SECURE 2.0: Which provisions went into effect in 2024?

DK Arndt StaffContent Library

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years rather than immediately taking effect. Here are several important changes that went into effect in 2024: …

IRS extends relief for inherited IRAs

DK Arndt StaffContent Library

For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. But the IRS also indicated in Notice 2024-35 that forthcoming final regulations for the rule will apply for the purposes of determining RMDs from such accounts in 2025. …

President Biden’s proposed budget highlights his tax agenda

DK Arndt StaffContent Library

President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of Representatives remains controlled by the Republican Party, they might gain new life depending on the outcome of the November elections. Here’s …

2024 tax calendar

DK Arndt StaffContent Library

To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2024

Practical Technology to Use During Tax Preparation

Coloff DigitalContent Library

Practical Technology to Use During Tax Preparation Technology can be very useful for assisting with your tax preparation needs. It can be overwhelming to think of your expenses throughout the year and keeping a shoebox full of receipts gets unorganized. Using an excel spreadsheet to track your expenses monthly is a great way to stay organized whether it be for …

IRS offers a withdrawal option to businesses that claimed ERTCs

DK Arndt StaffContent Library

Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but complex, pandemic-related credit — and the potential consequences of an invalid claim. In response, the IRS has rolled out a new process that certain employers can use to withdraw their claims. Fraudsters jump on …

IRS suspended processing of ERTC claims

DK Arndt StaffContent Library

In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS recently imposed an immediate moratorium through at least the end of 2023 on processing new claims for the credit. The reason the IRS cites for the move is the risk of honest small business owners being scammed by unscrupulous promoters who submit …