Take action now to reduce your 2023 income tax bill

A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good news is that you still have time to implement year-end tax planning strategies that may reduce [...]

By |2023-11-10T17:44:41-06:00November 9th, 2023|

IRS offers a withdrawal option to businesses that claimed ERTCs

Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but complex, pandemic-related credit — and the potential consequences of an invalid claim. In response, the IRS has rolled out a new process that certain employers can use [...]

By |2023-10-31T14:44:45-06:00October 30th, 2023|

IRS issues guidance on new retirement catch-up contribution rules

In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and employees. With the new catch-up provisions scheduled to kick in after 2023, many retirement plan sponsors have been struggling [...]

By |2023-11-27T18:24:53-06:00September 10th, 2023|

IRS warnings about the Employee Retention Credit (ERC)

The IRS continues to issue several warnings about misleading employee retention credit (ERC) scams and they are preparing to increase their efforts now that they have caught up their backlog in other areas. Current IRS commissioner, Danny Werfel recently said this "The amount of misleading marketing around this credit is staggering, and it is [...]

By |2023-08-07T06:47:00-06:00August 6th, 2023|

IRS provides transitional relief for RMDs and inherited IRAs

The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts. The guidance in IRS Notice 2023-54 also extends relief already granted to taxpayers covered by the so-called “10-year rule” for inherited IRAs and other defined [...]

By |2023-07-31T15:03:44-06:00July 31st, 2023|
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