ZOMMA Group

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"Building Bridges 🌉Ray Zomerfeld's philosophy of 'always keep climbing the ladder' is more than a mantra; it's a guiding...
11/21/2023

"Building Bridges 🌉
Ray Zomerfeld's philosophy of 'always keep climbing the ladder' is more than a mantra; it's a guiding force in creating robust connections within the UM community.

His role on the Advisory Council has been pivotal in expanding UM's brand and establishing a network of opportunities for students and alumni.

Read on for some tips from Ray's on how to climb the ladder and set new benchmarks for success.

** Excerpt from the UM Advisory council spotlight article on

08/07/2023

Compassion in Action 🤝🌟: How the Casualty Loss Deduction Act extends a helping hand to those affected by disasters.

08/04/2023

Embrace the Warmth of Financial Freedom 🌟🔥: Empowering smart debt deductions to secure a prosperous tomorrow.

As the school year comes to a close and summer vacations start, teachers are tallying up their expenses from the past ye...
07/28/2023

As the school year comes to a close and summer vacations start, teachers are tallying up their expenses from the past year. Qualified educators have the opportunity to deduct up to $300 of unreimbursed expenses on their 2023 tax returns. These expenses can include books, classroom supplies, computer equipment, professional development tuition costs, and athletic supplies for health and physical education. To be eligible for the deduction, teachers must work at least 900 hours during the school year and be involved in kindergarten through 12th-grade education. For more information, reach out to us for assistance.

A group of Senate Democrats has introduced the Working Families Tax Relief Act, which aims to reintroduce and make perma...
07/26/2023

A group of Senate Democrats has introduced the Working Families Tax Relief Act, which aims to reintroduce and make permanent an enhanced version of the Child Tax Credit (CTC). The proposed legislation would provide a monthly payment of $3,000 for children aged 6 to 17 ($3,600 for children aged 0 to 5) and make the credit fully refundable. Additionally, the act includes updates to the Earned Income Tax Credit, expanding eligibility to individuals as young as 19 with no upper age limit. These changes are projected to increase the incomes of 40 million families.

A bipartisan bill has been introduced in the U.S. House of Representatives called the Tax Deadline Simplification Act, w...
07/26/2023

A bipartisan bill has been introduced in the U.S. House of Representatives called the Tax Deadline Simplification Act, which aims to shift estimated tax deadlines to a quarterly basis. Under the proposed legislation, estimated tax installments for individuals, businesses, estates, and trusts would be due 15 days after the end of each quarter, aligning with the 15th day of January, April, July, and October. The bill sponsors highlight that this realignment would bring the deadlines in line with normal quarterly dates and provide greater consistency. The progress of the bill will be monitored for further updates.

The IRS has issued new guidance regarding the elective payment provisions of the Advanced Manufacturing Investment Credi...
07/24/2023

The IRS has issued new guidance regarding the elective payment provisions of the Advanced Manufacturing Investment Credit (AMIC), which benefits certain U.S. manufacturers of semiconductors and semiconductor manufacturing equipment. The guidance provides details on how eligible taxpayers can make elective tax payments and transfer certain credits to unrelated parties. It also outlines anti-abuse provisions and the process for repaying excessive elective payments. The temporary regulations will be effective starting from June 21, 2023.

The U.S. Tax Court ruled in favor of an elderly attorney who faced penalties for failing to meet his tax obligations. Th...
07/24/2023

The U.S. Tax Court ruled in favor of an elderly attorney who faced penalties for failing to meet his tax obligations. The court determined that his noncompliance was due to reasonable cause, rather than willful neglect. The attorney had diligently fulfilled his tax responsibilities until severe health issues forced him to rely on his assistant, who failed to file timely tax returns and pay employment taxes on his behalf. Upon discovering the issue, the attorney promptly rectified the situation by filing the returns, paying the taxes, and requesting penalty abatement, which the court granted.

The U.S. Supreme Court has declined to review a case involving a Colorado ma*****na dispensary that had been in a legal ...
07/21/2023

The U.S. Supreme Court has declined to review a case involving a Colorado ma*****na dispensary that had been in a legal battle over an IRS summons for business information. The U.S. Appeals Court for the 10th Circuit had previously ruled in favor of the IRS, stating that the summons was properly granted. The case revolves around the fact that ma*****na businesses are unable to claim federal business tax breaks due to the substance's illegal status under federal law, resulting in disallowed deductions or credits for amounts related to operating such businesses.

On May 31, the U.S. House of Representatives passed a bill to suspend the debt ceiling through Jan. 1, 2025. The bill no...
07/21/2023

On May 31, the U.S. House of Representatives passed a bill to suspend the debt ceiling through Jan. 1, 2025. The bill now heads to the Senate, where it’s expected to pass soon to avoid a U.S. government default. If enacted, the Fiscal Responsibility Act would also limit non-defense federal spending, and according to the Congressional Budget Office, would reduce federal budget deficits by $1.5 trillion over the next 10 years. Among other provisions, the bill would rescind some of the funds appropriated to the IRS under a law passed last year.

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