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!!!🎆

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 […]

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 […]

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 […]

Deduction for office supplies still available

Business owners still have a small handful of shopping days left to buy tax-deductible supplies. As you know, you can generally write off the ordinary and necessary costs of carrying on a trade or business. You may need items such as paper, envelopes, copier ink cartridges, staplers, breakroom supplies, binders, office chairs and more. Buy […]