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 […]
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 […]
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. […]
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 […]
On Friday, Governor Ron DeSantis signed House Bill 7071 which provides more than $1.2 billion of tax relief for Floridians. The bill provides for ten sales tax holidays for a variety of items commonly purchased by Florida families, including fuel, diapers, disaster supplies and, tools. A one-pager on the bill can be found here. The […]
A processing backlog at the Internal Revenue Service (IRS) continues to leave countless taxpayers in the dark about the state of their returns. As of March 4, 2022, the IRS had 7.2 million unprocessed individual returns. This includes 4.2 million unprocessed individual returns, which include tax year 2021 and prior returns with errors and those […]
Since its inception, the COVID–EIDL program, a federal disaster relief loan, has allocated more than $351 billion in relief aid to 3.9 million borrowers, including to the smallest of small businesses from historically underserved, disadvantaged communities. Funds can be used for any normal operating expenses and working capital includeing prepaying commercial dept. In 2021, the SBA lengthened […]
The IRS will require business owners to amortize Section 174 research expenses over multiple years instead of deducting them in the year incurred unless a provision in the Tax Cuts and Jobs Act changes before December 31. Through 2021, businesses could deduct Section 174 expenses in the year in which they were incurred or capitalize […]