Another effect of COVID

COVID-19 changed a lot, including the accuracy of mortality tables used by defined benefit plans to make funding decisions. Many single-employer pension plans’ tables were affected by earlier-than-expected deaths, so the IRS has approved the use of certain substitute mortality tables. However, to prevent these from overstating COVID effects on the future mortality of a […]

Deadline approaching

If you requested an extension to file your tax return after the April 15, 2024, due date, the new deadline is coming up soon on Oct. 15. If you have the information you need, you may want to file now. There’s no advantage to waiting, and last-minute filing may lead to worry. If you’re concerned […]

Gas Tax Rates by State, 2024

Gas Tax Rates by State, 2024 https://bit.ly/4fzVEdT

Cleaning out your garage or closet may lead to a tax deduction

If your summer chore list includes cleaning out the garage and closets, you might have items to donate to a local charity. That’s not only generous, it might lead to tax savings (if you itemize deductions on your tax return). You’ll need to secure proper documentation from the qualified charities you donate to. Noncash donations […]

July 30 was National Whistleblower Appreciation Day

July 30 was National Whistleblower Appreciation Day. The IRS’s Whistleblower Office reports that from the time it issued its first award in 2007 through June 2024, it paid more than $1.2 billion in awards. This is based on successfully collecting $7 billion from noncompliant taxpayers. IRS awards paid to whistleblowers generally range between 15% and […]

IRS issues final regulations on inherited IRAs

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 […]

Hire a household employee?

If you’ve hired household employees this year, you may need to account for them in your tax planning. For tax purposes, household employees are individuals who you pay more than $2,700 in 2024 in return for providing services in your home. A worker is considered an “employee” if you control what work is performed by […]

Fraud also occurs by mail

You may already know that fraudsters frequently send emails and text messages that purport to be from the IRS but are actually attempts to steal your personal information. You may also know that the IRS primarily uses the U.S. Postal Service to communicate directly with taxpayers. However, be aware that some criminals also use snail […]

Certain charitable donations allow you to avoid taxable IRA withdrawals

If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD). How it works To reap the possible tax advantages of a QCD, you make a cash donation to an IRS-approved […]

Lawmakers show support of expanding disclosure of tax information

Lawmakers are showing bipartisan support for legislation that would expand disclosure of certain individuals’ tax information to third parties. Recently, the U.S. House Ways and Means Committee unanimously advanced the Strengthening State and Tribal Child Support Enforcement Act to the full chamber. A similar bill is moving through the U.S. Senate. The House version would […]