Author: pplcpa-admin

Below is a list of required information for BOI filing. Reporting Company: Company’s legal name along with any trade names, “doing business as” (d/b/a), or “trading as” (t/a) names The current street address of its principal place of business if that address is in the United States. You CANNOT use a P.O. Box as aRead more…

  Final Rule Issued Effective July 1, 2024 What does this mean? The Fair Labor Standards Act final rule will take effect on July 1, 2024. Revisions include increases to the standard salary level and the highly compensated employee total annual compensation threshold and the timely updating of these earnings.   Salary thresholds will increaseRead more…

Inherited IRA distribution rules have changed in ways that can significantly impact your taxes and tax strategy. Inherited IRA beneficiaries should be aware of several important tax considerations — especially considering recent rule changes and delays involving required minimum distributions (RMDs). Here are a few tax things every IRA beneficiary should know. Inherited IRA taxRead more…

  The 5th and final series in our blog post will cover parking & transportation benefits, AMT (alternative minimum tax), Americans working abroad, self-employed people, payroll taxes and estate & gift taxes. Parking & transportation benefits: The 2023 cap on employer-provided tax-free parking goes up from $280 to $300 per month. The 2023 exclusion forRead more…

  The 4th series in our blog post will cover child adoption, kiddie tax, student loan interest deduction and bonds used for education. Child Adoption: The adoption credit for 2023 can be taken for qualified expenses up to $15,950.  The full credit is available for a special-needs adoption, even if it costs less. The creditRead more…

The Internal Revenue Service issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:   67 cents perRead more…

  The 3rd series in our blog post will cover retirement savings, long-term care insurance premiums, HSAs (health savings accounts) and FSAs (flexible spending accounts). Retirement savings: Good news for retirees!  The beginning age for taking required minimum distributions (RMDs) rises to 73 from 72 for owners of traditional IRAs, 401(k)s and other workplace retirementRead more…

  Knowing the tax changes that apply for the 2023 tax year will give you a step up in planning and can impact your bottom line. This blog series will recap the most important tax law changes and adjustments for 2023, with some related items grouped together. The 2nd series in our blog post will coverRead more…

Knowing the tax changes that apply for the 2023 tax year will give you a step up in planning and can impact your bottom line. Proper tax planning requires an awareness of what’s new and changed from last year — and there are lots of tax law changes and updates for 2023 that you needRead more…

The Internal Revenue Service announced the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mileRead more…