The deadline for making contributions to your 2023 Individual Retirement Account (IRA) is April 15, 2024. Below we have included some important reminders and updates. For 2023 and 2024 the contribution limits are as follows:YearUnder Age 50Age 50 and Older2023$6,500$7,5002024 $7,000$8,000Your IRA contribution is limited to your ‘taxable compensation’ [...]
Welcome to our career development blog dedicated to helping professional workers achieve optimal health and well-being while pursuing their career goals. Balancing the demands of a fast-paced work environment with maintaining a healthy lifestyle can be challenging, but with the right strategies and mindset, it's entirely achievable. Here are [...]
Did you donate to charity last year? Acknowledgment letters from the charities you gave to may have already shown up in your mailbox. But if you don’t receive such a letter, can you still claim a deduction for the gift on your 2023 income tax return? It depends. What [...]
Do your assets include unregistered securities, such as restricted stocks or interests in hedge funds or private equity funds? If so, it’s important to consider the securities laws that may be involved in various estate planning strategies.Potential estate planning issuesTransfers of unregistered securities, either [...]
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can [...]
A will or revocable trust may form the core of your estate plan, but for many people, a substantial amount of wealth bypasses these traditional estate planning tools and is transferred to their loved ones through beneficiary designations. These “nonprobate assets” may include IRAs and certain employer-sponsored retirement accounts, [...]
Amanda Garner, February 5, 2024 The legislative landscape surrounding retirement plans has undergone a significant transformation with the introduction of the Secure Act 2.0. Nestled within Division T of H.R. 2617, known as the "Consolidated Appropriations Act, 2023," this legislation brings forth substantial changes to tax-favored retirement accounts. This [...]
David R. Natan, CPA, MST, CVA – January 20, 2024 (Newburg CPA) Within the real estate industry, there are some very powerful opportunities, should the stars align. One such opportunity arises if a taxpayer qualifies as a “real estate professional.” This qualification, coupled with the compelling tools of cost [...]
Embarking on a career in a Certified Public Accountant (CPA) firm can be a rewarding journey filled with opportunities for professional development and growth. As you step into the dynamic world of accounting, it's essential to have a strategic approach to your career to maximize your potential and achieve [...]
Initial ERC Claim Disallowance Letters Issued The IRS has taken a proactive stance by sending out disallowance letters to more than 20,000 businesses. These letters target claims made by businesses that either did not exist or lacked paid employees during the eligibility period (March 13, 2020, to December 31, [...]
