The Tax Cuts and Jobs Act (TCJA) of 2017 was the most significant overhaul of the US tax code in more than 30 years, but many of its most important provisions were temporary and set to expire at the end of 2025. While the deadline is still more than a year away and Congress is likely to extend some provisions, it’s not too soon to begin considering and preparing for the possible expiration of key TCJA provisions. (more…)
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Scam Alert: Beware of IRS Imposters
Scam artists are always thinking of new ways to steal your money, your identity, or both. In addition to the many phishing schemes, phony charities, and false tax credit scams that businesses may encounter, the IRS is warning taxpayers about a growing number of schemes in which swindlers actually pose as IRS agents. Both businesses and individual taxpayers should be alert to this developing trend and learn to recognize the telltale signs of IRS imposters. (more…)
SECURE 2.0 Act Update: New Tax Rules for Employer-Sponsored Retirement Plans in 2024
The omnibus spending bill known as the SECURE 2.0 Act made dozens of changes to the tax rules governing employer-sponsored retirement programs. While some changes took effect immediately upon the law’s enactment on Dec. 29, 2022, many others were phased in over several years, with some of the most significant changes occurring this year.
Altogether, more than two dozen new retirement plan rules take effect in 2024, including several new incentives designed to encourage both businesses and individuals to prioritize retirement savings. Here are some of the most notable new provisions. (more…)
California Competes Tax Credit – 2024 Update
The state’s popular California Competes Tax Credit program continues to be available during the 2024-2025 fiscal year.
Taxpayers starting or expanding their California operations through increased employment or capital investments are ideal candidates for this credit. Taxpayers must submit their credit applications online. Information concerning the credit and the application process is available at: California Competes Tax Credit. (more…)
Unexpected Complications: New Questions about BOI Reporting
A recent federal court ruling has raised questions about a controversial new rule requiring millions of small- to medium-sized business owners to report detailed personal information to the U.S. Treasury Department. This new rule—the Beneficial Ownership Information (BOI) Reporting Rule—went into effect on Jan. 1, 2024, but on March 1, a U.S. District Court judge found that the law establishing the rule is unconstitutional and prohibited the department’s Financial Crimes Enforcement Network (FinCEN) from enforcing it. (more…)
New California Property Tax Reporting Requirement For Owners of Short-Term Rentals
By Randan Salyers, CPA, Tax Senior
In 2024, if you are the owner of a short-term rental property located in California (including rentals listed on platforms such as Airbnb, VRBO, etc.), you may now be required to report the personal property used in the rental on Form BOE-571-STR, Short-Term Rental Property Statement (see resources below for a link to sample form). This new filing, with your County Assessor, was authorized by the California State Board of Equalization because they consider short-term rentals to be a trade or business. This Statement, designed specifically for short-term rental properties, will be used to report the original cost of personal property used by your short-term rental and allow the Assessor to determine the property tax due. (more…)
Beneficial Ownership Reporting: New FinCEN Rule Will Affect Millions of Businesses
As of January 1, 2024, a new rule requires millions of small-to-medium-sized businesses to report detailed personal information about their owners to the U.S. Treasury Department. The rule is expected to affect more than 30 million companies in the U.S., and failure to comply could lead to sizable fines or even jail time. Yet a recent survey shows a majority of the affected businesses were unaware of this new requirement. (more…)
ERC Update: Congress May Enact Early Termination of the Program and IRS Allows Cancellation of Erroneous Claims
On January 31, 2024, in a strong bipartisan vote, the U.S. House of Representatives approved the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). The Act contains provisions benefitting individuals and businesses. To “pay for” these tax benefits, the Act authorizes the termination of the Employee Retention Credit (ERC) program effective January 31, 2024. If passed by the Senate in its current form, no ERC claims can be filed after the termination date. It is unknown at this time if and when the Senate will discuss this legislation and potentially modify it. If passed by the Senate a retro-active termination date may still apply. (more…)
Don’t Strike Out and Lose $500K Tax Free from the Sale of Your Home or Rental
By Greg Gockel, CPA, Manager, Tax & Advisory
ASL Real Estate Group
Selling your home is not just a transaction, it’s an opportunity to leverage tax strategies that can significantly impact the financial results of the sale. If the sale is correctly planned, using the power of Internal Revenue Code Section 121, you will be able to exclude up to $500,000 (couples) or $250,000 (individuals) of your capital gains. This article will coach you as we dive into some of the rules and exceptions and discuss some strategies to help maximize your tax benefits. (more…)