How long should I keep my tax return? How long do I need to keep backup documentation for my business purchases? These are questions we hear all the time, which is why we've put together this Records Retention Guide for Businesses. It goes hand in hand with our Records Retention Guide for Individuals, which you can view by clicking here…
IRS Notice 2024-35 provides tax relief from penalties for failure to take certain required minimum distributions (RMDs). This relief generally applies to non-spousal beneficiaries of inherited retirement accounts. First, the general RMD rules . . . The required beginning date for required minimum distributions (RMDs) from retirement accounts such as traditional IRAs and pretax 401(k)'s is April 1 of the…
Beneficial ownership information (BOI) reporting is required for most businesses in 2024. It's part of the US government's efforts to make it harder for criminals to hide through shell companies or other opaque ownership structures. How to Report Reporting is done through the BOI E-Filing website, which opened January 1, 2024. Companies in existence before 2024 will have until January 1,…
Two tax credits may apply to your tax situation if you have children, and one of those will potentially increase if pending tax legislation passes in time for your 2023 return. Child Tax Credit The Child Tax Credit applies if you had a child in 2023 that meets these criteria: Has a Social Security number that is valid for employment…
We don’t usually comment on pending legislation because of the uncertainty of its passage. However, a tax bill is being fast-tracked through Congress that includes retroactive provisions that could affect your 2023 tax bill . . . if it passes both Houses of Congress quickly enough. The bill enjoys a rare commodity - broad bipartisan support - and lawmakers have…
The rules regarding required minimum distributions (RMDs) have been somewhat flexible over the past few years due to the pandemic as well as SECURE Act 2.0 which passed at the end of 2022. Here's some recent guidance and clarification from the IRS that affects account owners whose first RMD was in 2023: First, some background info . . . Traditional…
To download a handy chart of 2024 dollar limits for employee benefit plans and various tax items, click on the link below: 2024 Dollar Limits Flyer
As the end of 2023 quickly approaches, it's time for businesses to start gathering data that needs to be reported on Forms W-2. Here's a list of things to be aware of: Personal Use of Company Vehicles - If your employees drive a company-owned or leased vehicle and use it for personal reasons, you'll need to account for that as…
If you watch TV commercials, you may have noticed a lot of recent ads promoting payroll tax refunds available to employers through the Employee Retention Credit (ERC). The ERC was part of pandemic relief programs available to businesses who were shut down due to the COVID-19 pandemic or had a significant decline in gross receipts during the eligibility period. However,…
It's no secret that the government observes different holidays than many of us. Furthermore, the IRS observes holidays applicable to the District of Columbia, which can also throw a curveball. Here's the list of legal holidays observed by the IRS in 2023: January 2—New Year's Day (observed) January 16—Birthday of Martin Luther King, Jr. February 20—Washington's Birthday April 17—District of…