-delinquencies-for-young-americans-at-highest-level-since-2009-171330973.html
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Auto loan delinquencies for young Americans at highest level since 2009 More than of borrowers under 30 transitioned into serious delinquency last quarter – the highest percentage since the tail end of the Great Recession.

The EU has recently imposed a significant fine of $1.3 billion against Facebook, placing it among the largest fines levied against big tech companies. To provide context, it's worth noting that similar antitrust fines were imposed against other tech giants in recent years. Notably, Google was fined $5.1 billion in 2018, in addition to a $2.7 billion fine the year before. Amazon was also fined $888 million in 2021, while Meta Platforms received two fines of $400 million and $1.3 billion in 2022 and 2023, respectively.
https://www.investopedia.com/biggest-eu-antitrust-fines-against-big-tech-7501089

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Facebook's $1.3 Billion Fine is One of the Largest Levied by EU Against Big Tech The European Union’s (EU) $1.3 billion fine against Facebook on Monday was the third-largest ever against a U.S. tech giant, and the latest in a series of fines meant to rein in big tech.

JPMorgan Chase cut about 500 positions this week, mostly among technology and operations groups, according to people with knowledge of the move.

The cuts were spread across the New York-based firm’s main divisions of retail and commercial banking, asset and wealth management and its corporate and investment bank.

Like many financial firms, JPMorgan periodically trims staff during the year, even as it hires thousands more workers to fill roles. The bank has about 13,000 open positions, said one of the people.

JPMorgan had 296,877 employees as of March 31, 8% higher than a year earlier.

https://www.cnbc.com/2023/05/26/job-cuts-jpmorgan-chase-cut-about-500-tech-and-ops-jobs-.html

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JPMorgan Chase cut about 500 jobs this week, including technology and operations roles Like many financial firms, JPMorgan periodically trims staff during the year, even as it hires thousands more workers to fill roles.

The Internal Revenue Service (IRS) has recently announced the new health savings account (HSA) limits for the year 2024. The annual contribution limit for self-only plans is set to increase by roughly 8% from $3,850 to $4,150, while the deposit limit for family plans is expected to jump by around 7% from $7,750 to $8,300. To be eligible to make HSA contributions, individuals must have a high-deductible health insurance plan. It is important to note that the yearly limits for self-only and family plans have thus increased for the year 2024. Moreover, individuals aged 55 and older can still contribute an additional $1,000 as catch-up contribution, enabling a total deposit limit of $10,300 for a couple of older individual savers. Hence, it is essential to bear in mind that qualifying HSA plans should entail a deductible of at least $1,600 for self-only coverage or $3,200 for a family plan as per the IRS guidelines for 2024.
https://www.cnbc.com/2023/05/19/here-are-the-2024-contribution-limits-for-health-savings-accounts.html

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IRS reveals 2024 health savings account limits. What to know about the 'significant increase,' says advisor The IRS is providing a sizable increase for the 2024 health savings account contribution limits. Here's what taxpayers need to know.

The IRS had flagged more than 1 million tax returns by early March as being filed by potential identity thieves, the U.S. Department of the Treasury said. Identity theft has been a growing problem, and the IRS has stepped up its security measures.
https://www.cnbc.com/2023/05/17/irs-flagged-more-than-1-million-tax-returns-for-identity-fraud-in-2023.html

Secure your taxes and protect your identity with Dr. Lodhi Accounting & Tax Service. With the increasing threat of identity fraud, the IRS is flagging more than 1 million tax returns each year. Safeguard your finances by requesting an Identity Protection Personal Identification Number (IP PIN) from the IRS, and let us help you file your taxes with confidence. Our knowledgeable team is dedicated to ensuring the security of your personal information and providing expert tax services. Trust Dr. Lodhi Accounting & Tax Service to keep your finances protected.

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The state of Montana has implemented a ban on the social media app TikTok due to concerns regarding national security and its China-based ownership. As the first state in the U.S. to officially prohibit TikTok, Governor Greg Gianforte signed a bill to enforce this measure. Effective from January 1, 2024, the ban will be enforced by the Montana Department of Justice, allowing no app stores to offer TikTok to the state's 1.1 million residents. Violators risk substantial penalties, starting with an initial $10,000 fine per contravention and an additional $10,000 per day for ongoing offences.

https://www.politico.com/news/2023/05/17/montana-governor-signs-bill-banning-tiktok-00097540

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Montana bans TikTok for all residents It's the first state to officially ban the app over national security concerns with its China-based owner.

The U.S. is now facing a projected shortage of more than 200,000 nurses in the next few years.
The stream of international nurses coming to work in the United States could soon slow to a trickle because of a backlog of green card petitions at the State Department.

The department announced in its May bulletin it moved the cut-off date for visa eligibility to June 1, 2022 — meaning only those who filed petitions before that date will be able to continue with their applications this fiscal year — because of soaring demand. Anyone who filed a green card petition in the past year, which could include thousands of nurses, won’t be able to proceed with their applications.

https://www.politico.com/news/2023/05/14/green-card-nurse-shortage-00096777

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How a green card freeze will exacerbate the nursing crisis Health groups say the move could devastate a nursing workforce that is plagued by staffing shortages.

An alarming 55% of Americans said they’d lose everything if there was a recession.

Americans have little hope for an economic turnaround in 2023, with 80% saying they don’t expect the economy to improve. About half expect it to get worse.

The grim outlook seems likely due to increased prices for everyday goods like groceries and gasoline. Costs are so high that 70% of Americans fear price hikes could cause them to sink into debt. With Americans feeling financial pressure from inflation, reaching their other financial goals, such as buying a home, can be challenging.

https://wraltechwire.com/2023/05/13/recession-coming-75-of-us-are-worried-heres-how-to-prepare-from-jobs-to-finances/
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Recession coming? 75% of us are worried – here’s how to prepare, from jobs to finances | WRAL TechWire An alarming 55% of Americans said they'd lose everything if there was a recession. By the traditional definition, the U.S. is not in a recession, but stubborn inflation, high interest rates, and the failure of two U.S. banks have Americans worried the economy could crest the tipping point downward a...

Happy Mothers Day!

Working mothers talk about ‘mom tax’ — the financial toll of motherhood on their careers and salaries Working moms talk about the "motherhood penalty" or "mom tax" that drives their financial and caregiving decisions.

If you are facing an unexpected tax bill and need assistance, you can turn to the team of experts at Dr. Lodhi Accounting & Tax Service. Our skilled professionals are ready to guide you through the necessary steps, particularly if you are a business owner who owes more than expected to the IRS. A surprise tax bill can be a serious blow to any business, so our team is here to help you file your taxes even if you cannot pay the entire amount owed. We can work with you to seek an extension and explore other options to avoid dipping into your payroll tax funds. By entrusting your tax needs to us, you can ensure that your business stays on track and minimizes any costly mistakes in the process. At Dr. Lodhi Accounting & Tax Service, we are dedicated to navigating the complex process of tax filing so that your business can continue to move forward. Consider filing an amended return to avoid further issues down the line.

https://www.cnbc.com/2023/04/21/what-to-do-if-you-owe-irs-more-in-tax-than-expected-as-business-owner.html
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Owe the IRS more in tax than expected? These are the next steps for business owners Many small business owners face surprise tax bills. The IRS does not need to sink you or your business.