Robert Miller

Yesterday, the IRS issued guidance on certain specified required minimum distributions (RMDs) for 2024. It adds that the final regulations it plans to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning on or after Jan. 1, 2025. Learn More: https://ow.ly/JTgz50RicWT #IRS #RMDs #retirementplanning #taxplanning

8

The implications of IRS Notice 2023-54 for retirees are quite significant: ✔ Extended RMD Age: Retirees born in 1951 or later can now delay taking Required Minimum Distributions (RMDs) until they turn 73, instead of 72. This provides an additional year for their retirement accounts to potentially grow tax-deferred. ✔ Transition Relief: The notice offers transition relief for those who have already taken RMDs based on the old age requirement. This means if retirees took distributions thinking they were required when they were not, they may have options to correct this. ✔ Penalty Elimination: For 2023, the IRS has eliminated penalties for failing to take RMDs for certain beneficiaries, providing a reprieve and reducing the immediate tax burden for those affected. ✔ Future Regulations: The final regulations related to RMDs will apply for calendar years beginning no earlier than 2024, which means there could be further changes or clarifications that retirees need to stay informed about. Overall, these changes offer more flexibility and potential tax planning opportunities for retirees, but they need to stay updated on the regulations and consult with a financial advisor to understand the full impact on their retirement plans. #pbhbenefits #retirementplanning #RMD

1

July 31 marks the deadline for most 401(k) plan audits. Even if you extend to October, it's important to start following the right steps now to ensure a smooth audit process. Kim Moore and Karen Hill share tips for success in the latest 401(k) Audit CPA Success Show episode: https://lnkd.in/g6THVe8d

2

As tax enforcement efforts increase, understanding documentation for the R&D tax credit is essential. Join our tax credit and tax controversy specialists on August 22 for guidance on preparing for the IRS exam. Register here to earn CPE. #taxcredits #R&D #webinar

3

Under the Inflation Reduction Act of 2022, the IRS received increased funding to focus on increasing audits and compliance for partnerships and similar entities. Large partnerships will be targets of course, but smaller businesses will also come under scrutiny. Taxpayers should work with our qualified TFG tax professionals to ensure compliance, and to successfully navigate any audits that arise due to this increased attention.

1

Two of the most common and often misunderstood savings tools for tax are deductions and credits. We outline their differences and how they work here: https://bit.ly/3BsFbsn #rulienassociates #rulien #anchoragecpa #outsourcedaccounting #healthcareaccounting #contractingaccounting #restaurantaccounting #modernaccountingfirm #businessadvisors #taxsavings

2

1 Comment

The IRS recently issued guidance on certain specified required minimum distributions (RMDs) for 2024. It adds that the final regulations it plans to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning on or after Jan. 1, 2025. Read More: https://ow.ly/h0jr50RiBlP #IRS #RMDs #retirementplanning #financialplanning #IRSguidance

6

Responding to IRS notices for clients is a time-consuming and costly task for tax practitioners, especially with the increase in notices post-COVID. Read about it in Christine's Article! https://hubs.li/Q02x0cQQ0

2

🌟 Did you know Georgia offers a valuable R&D tax credit? 🌟 Harnessing these credits can significantly benefit your clients by offsetting R&D costs and encouraging innovation. But navigating the calculations and requirements can be complex. That's where Kipsi comes in! 🚀 Kipsi can calculate multiple state R&D credits, ensuring your firm maximizes your clients' tax benefits. Interested in learning more? Book time with us here 👉 https://www.kipsi.tax/

24

#HR professionals and #employers❗ The #IRS has announced the 2025 HDHP and HSA limits. Read more about it in our blog: https://lnkd.in/effDSedh #hsalimits #hdhplimits #employeebenefits #healthinsurance #benefitsbrokers #healthcare #budgetfriendlybenefits

3

Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. Read all about the three main types of audits in our weekly tax blog here! #audits #taxprofessional

2

Did You Know? Tax professionals are required to renew their Preparer Tax Identification Number (PTIN) each year! To prepare federal tax returns for compensation, it’s essential for tax professionals and Enrolled Agents to have a valid PTIN. Important details: ➡PTINs expire on December 31 and must be renewed annually.  ➡The renewal fee for 2025 is $19.75. Stay compliant and keep your practice running smoothly! Follow - BookKeeperLive #didyouknow #ptin #federaltaxreturn #taxreturn #taxprofessionals #taxidentification #bookkeeperlive #unitedstates

5

What triggers an IRS audit and how can you prepare if your business is selected? #IRSaudit #InflationReductionAct #IRS #hh #hoganhansen #accountantswithpersonality #livingourcorevalues

2

The IRS has extended the deadline to 𝗠𝗮𝘆 𝟭, 𝟮𝟬𝟮𝟱, for individuals and businesses impacted by Hurricane Helene to file federal tax returns and make payments. Affected areas include 𝗔𝗹𝗮𝗯𝗮𝗺𝗮, 𝗚𝗲𝗼𝗿𝗴𝗶𝗮, 𝗡𝗼𝗿𝘁𝗵 𝗖𝗮𝗿𝗼𝗹𝗶𝗻𝗮, 𝗦𝗼𝘂𝘁𝗵 𝗖𝗮𝗿𝗼𝗹𝗶𝗻𝗮, and parts of 𝗙𝗹𝗼𝗿𝗶𝗱𝗮, 𝗧𝗲𝗻𝗻𝗲𝘀𝘀𝗲𝗲, and 𝗩𝗶𝗿𝗴𝗶𝗻𝗶𝗮. Key extensions: • 2024 tax returns (normally due March/April 2025) • 2023 extended returns (due Oct. 2024) • Quarterly estimated payments due in Jan. and April 2025 Penalty relief and options to claim uninsured losses are also available. For more details, check out our article here: 👉https://lnkd.in/gRrWxjQG #TaxRelief #DisasterRelief #IRS #HurricaneHelene #TaxDeadlines

12

1 Comment

Between BBQs, fireworks and baseball games, you should take some time this summer to consider tax planning moves that could lower your tax obligations for 2024. Proactive midyear planning can help avoid a year-end scramble to implement tax saving strategies before December 31. When it comes to tax planning, procrastination can be a costly mistake. Learn more here https://buff.ly/3WWMZuN .

1