Archive for the ‘Uncategorized’ Category

IRS delays implementation of lower $600 reporting threshold for 1099-K

New IRS notice 1099-K for small vendors will be subject to existing requirements for TY 2023, followed by a phased-in approach.

IRS Releases 2024 tax inflation adjustments

IRS releases inflation adjustments for 2024. Inflation adjustments impact individual tax brackets and other various provisions of the Code.

IRS releases 2024 retirement plan limitations

Cost-of-living adjustments to retirement plan limits for 2024 have been issued by the IRS in Notice 2023-75.

IRS provides guidance for required minimum distributions for SECURE 2.0 Act

Notice 2023-54 provides transition relief and guidance relating to certain required minimum distributions based on SECURE 2.0 changes.

Pass-through entity elections are here to stay: What you need to know

Pass-through entity elections are creating tax planning complexity. This article explains what you need to know and what you should do next.

New guidance from IRS on correction of errors in qualified retirement plans

The IRS released Notice 2023-43 to provide interim guidance on plan correction changes under SECURE 2.0 until Rev. Proc. 2021-30 (EPCRS) is updated.

Construction industry outlook

In our 2023 construction industry outlook, we explore what’s ahead for middle market business leaders.

IRS opens determination letter program for 403(b) plans

Revenue Procedure 2022-40, allows 403(b) retirement plans to use the same individually designed retirement plan determination letter program currently used by qualified retirement plans.

IRS makes statements on CARES Act Employee Retention Tax Credit risks

On Oct. 19, 2022 the IRS issued a news release warning employers to be wary of third parties who have ramped up campaigns to try and get employers to claim the CARES Act Employee Retention Tax Credit (ERTC) when they may not actually qualify.

California Individual Middle Class Tax Refund

California Individual Middle Class Tax Refund In June 2022, California lawmakers approved the Middle Class Tax Refund (MCTR) as a way to provide some relief to the rising cost of living.  You are eligible for this refund if you: Filed your 2020 tax return by October 15, 2021 [i] Meet the California adjusted gross income (CA AGI)… [Read More]