Secure 2.0 increases Small Business credit for retirement plan

SECURE 2.0 builds on the provisions of the original SECURE Act by addressing a wide array of areas that make major changes to retirement planning. To incentivize small businesses to establish retirement plans, the new law creates or enhances some tax credits. For example, it increases the startup credit from 50% to 100% of administrative […]

What happened to the international convergence project?

For years, there was talk of converging U.S. Generally Accepted Accounting Principles (GAAP) with the International Financial Reporting Standards (IFRS). While the formal convergence project lost steam about a decade ago, Financial Accounting Standards Board (FASB) Chair Richard Jones assured stakeholders at a recent Financial Accounting Foundation meeting that convergence discussions are still regularly taking […]

Syndicated conservation easements impacted by Consolidated Appropriations Act

A new law affecting conservation easements was included in the Consolidated Appropriations Act. Dubbed the Conservation Easement Program Integrity Act, it aims to address taxpayers who have twisted the tax law to develop abusive “syndicated” conservation easements. They use inflated appraisals and partnership arrangements to reap “grossly inflated” deductions. Previously, taxpayers could claim charitable deductions […]

Secure Act changes charitable gift from retirement plan and IRAs

Making qualified charitable distributions (QCDs) is one way for older taxpayers to satisfy their IRA or other qualified plan’s required minimum distributions (RMDs). This is an especially attractive option if you’re philanthropically minded. With a QCD, you can distribute up to $100,000 per year directly to a 501(c)(3) charity after turning age 70½. While you […]

Secure Act changes contributions to retirement plans

The SECURE 2.0 Act, which Congress recently passed, contains a provision that will allow larger “catch-up” contributions to certain retirement plans. Defined contribution retirement plans are permitted, but not required, to allow participants age 50 or older to make additional catch-up contributions. For 2023, the 401(k) plan catch-up contribution amount is $7,500 and the SIMPLE […]

Happy New Year

“I don’t know where I’m going from here, but I promise it won’t be boring.” —David Bowie Wishing you a happy, and exciting New Year. Happy New Year!!!🎆

State Tax Changes Taking Effect January 1, 2023

State Tax Changes Taking Effect January 1, 2023 https://bit.ly/3FYM6sa

Secure Act 2.0 increases RMD age

Among the many provisions in the SECURE 2.0 Act, which was recently passed by Congress, is an increase in the age to begin taking required minimum distributions (RMDs). Employer-sponsored qualified retirement plans, traditional IRAs and individual retirement annuities are subject to RMD rules. They require that benefits be distributed or begin being distributed by the […]

Year-end spending package tackles retirement planning, conservation easements

On December 23, 2022, Congress passed the Consolidated Appropriations Act of 2023. The sprawling year-end spending “omnibus” package includes two important new laws that could affect your financial planning: the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act (also known as SECURE 2.0) and the Conservation Easement Program Integrity Act. Bolstering retirement savings The original SECURE Act, […]

IRS delays cryptocurrency reporting

The IRS has delayed cryptocurrency reporting. The tax agency announced that until it issues final regulations, brokers won’t be required to report or furnish additional information with respect to dispositions of digital assets. They also won’t have to issue additional statements or file any returns with the IRS on transfers of digital assets. The reporting […]