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: […]
Required Minimum Distributions Rule Changes Read More »
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
Strategies to Tackle the Upcoming Surge in IRS Audits for Wealthy Taxpayers Read More »
The Internal Revenue Service (IRS) has issued detailed guidance on the clean vehicle credit for both new and used clean vehicles, which is important for manufacturers, dealers, sellers, and taxpayers to understand. What is – and What Qualifies for – the Electric Vehicle Tax Credit? It is a nonrefundable tax credit offered to taxpayers who
Update on Clean Vehicle Credits Read More »
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
IRS Introduces Option to Withdraw Employee Retention Credit Claims Read More »
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.
Understanding the Updated Social Security Changes for 2024 Read More »
You can’t go anywhere these days without hearing about inflation. In simple terms, it is caused when we have too little supply to meet increased demand for goods and services. And while the U.S. Federal Reserve can’t do much to fix the supply issue, it can help stabilize the economy by raising interest rates to
How Will Higher Interest Rates Impact Small and Mid-Sized Businesses Read More »
There are a lot of questions swirling around about the advance Child Tax Credit, so we wanted to answer a few of them here. If you have further questions, or need help deciding what to do, feel free to reach out to us for input and assistance too. What are advance Child Tax Credit payments?
Q&A on the Advance Child Tax Credit Payments Read More »
We recently finished filing the final extended tax returns for our clients, and now it is time to start looking toward the 2019 tax filing season. (No rest for the weary!) With all the changes that took place for the 2018 filing season with the passage of the Tax Cuts and Jobs Act (TCJA), you’d
2019 Tax Forms: What to Expect Read More »