The SECURE 2.0 Act made several changes regarding the beginning dates for required minimum distributions (RMDs) from IRAs. The IRS is providing transition relief to IRA owners and some beneficiaries regarding these changes. Specifically, in Notice 2023-54, the IRS is extending the rollover deadline for certain distributions that were mischaracterized as RMDs. In addition, the […]
Read More Required minimum distributions from IRAsIn a July 12 hearing, the U.S. Senate Budget Committee addressed future threats to the Social Security (SS) Trust Fund. If nothing changes, by 2035, benefits may have to be reduced. One option is to raise the full retirement age, based on gains in life expectancy that allow people more years to draw benefits. But […]
Read More Future threats to the Social Security Trust FundIf you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. How do the rules work? Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death […]
Read More Inheriting stock or other assets? You’ll receive a favorable “stepped-up basis”Victims of flooding in Vermont have extra time for certain tax-related tasks. Following a disaster declaration issued by the Federal Emergency Management Agency, the IRS granted tax relief to those affected by flooding that began on July 9. These victims now have until Nov. 15, 2023, to file various individual and business tax returns and […]
Read More Extra time for Vermont FloodsThe U.S. Tax Court said “no” to several taxpayers who tried to claim charitable contribution deductions related to a sale of property owned by their family’s S corporation. After a “bargain” sale of the property for $5.25 million to a government entity, they claimed $5.22 million in charitable contribution deductions on their individual tax returns. […]
Read More Tax Court says noTimely financial information is critical to a successful business or nonprofit organization. In today’s dynamic marketplace, you may need to act fast to ward off potential threats and risks — and jump on new opportunities. But if you wait until your financial statements are released to react, you’ll likely miss out. Flash reports can provide […]
Read More Supplement your financial statements with timely flash reportsLawmakers are continuing to work on the tricky issue of how digital assets should be taxed. Currently, certain tax aspects of these assets can create complex reporting challenges for taxpayers. U.S. Senate Finance Committee Chairman Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-ID) say they’re investigating key questions, including treatment of loans, wash sales, […]
Read More Work continues on taxation of digital assetsMonday is the last chance to claim your 2019 tax refund – CNN https://bit.ly/3pGdQO5
Read More Monday is the last chance to claim your 2019 tax refundBenefits help businesses find and keep workers
Read More Benefits help businesses find and keep workersIRS Issues Alerts and Begins Audit Activity Related to the Employee Retention Tax Credit … – JD Supra https://bit.ly/3OfBfzo
Read More IRS Issues Alerts and Begins Audit Activity Related to the Employee Retention Tax Credit
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