Tax & Money Tips

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Important Update on 2024 Standard Mileage Rates and Deductions

Bailey Scarano Blog, Tax & Money Tips / By

The IRS has released its 2024 standard mileage rates for taxpayers who use their vehicles for business, medical, charitable purposes, and certain moving expenses. Understanding these changes is vital for optimizing your tax deductions in the upcoming year. 2024 Standard Mileage Rates Overview The IRS set the following standard mileage rates for 2024: Business Use: […]

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2024 Inflation Adjustments for Pension Plans & Retirement Accounts Released

Bailey Scarano Blog, Tax & Money Tips / By

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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Required Minimum Distributions Rule Changes

Bailey Scarano Blog, Tax & Money Tips / By

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

Bailey Scarano Blog, Tax & Money Tips / By

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

Bailey Scarano Blog, Tax & Money Tips / By

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

Bailey Scarano Blog, Tax & Money Tips / By

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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Coming Changes in Overtime Pay: What You Need to Know

Bailey Scarano Blog, Tax & Money Tips / By

You might have heard about some changes coming to overtime pay regulations, and we’re here to break it down for you in simple terms. The U.S. Department of Labor’s Wage and Hour Division (WHD) has proposed new rules regarding who qualifies for overtime pay protection under the Fair Labor Standards Act (FLSA). What’s the FLSA

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Navigating International Markets: Opportunities and Challenges for Your Business

Bailey Scarano Blog, Tax & Money Tips / By

Expanding into international markets can be an exciting venture for any business, offering the promise of new revenue streams and growth opportunities. However, it’s crucial to recognize that along with these potential upsides, there are also significant challenges to consider. Exploring the Benefits New Revenue Streams: One of the primary advantages of entering international markets

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Construction Sector Under the Microscope as Payroll Tax Evasion Increases

Bailey Scarano Blog, Tax & Money Tips / By

The Financial Crimes Enforcement Network (FinCEN) has recently reported a noticeable uptick in state and federal payroll tax evasion, as well as workers’ compensation fraud, particularly within the U.S. residential and commercial real estate construction industries. FinCEN’s Commitment to Fighting Fraud In response to this concerning trend, FinCEN is taking proactive steps to combat fraud

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