Tag: #accountants

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…

Beginning January 1, 2024, many companies will be required to report information about their beneficial owners (the individuals who ultimately own or control the company) to the U.S. government through the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN).  Reports cannot be reported before January 1, 2024. Who Has to Report? Companies required to file aRead more…

The IRS says health savings account (HSA) contribution amounts are going way up for 2024. Here’s what you need to know. Health savings accounts (HSAs) offer a tax-advantaged way to save money to pay for certain medical expenses. Your HSA contributions are tax-deductible, so they potentially help reduce your taxable income. But contributions to yourRead more…

Cost-of-living adjustments mean higher IRA and 401(k) contribution limits for 2024. IRA contribution limits for 2024 The contribution limits for a traditional or Roth IRA increased last year for the first time in four years, and the limits are going up again for 2024. You can contribute a maximum of $7,000 (up from $6,500 for 2023). Catch-upRead 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…

Now is the prime time to start thinking about optimizing your Roth conversions, RMDs, capital gains, Medicare premiums and charitable giving before the end of the year. Below are five things retirees should consider before December 31.   Roth conversions ‘in the valley’ The valley is the period between when you retire and when yourRead more…

The IRS has stopped processing new employee retention tax credit claims as of September 14. Due to an increase in ERC tax credit scams, fraud and to protect honest business owners, the IRS won’t process new employee retention credit (ERC) claims for the foreseeable future. The immediate moratorium on new ERC claims processing was announced Read more…

With the height of hurricane season fast approaching and the ongoing threat of wildfires in many places, it is important that everyone develops an emergency preparedness plan Everyone, from individuals to organizations and businesses, can start now by: Securing and duplicating essential tax and financial documents. Creating lists of property. Knowing where to find informationRead more…

Businesses and tax-exempt organizations should watch out for telltale signs of misleading claims involving the Employee Retention Credit. Scammers and unscrupulous promoters continue to run aggressive broadcast advertising, direct mail solicitations and online promotions for the credit. Many of these ads wildly misrepresent and exaggerate who can qualify for the ERC, which is sometimes alsoRead more…