IRS extends relief for inherited IRAs

For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. But the IRS also indicated in Notice 2024-35 that forthcoming final regulations for the rule will apply for the purposes of [...]

By |2024-06-03T08:32:00-06:00June 3rd, 2024|

Federal regulators expand overtime pay requirements, ban most noncompete agreements

The U.S. Department of Labor (DOL) has issued a new final rule regarding the salary threshold for determining whether employees are exempt from federal overtime pay requirements. The threshold is slated to jump 65% from its current level by 2025 and is expected to make four million additional workers eligible for overtime pay. On the [...]

By |2024-05-07T09:29:01-06:00May 7th, 2024|

IRS issues guidance on tax treatment of energy efficiency rebates

  The Inflation Reduction Act (IRA) established and expanded numerous incentives to encourage taxpayers to increase their use of renewable energy and adoption of a range of energy efficient improvements. In particular, the law includes funding for nearly $9 billion in home energy rebates. While the rebates aren’t yet available, many states are expected to launch their [...]

By |2024-04-24T15:10:59-06:00April 22nd, 2024|

Independent contractor vs. employee status: The DOL issues new final rule

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. The DOL is implementing a new rule that is more employee-friendly and takes [...]

By |2024-03-10T11:59:21-06:00March 10th, 2024|

Businesses: Do you have to comply with the new corporate transparency reporting rules?

Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes Enforcement Network [...]

By |2023-12-17T18:32:14-06:00December 17th, 2023|
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