Category: Tax

Tax

IRS Sets Retirement Savings Plan Contribution Limits for 2024 by Jonathan Kraes, CPA


Posted on December 27, 2023 by Jonathan Kraes

The IRS’s 2024 cost-of-living adjustments for retirement savers include higher annual contribution limits to 401(k) plans and Individual Retirement Accounts (IRAs) along with higher income limits for individuals to qualify for tax-deductible contributions to traditional IRAs and taxable contribution to Roth IRAs. Employer-Sponsored Retirement Plans In 2024, employees may contribute up to $23,000 into workplace […]

Critical Documents Parents Need to Protect College-Age Children by Jeffrey M. Mutnik, CPA/PFS


Posted on December 18, 2023 by Jeffrey Mutnik

Proper estate planning generally requires family elders to execute documents allowing trusted loved ones to make medical or financial decisions on their behalf when they are unable to do so themselves. Children need similar protections when they age out of being a minor and must take on adult responsibilities that likely were not previously addressed. […]

New eFiling Requirement for Businesses that Receive Cash Payment of More than $10,000 by Cherry Laufenberg, CPA


Posted on November 28, 2023 by Cherry Laufenberg

Certain businesses receiving cash payments exceeding $10,000 must electronically file IRS Form 8300 beginning on Jan. 1, 2024, rather than filing a paper return. According to the IRS, although many cash transactions are legitimate, Form 8300 aims to combat tax evasion, drug trade, terrorism financing and other criminal activities. The new reporting requirement applies to […]

IRS Postpones Deadlines for Taxpayers Impacted by Terrorist Attacks in Israel by Angie Adames, CPA


Posted on November 15, 2023 by Angie Adames

The IRS is delaying various U.S. tax reporting and filing deadlines for businesses and individuals directly impacted by the Oct. 7, 2023, terrorist attacks on Israel. Qualifying taxpayers described below now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions. Individuals whose principal residence or […]

Florida Law Makes Spousal Lifetime Access Trusts More Attractive Estate Planning Option by Rachel Kenney Rego, CPA


Posted on October 25, 2023 by Rachel Kenney Rego

In 2022, lawmakers amended Florida Statute Section 736.0505(3), giving new life to Spousal Limited Access Trusts (SLATs) and the unique estate planning benefits they provide to families within the state. SLATs enable one spouse to create and fund irrevocable trusts during their lifetime for the benefit of a surviving spouse and future generations. The grantor […]