Tax
Transition Relief for Third-Party Settlement Organizations
The Internal Revenue Service issued Notice 2024-85 PDF providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions…
Continue Reading4th Quarter Estimates due January 15, 2025
The Internal Revenue Service reminds taxpayers who pay estimated taxes that they have until January 15th to make their payment for the 4th quarter of tax year 2024 without penalty. Who needs to make a…
Continue ReadingEligible IRA Owners can Donate More to Charity in 2024
The Internal Revenue Service reminds individual retirement arrangement (IRA) owners age 70½ and older that they can make up to $105,000 in tax-free charitable donations during 2024 through qualified charitable…
Continue ReadingDeadline Approaching for Corporate Transparency Act/BOI Reporting
The Corporate Transparency Act (CTA), ratified into law on January 1, 2021, advances the agenda of deterring criminals from infusing their illicit funds into the U.S. financial system. For most eligible…
Continue ReadingYear-end Tax and Financial Planning for Small Businesses
As we approach the end of 2024, it’s important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for your future. With a new administration on…
Continue ReadingYear-end Tax and Financial Planning for Individuals
As we close out 2024, now is the time to review your tax and financial strategies and explore opportunities to reduce your tax burden and bolster your future savings. With a new administration incoming…
Continue ReadingHurricane Updates: IRS Tax Related Assistance and Warning about Charity Scams
In the wake of the devastating hurricanes that have ravaged Florida and the Southeast in recent weeks, the Internal Revenue Service warned about charity scams and reassured victims that it stands ready…
Continue ReadingSmart Savings: 529 Plan to Roth IRA
The SECURE 2.0 Act, passed at the end of 2022, introduced over 100 measures aimed at enhancing American savings. Among these is a provision allowing up to $35,000 in unused funds from a Sec. 529 education…
Continue ReadingElection 2024: Overview of Tax Policies
Tax policy has emerged as a central topic in the 2024 US presidential election because it directly affects the financial well-being of individuals, businesses, and the overall economy. It not only determines…
Continue ReadingIRS Moves Forward with Employee Retention Credit Claims
The Internal Revenue Service (IRS) has announced new measures to support small businesses and prevent improper payments under the Employee Retention Credit (ERC) program. These actions include accelerating…
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