Secure 2.0 Act’s special distribution rules

The SECURE 2.0 Act provides special rules for distributions from retirement plans and for retirement plan loans when taxpayers are affected by federally declared disasters. The IRS has released a fact sheet with frequently asked questions (FAQs) about how the rules work. Prior to the enactment of SECURE 2.0 in 2022, no disaster relief regarding […]

Real ID license deadline in May 2025 means you’ll need new card to fly

Real ID license deadline in May 2025 means you’ll need new card to fly – USA TODAY https://bit.ly/3K78v92

Why have your business valued?

Here are some options to reduce taxes on your savings interest this year

Here are some options to reduce taxes on your savings interest this year – CNBC https://bit.ly/3QOwgqf

IRS issues update on Operating Plan

In April 2023, the IRS published its Strategic Operating Plan that set initial short- and long-term goals for what it hoped to accomplish with the funding provided by the Inflation Reduction Act. A little over a year later, the tax agency has issued its first annual progress report. In the report, the IRS touted its […]

TIGTA identifies fraud scheme

A recent announcement identified a scheme that could’ve cost taxpayers $3.5 billion in fraudulent payments. An investigation by the Treasury Inspector General for Tax Administration (TIGTA) found that individuals had obtained Employer ID Numbers (EINs) for businesses that may not be active. The EINs were used to file tax returns claiming Employee Retention Tax Credits […]

Watch out for “income in respect of a decedent” issues when receiving an inheritance

Most people are genuinely appreciative of inheritances, and who wouldn’t enjoy some unexpected money? But in some cases, it may turn out to be too good to be true. While most inherited property is tax-free to the recipient, this isn’t always the case with property that’s considered income in respect of a decedent (IRD). If […]

Getting Married? Don’t forget to change your withholding

Wedding season is here. That’s generally a happy time involving gifts, cake and endless details. The last thing on your mind may be taxes but the IRS wants to remind newlyweds of a few important steps. Next year, you’ll be filing your first tax return as a married person and that could affect the amount […]

2020 Deadline tomorrow

May 17 is an important upcoming deadline for the 1 million people who didn’t file their 2020 federal tax returns and are due a refund. Indeed, that’s the filing deadline to claim an estimated more than $1 billion in tax refunds that the IRS says remain available. There’s no penalty for failing to file if […]

When businesses may want to take a contrary approach with income and deductions

Businesses usually want to delay recognition of taxable income into future years and accelerate deductions into the current year. But when is it wise to do the opposite? And why would you want to? One reason might be tax law changes that raise tax rates. The Biden administration has proposed raising the corporate federal income […]