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
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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
Steps to Take Upon Receipt of an IRS Notice
If you receive a notice from the IRS, do NOT ignore it. Far too many taxpayers do not open IRS mailings thinking the worse Reasons IRS Sends Notices to Taxpayers The IRS mails letters or … [Read more...] about Steps to Take Upon Receipt of an IRS Notice
