In the aftermath of the released Panama Papers, US lawmakers enacted the Corporate Transparency Act. The law's stated purpose is to combat money laundering through shell companies in the United … [Read more...] about Corporate Transparency Act
IRS Tax Planning Ideas, Tips & News
529 Plan Rollover to a Roth IRA
Starting January 1, 2024, the SECURE Act 2.0 has made it possible to roll over over-funded 529 plans to a Roth IRA to help save for retirement. Most parents are concerned that they won’t be able to … [Read more...] about 529 Plan Rollover to a Roth IRA
Benefits of Owning a Rental Property
Generating income and increasing owner appreciation aren’t the only ways investors hope to profit by owning a rental property. The tax code is full of tax benefits for real estate … [Read more...] about Benefits of Owning a Rental Property
IRS delays implementing Roth Catch-up contributions until 2026
The new rules regarding Roth catch-up contributions, which were supposed to start in 2024 have been delayed until 2026. What is a catch-up contribution? Catch-up contributions are additional … [Read more...] about IRS delays implementing Roth Catch-up contributions until 2026
Update to the Employee Retention Credit
Employers Can't Rely on Supply Chain Disruptions to Claim Employee Retention Credit Background The employee retention credit is a refundable payroll tax credit designed to encourage employers to … [Read more...] about Update to the Employee Retention Credit
$175 Billion of Unreported Income Targeted by IRS Wealth Squad
Top 1% of wealthy taxpayers failed to report 20% of their income IRS Creates Wealth Squad IRS Commissioner Charles Rettig has requested that Congress increase the IRS's budget. Rettig has … [Read more...] about $175 Billion of Unreported Income Targeted by IRS Wealth Squad
