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 […]

IRS delays lower 1099-K threshold to 2023

In a surprise move, the IRS announced third-party settlement organizations won’t be required to report much lower tax year 2022 transactions on Form 1099-Ks to the IRS or the payees. The lower $600 threshold amount was enacted as part of the American Rescue Plan of 2021 and had been scheduled to kick in for the […]

2023 Q1 tax calendar: Key deadlines for businesses and other employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2023. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines. January […]

Secure 2.0 Act Passes

Congress has passed the Consolidated Appropriations Act of 2023. The new law also encompasses the SECURE 2.0 Act, with many retirement saving provisions that will phase in over several years. For example, the law permits a beneficiary of a 529 college savings account to make direct rollovers from a 529 account in his or her […]

Tax Court rules on IRS prepared return

If a person has taxable income but doesn’t file a tax return, the IRS can prepare one under its “Substitute for Return” program. In one case, the operator of a real estate consulting firm received gross income of nearly $368,000 in one year but didn’t file a tax return or pay estimated tax. The IRS […]