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 […]
Posted on December 21, 2023
by
Lewis Kevelson
In this episode Director of Tax Services Lewis Kevelson shares some of the tax strategies that can be beneficial to individuals and families with substantial art collections.
Posted on December 12, 2023
It has been nearly 10 years since the IRS first announced in Notice 2014-21, 2014-16 I.R.B 938 it would treat cryptocurrency as a capital asset for federal tax purposes, subject to the same general tax principles as other forms of property, including stocks and bonds. Two recent developments are significant in helping the agency crackdown […]
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 […]
Posted on November 16, 2023
by
Joseph Saka
In this episode, Provenance Wealth Advisors CEO Eric Zeitlin explains the basics of estate planning and how it can help avoid probate and protect your family.
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 […]
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 […]
Posted on October 19, 2023
by
Joseph Leocata
In this episode Joseph Leocata shares details about the current state of the IRS, trends in tax controversy and what to do if you receive an IRS notice.
Just as business owners must consider the tax implications of their companies’ legal structures before beginning operations, special care should be taken to address these issues on a consistent basis throughout the organization’s lifecycle, especially before filing for bankruptcy. According to the IRS, the majority of US corporations are structured as pass-through entities, including sole […]
Posted on September 28, 2023
by
Joseph Leocata
The introduction and subsequent expansion of the employee retention credit (ERC) offered a valuable lifeline to businesses struggling to preserve jobs and pay workers through the pandemic despite interruptions to normal operations or significant declines in gross revenue. However, over time, the IRS has identified a significant number of schemes perpetrated by criminals to con […]
