The IRS projects a tax gap of $688 billion for 2021, highlighting the challenges of tax compliance and enforcement. This gap is caused by underreporting of income, nonfiling, and underpayment, and it could lead to higher taxes for those who follow the rules. Elite Consulting can help you navigate these challenges, ensuring you’re filing your taxes correctly and taking advantage of all available deductions, so you don’t overpay. Let us help you reduce your tax liability and keep more of your hard-earned money.

Donald Trump is pushing back against new tax hikes on millionaires, warning it could send the rich packing. But what does that mean for everyday taxpayers? Discover how upcoming tax changes could affect you — and how a CPA can help you save legally and smartly.

Discover the DOJ’s decision to keep its Tax Division centralized in Washington, D.C. and learn why this move is essential for the future of tax law enforcement and tax cases across the U.S.

If you're a business owner or taxpayer feeling uncertain about the shifting tax laws, Elite Consulting PC is here to provide clarity. Our team of experienced tax professionals is ready to guide you through the complexities of tax regulations and ensure your business stays on track. Whether you're dealing with an IRS audit or simply looking for expert advice to optimize your tax strategy, we offer customized solutions designed to meet your unique needs. Reach out to Elite Consulting PC today and navigate the ever-changing tax landscape with confidence!

Climate nonprofits in the U.S. are facing new threats to their tax-exempt status under proposed actions by President Trump. This article explains what could change, how it impacts environmental charities, and what legal and public responses are underway—all in simple language anyone can understand.

The IRS has laid off thousands of workers during the busiest time of the year. Find out what this means for your tax return, refund delays, and how to stay prepared in 2025.

Congress is currently deciding whether to extend President Trump's 2017 tax cuts, a decision that could greatly impact your family's budget and future plans. Understand what these tax changes might mean for your finances, job opportunities, the health of the economy, and the growing national debt. Stay informed and prepared!

Tax season is here! The IRS is now accepting 2024 tax returns, with special deadlines for those living abroad. Learn how to file on time, get your refund faster, and explore payment plan options if you owe. Simple tips to make tax time less stressful!

Taxes help keep our country running, and changing them can affect all Americans. President Trump's idea to raise taxes on rich people and lower taxes on tips could help some people but might upset others. What's important is that our leaders try to make fair decisions to help everyone in our country.

Remember, staying informed about things like taxes helps you grow up to be a smart citizen who can help make America even better.

Congressional Republicans are proposing a cap on corporate tax deductions for state and local taxes (C-SALT), sparking concern among business owners. While this move aims to raise revenue, many see it as a hidden tax increase. Learn how a tax professional can help your business stay informed, plan wisely, and fight for fairness in an ever-changing tax landscape.

Maryland is facing a tough money problem, but the new budget plan is trying to fix it. The state will raise some taxes and cut some spending to balance the budget. Most people won’t see big tax changes, but some services might be affected.

We’ll keep watching this story and bring you updates as things happen. In the meantime, it’s a good idea to stay informed and ask questions if you’re unsure how this may impact you.

Need Help Understanding the New Tax Rules?
Whether you’re a business owner or just curious about how these changes could affect your wallet, we’re here to help. Contact our team today to schedule a quick tax check-up or budget planning session.

The idea of the IRS sharing tax information with ICE is scary for many people. It changes a long-time rule about privacy. If this happens, it could stop people from filing taxes and cause big problems for everyone.

But for now, the rule has not changed. You can still file your taxes safely. It’s a good idea to talk to a tax expert who knows about immigration. They can help you stay safe and follow the law.

Stay strong. Stay informed. And don’t be afraid to ask for help.

The Coca-Cola tax fight shows how even big companies can be surprised by IRS changes. With major firms like Deloitte and PwC speaking out, this case could shape how the IRS deals with all businesses.

At Elite Consulting, P.C., we believe in clear rules, smart planning, and standing by our clients no matter what. If you want peace of mind with your taxes and finances, we’re here to help.

IRS budget cuts are making tax refund delays and fraud concerns a big issue. But don't worry—a CPA can help! From filing correctly to protecting you from fraud, a CPA ensures a smooth and stress-free tax season. Learn how they can help you get your refund faster and avoid IRS problems.

Filing taxes is something every American has to do, but that doesn’t mean it should be stressful. Most people want a simpler tax system, and for good reason. The current process is confusing, time-consuming, and frustrating for millions.

While change may take time, understanding the problem is the first step. By pushing for a fairer, simpler system, we can make tax season easier for everyone.

Until then, stay organized, use the right tools, and don’t be afraid to ask for help!

Did you know that buying an American-made car could help you save money on taxes? A possible Car Loan Interest Deduction may allow you to deduct the interest you pay on your car loan, helping you keep more money in your pocket.

To qualify, the car must be manufactured in the USA, and you may need to use it for business purposes. If this deduction becomes law, it could be a great way to reduce your taxable income.

Want to know if you’re eligible and how much you could save? Read on to learn more about this exciting tax benefit!

On December 4, 2024, President-elect Donald Trump nominated former Congressman Billy Long as the next IRS Commissioner. Known for his past efforts to abolish the IRS, Long’s nomination has sparked debate. Business owners are wondering what this could mean for taxes, audits, and possible IRS reforms. Will tax policies become simpler, or will uncertainty make financial planning harder? Read on to learn how this decision might impact your business.

A new tax plan called Project 2025 could bring big changes for American families. Some experts say it might increase taxes for the middle class while giving tax breaks to wealthy individuals. But what does that mean for you? If tax deductions and credits are reduced, many families could end up paying more. Meanwhile, high-income earners might benefit from lower corporate and estate taxes. Understanding these potential changes can help you prepare for the future. Read the full article to learn how Project 2025 could impact your finances!

Great news for taxpayers! In 2025, the IRS is expanding its free tax filing program, allowing over 30 million people in 24 states to file their federal taxes at no cost using the IRS Direct File system. This means eligible taxpayers can avoid expensive tax software and keep more of their hard-earned money.

However, not everyone qualifies—itemized deductions and complex returns are not yet included. If you’re wondering who can use this service, how it works, and how much you can save, this guide breaks it all down. Keep reading to see if IRS Direct File is the right choice for your 2025 tax return!

The recent passage of the "No Tax on Overtime" bill could have a significant impact on businesses and employees alike. At Elite Consulting PC, we help businesses navigate complex tax changes like this one, ensuring they stay compliant while maximizing financial benefits. If this bill becomes law, employers may need to adjust payroll strategies, and employees could see changes in their take-home pay. Our team is here to provide expert guidance on tax planning, payroll management, and financial strategy to help businesses and workers make the most of new tax policies.

For personalized tax consulting and CFO services, Elite Consulting PC is ready to help. Contact us today to stay ahead of upcoming tax changes!

Tax laws might change soon, and the estate tax exemption could drop in 2026. If that happens, more families may have to pay higher estate taxes when passing down money or property.

What can you do now?

1. Give tax-free gifts before limits change.
2. Use trusts to protect your money.
3. Transfer a business or property early to lock in today’s tax rules.
4. Set up a Family Limited Partnership to reduce estate taxes.
5. Review and update your estate plan with a financial advisor.

By planning ahead, you can protect your family’s future and make sure your hard-earned wealth goes to the people you love, not the government.