Tax
Hurricane 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…
Continue ReadingIRS Relief Now available to Hurricane Debby Victims
The Internal Revenue Service announced tax relief for individuals and businesses in five states affected by Hurricane Debby. Affected taxpayers in South Carolina, North Carolina, Florida, Georgia, and…
Continue ReadingEstimated Quarterly Taxes due September 16th
The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to pay their third quarter tax liability is September 16th. Taxpayers may have to pay estimated tax if the amount…
Continue ReadingUpdate on Transferring Clean Energy and Vehicle Tax Credits
On July 1st, the IRS’s final regulations on clean vehicle credits and the transfer of eligible credits took effect and Haefele Flanagan is available to help you take full advantage of these tax incentives…
Continue ReadingFinal Regulations on the Sale and Exchange of Digital Assets, including Cryptocurrency
The U.S. Department of the Treasury and the Internal Revenue Service issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. These…
Continue ReadingConsumer Alert on False Tax Credits
The Internal Revenue Service (IRS) has issued a consumer alert regarding false information circulating on social media about non-existent Self Employment, Fuel, and Family Leave tax credits. This misinformation…
Continue ReadingBlog: The Possible Rollback of the Estate Tax Exemption: Why Now is the Time to Plan
The estate tax, often referred to as the “death tax,” has long been a contentious issue in U.S. tax policy. Currently, the estate tax exemption allows individuals to transfer a significant amount of wealth…
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