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2025 Retirement Key Figures
IRS releases 2025 tax year inflation-adjusted retirement figures (11-01-24) In IRS Notice 2024-80, the IRS announced the inflation-adjusted retirement figures for 2025. Key adjustments contained in the notice include, but are not limited to: The IRA contribution limit and catch-up contribution limit will remain at $7,000 and $1,000, respectively. Also included in the Notice are the increased…
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2025 Mileage Rates
IRS releases 2025 optional standard mileage rates (12-19-24) Beginning January 1, 2025, the standard mileage rates for the use of a car, van, pickup truck, or panel truck will be: The rates apply to fully electric and hybrid automobiles, as well as gasoline and diesel-powered vehicles.
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Beneficial Ownership Reporting
All US companies will need to file a 1 time form with FinCen to report their “Beneficial Owners” beginning January 1st 2024. Corporations, LLC’s and other entities who are already in existence prior to January 1 2024 will have until January 1st 2025 to become compliant and file the report. New companies formed as of…
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FairTax Act of 2023
The FairTax Act of 2023 FairTax Act of 2023 (H.R.25) has been introduced to the United States Congress. Is it time for a tax revolution? The current US Tax Code grows more complex daily, politicians in Washington add 1 new tax code per day to fund their bills. No regular taxpayer could possibly ever know…
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General Welfare is not Taxable
If a payment is made for the promotion of the general welfare or as a disaster relief payment, it may be excludable from income for federal tax purposes under the General Welfare Doctrine or as a Qualified Disaster Relief Payment. The IRS has reviewed the types of payments made by various states in 2022 that…
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What is the Annual gift tax exclusion and do I need to do it?
The benefit of gifting the annual Gift Tax Exclusion is to move money out of your estate without estate tax. The estate tax starts when your assets are $12million per person and you transfer them to others, before or after your death. A person who expects they will have a taxable estate at their death…
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What is the FUTA Credit Reduction?
The FUTA credit reduction is an extra % that is being collected for the Unemployment fund that all CA employers (and those in other states) are having to pay on up to $7k of wages paid per employee they employed this year. This happens when the state pays out more unemployment funds than it has…
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Last minute tax planning for 2022 and dates to remember in 2023
The end of the year is almost here, it is important to make any last minute tax moves now that will affect your income for 2022. If your income is up, you may want to look into purchasing new business assets or new to you equipment. Pay out bonuses to worthy employees, or contribute to your…
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IRS News-Penalty Relief for 2019 and 2020 tax returns
COVID tax relief: IRS provides broad-based penalty relief for certain 2019 and 2020 returns due to the pandemic; $1.2 billion in penalties being refunded to 1.6 million taxpayers IR-2022-155, August 24, 2022 WWW.IRS.GOV WASHINGTON — To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice 2022-36, which provides penalty relief…