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2024 Inflation Adjustments for Pension Plans & Retirement Accounts Released

The 2024 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limitations will change for 2023 because the increase in the cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. The SECURE 2.0 Act made some

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IRS Notice on Form 1099-K Reporting for 2023 Explained

The IRS has recently pulled back on its change requiring third-party settlement organizations (TPSOs) to report transactions exceeding $600 in 2023 rather than its current limit of transactions more than $20,000. Basically, for 2023, the IRS is giving these organizations more time to adapt to new 1099-K reporting rules introduced by the American Rescue Plan

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Required Minimum Distributions Rule Changes

The SECURE 2.0 Act of 2022 included some changes that are about to impact required minimum distribution (RMD) requirements. To explain the changes and reduce taxpayer confusion, below we explain the changes in the RMDs for certain retirement plans and individual retirement accounts (IRAs) included in IRS Notice 2023-54. What Changed? Change in RMD Age:

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Strategies to Tackle the Upcoming Surge in IRS Audits for Wealthy Taxpayers

The Internal Revenue Service (IRS) is sharpening its focus on America’s wealthiest taxpayers, signaling a wave of increased audits, particularly targeting large partnerships. In light of this, it’s prudent for those within the IRS’s scope to reassess their tax filings, especially over the last three years, the typical statute of limitations for IRS audits. Scrutinizing

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IRS Introduces Option to Withdraw Employee Retention Credit Claims

If you own a business, we are sure you have also gotten emails, phone calls, and even texts from companies promising to help you to apply for – and receive – employee retention credits. While there are legitimate reasons for some businesses to apply, many companies fell for “too good to be true” offers of

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Understanding the Updated Social Security Changes for 2024

As we are quickly approaching 2024, it’s important to be aware of the changes in the Social Security wage cap and benefit amounts. The wage cap is now set at $168,600, marking a significant threshold for taxpayers. Additionally, beneficiaries of Social Security and Supplemental Security Income (SSI) will see a 3.2% increase in their benefits.

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What You Need to Know to Prepare for IRS Crypto Compliance

Cryptocurrency owners, along with the financial experts and legal professionals who guide them, should take heed of the Internal Revenue Service’s (IRS) current efforts to ensure compliance among those involved in crypto transactions. One of the signs that the IRS is giving closer scrutiny to crypto activities is the question added to Form 1040, which

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Navigating the IRS Update on Corporate Alternative Minimum Tax (CAMT)

Taxes in general can be complicated, and we wanted to break down the recent IRS update concerning corporate taxes, specifically the Corporate Alternative Minimum Tax (CAMT). What is CAMT? CAMT is a supplementary tax imposed on the earnings of large corporations with a three-year average annual income exceeding $1 billion. Small businesses and specific corporate

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IRS Updates Per Diem Rates for Travel Expenses

If you travel for work, take note: The IRS recently released Notice 2023-68, which has significant implications for those who frequently travel for business or work-related purposes. Understanding IRS Notice 2023-68 Recognizing the impact of inflation on everyday expenses, especially for travelers, the IRS has adjusted its special per diem rates for the fiscal year

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