IRS offers guidance on emergency savings accounts

As part of the continued outgrowth of the wide-ranging Secure 2.0 Act of 2022, the Internal Revenue Service has provided initial guidance to assist employers with establishing pension-linked emergency savings accounts (PLESAs) to improve on retirement security. These types of accounts are designed to enhance retirement security by reducing retirement plan leakage, offering additional flexibility to workers […]

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New Independent Contractor Rules

The Department of Labor’s final rule for employee or independent contractor classification under the Fair Labor Standards Act rescinds the 2021 Independent Contractor Rule, replacing it with guidance on analysis that’s more consistent with the FLSA as interpreted by longstanding judicial precedent, and was scheduled to take effect March 11, 2024. The final rule reduces […]

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IRS announces business standard mileage rate increases for 2024

The Internal Revenue Service allows qualified taxpayers to deduct vehicle mileage related to business, charity, medical or moving expenses – but there are several rules to be aware of. Recently issued Notice 2024-08 outlines the optional 2024 standard mileage rates that taxpayers will need to use when computing the deductible costs in the upcoming year. […]

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New Rules for Renewable Energy Credits

The U.S. Department of Treasury and the Internal Revenue Service recently released a notice of proposed regulations to update the investment tax credit (ITC) rules to encompass various forms of renewable energy, that haven’t been changed since year 1987. Notice 2023-25539.pdf outlines the various kinds of energy properties eligible for the Section 48 investment tax […]

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Time To Review Your Withholding

With the end of 2023 rapidly approaching, the IRS encourages taxpayers to use this “window of opportunity” to review their current withholding status as soon as possible to make any necessary adjustments to their withholdings, to potentially avoid a surprise when filing a tax return next year. Although it’s most advantageous for taxpayers to verify […]

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Considering a trust?

Trusts are an essential financial planning tool for anyone, as there are numerous benefits in establishing a trust, such as: no probate court, potential tax benefits, specificity, valid while you’re living and in some cases, offers flexibility. Life is unpredictable, a trust acts as a highly versatile instrument that can be used for various purposes […]

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Inflation Expected to Impact Tax Bracket Limits in 2024

Based off the recent adjustments from the U.S. Bureau of Labor Statistic’s release of the consumer price index, it is predicted that the inflation-adjusted amounts in the Tax Code will increase 5.4% in 2024. While that’s a slight decrease from the 7.1% increase this year, it is in fact almost double the 3% increase we […]

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IRS Increases 2023–2024 Per Diem Rates for Business Travelers

The Internal Revenue Service has recently published its annual notice, Notice 2023-68, providing the updated 2023-2024 special per diem standard rates which taxpayers can use when substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home (for lodging, meals and incidentals). While some of the special per diem rates are […]

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