Bailey Scarano Blog

Paper with text RMD Required Minimum Distributions on a table

IRS Announces Relief for Required Minimum Distributions: What You Need to Know

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently announced some important transition relief for plan administrators, payors, and retirees concerning required minimum distributions (RMDs) under the SECURE 2.0 Act of 2022. Here’s what this means for you and your retirement savings. What’s the Required Beginning Date? The required beginning date for an employee or IRA owner to begin taking RMDs […]

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Working Beyond Retirement Age? Tips for Connecticut Citizens

Bailey Scarano Blog, Tax & Money Tips / By

The idea of retirement is exciting for some, and many people will need, or simply prefer, to continue working beyond retirement age. While some may need the extra income to supplement their retirement savings, others choose to do so for the sense of purpose and engagement it provides. Whatever your motivation for working during retirement,

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AICPA Calls for Clarity on NFT Tax Treatment

Bailey Scarano Blog, Tax & Money Tips / By

Recently, the American Institute of CPAs (AICPA) has contacted the Internal Revenue Service (IRS) with a series of recommendations on how non-fungible tokens (NFTs) should be handled for tax purposes. For the uninitiated, NFTs are digital assets that have been tokenized via a blockchain. They are assigned unique identification codes and metadata that distinguish them

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IRS.gov Home Screen

New IRS Funding Boosts Enforcement and Taxpayer Assistance

Bailey Scarano Blog, Tax & Money Tips / By

As part of the Inflation Reduction Act (IRA), the IRS received additional funding that’s already making a big difference in how they enforce tax laws and assist taxpayers. According to IRS Commissioner Daniel Werfel, the new funding has allowed them to take quick and strong action to close the gap in tax enforcement, particularly for

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AICPA headquarters

AICPA Urges Tax Code Simplification as Key Priority

Bailey Scarano Blog / By

The American Institute of CPAs (AICPA) recently recommended a number of ways to simplify and clarify the current tax code in the upcoming year to the Department of the Treasury and the Internal Revenue Service. These recommendations aim to streamline the tax filing process and provide a more straightforward framework for taxpayers. Promoting Simplicity in

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office work and metaphor for the payment of taxes

CT Passes Largest Personal Income Tax Cut in History

Bailey Scarano Blog / By

Connecticut Governor Ned Lamont recently signed a comprehensive two-year state budget bill which includes significant tax changes to provide relief to middle-class households. The bill includes the largest personal income tax cut in the state’s history, along with several modifications to corporate business tax and the CT pass-through entity tax. Let’s explore the highlights of

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Tax form

Impact of IRA Funding Reduction on IRS Operations Expected to be Limited in the Near Term

Bailey Scarano Blog / By

The recent reduction in funding allocated to the Internal Revenue Service (IRS) under the Inflation Reduction Act of 2022 is not anticipated to have significant immediate consequences for the agency’s plans, according to an IRS official. Although over $21 billion of the allocated funds was rescinded or repurposed, leaving approximately $60 billion remaining, the IRS

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IRS Struggles to Resolve Amended Return Backlog

Bailey Scarano Blog / By

If you have filed an amended tax return with the IRS, don’t expect a quick response. In the aftermath of the COVID-19 pandemic, the Internal Revenue Service (IRS) has made significant progress in processing paper original tax returns. However, the agency continues to grapple with a substantial backlog of unprocessed amended returns, as reported by

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The Inflation Reduction Act Strategic Operating Plan: A Dynamic Blueprint for IRS Transformation

Bailey Scarano Blog, Tax & Money Tips / By

UPDATE: The debt ceiling and budget cuts package passed by Congress on May 31 rescinded $1.4 billion given to the IRS in the Inflation Reduction Act and includes a separate agreement to take $20 billion from the IRS over the next two years and divert those funds to other non-defense programs. With fewer discretionary funds at

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Close up U.S. taxes papers

IRS Resumes Collections Notices as Pandemic Measures Ease

Bailey Scarano Blog, Tax & Money Tips / By

As the world gradually recovers from the impact of the COVID-19 pandemic, the Internal Revenue Service (IRS) has announced its plans to resume issuing collections notices to taxpayers, after a suspension period to alleviate the financial burden faced by individuals and businesses during the crisis. While an exact date for the resumption of these notices

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