The Corporate Transparency Act of 2024, is a new federal law intended to prevent illegal activities such as money laundering and tax fraud. Under this law, many businesses, regardless of size, are now required to report what is called Beneficial Ownership Information (BOI) to the government. Existing businesses will need to report by January 1, 2025 while new businesses will …
The IRS has published new regulations relevant to taxpayers subject to the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. The final regs, which take effect in 2025, require many beneficiaries to take annual RMDs in the 10 years following the deceased’s death. SECURE Act ended stretch IRAs The genesis of the new …
The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years rather than immediately taking effect. Here are several important changes that went into effect in 2024: …
For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. But the IRS also indicated in Notice 2024-35 that forthcoming final regulations for the rule will apply for the purposes of determining RMDs from such accounts in 2025. …
President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of Representatives remains controlled by the Republican Party, they might gain new life depending on the outcome of the November elections. Here’s …
If you were rushing to track down addresses and EINs so you could send out 1099s in January…there is a simple solution! https://bit.ly/4bf36ZE
To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2024
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Practical Technology to Use During Tax Preparation Technology can be very useful for assisting with your tax preparation needs. It can be overwhelming to think of your expenses throughout the year and keeping a shoebox full of receipts gets unorganized. Using an excel spreadsheet to track your expenses monthly is a great way to stay organized whether it be for …
