Recently, the Supreme Court of the United States took up a significant case, Charles G. Moore v. United States, that could impact how certain incomes are taxed. This is especially pertinent for those with investments in foreign companies. What’s the Case About? The case revolves around a change in the tax law from the 2017 […]
Understanding the Supreme Court Case on Taxing Unrealized Income Read More »
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:
Important Update on 2024 Standard Mileage Rates and Deductions Read More »
If you have received refunds through the Employee Retention Credit (ERC) and are concerned about its legitimacy, a recent development from the IRS could be good news for you. Earlier in 2023, we wrote about how many of the companies offering to help with ERC credits were scams, and how the fraud was so rampant
IRS Launches ERC Repayment Program Read More »
The IRS has updated tax figures for 2024 to match rising living costs. This includes changes to income tax brackets, standard deductions, and other tax-related amounts. 2024 Tax Brackets For 2024, the highest income tax bracket of 37% applies when taxable income hits: $731,200 for married individuals filing jointly and surviving spouses, $609,350 for single individuals
IRS 2024 Tax Changes Read More »
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
2024 Inflation Adjustments for Pension Plans & Retirement Accounts Released Read More »
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
IRS Notice on Form 1099-K Reporting for 2023 Explained Read More »
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 »
One of the odder portions of The Tax Cuts and Jobs Act temporarily doubled the federal gift and estate tax exemption through 2025. When adjusted for inflation, this exemption allows individuals to transfer up to $11.7 million in 2021 without paying any federal gift or estate tax (up from $11.58 million in 2020). Married couples can
Some Clarification on the Temporary Gift Tax Break Read More »
Like most of us, you are probably more focused on your 2020 tax bill than how to manage your personal finances in 2021. However, as you get ready to file your annual tax filing, it’s a good idea to also think about changes that will impact your taxes for 2021. Not all tax figures are
Six 2021 Tax Questions & Answers Read More »