Yes, it’s true. Despite everyone thinking Congress can’t get anything done, another major package has been passed- and signed into law by President Biden.
Continue reading Inflation Reduction Act (sic)
I had a discussion with a new entrepreneur the other day.
They left their full-time position and started their own business. (One of the key factors to remember during this discussion is that the new business is different from the full time employment they left. Had that not been true, the analysis would be different. I will mention some of those differences as we proceed.)
Continue reading New Venture Reasonable Compensation
Changes are coming to our 401(k) plans. Sure, the House passed Secure 2.0 (in a bipartisan fashion with a vote of 414 to 5) last March. But, now the Senate is finally getting into the act. The Senate Finance Committee just advanced their version of the bill to the full Senate. The odds are the reconciled bill will be part of a larger fiscal bill to be passed around the November elections.
Continue reading Retirement Plans are Getting Jiggered
This just came up the other day.
One of our clients started a business this year and still has yet to earn its first dollar. Oh, they’ve set up systems, marketed the concept, etc. So, they weren’t going to file a tax return, since they had no revenue.
I know, you are not supposed to kick a guy who’s already down.
But, what happens if that guy (or, in these cases, agencies) still send tormenting notices to you all the time?
Y’all recall when I told you that the SALT limitation imposed by the GOP would not stand for long. And, no, I didn’t say that meant that the limitation would be repealed.
Continue reading SALT Limitation Eroded
Well, that’s one way to get rid of a backlog.
The IRS, in its desire to reduce the amount of paperwork that it must process, did something extremely stupid. Well, maybe not extremely stupid, but pretty damned close.
Continue reading Poof. They just disappear!
I barely remember when IRA (Individual Retirement Accounts) came into being. That came about during my first year of marriage (1974)- and, was the first chink in the armor destroying the American pension system that obtained.
Continue reading Retirement Plans- stacked for the rich and for bribing Congress
It’s that time of year again. OK. For many of you- those easily fooled- it’s always that time of year.
Continue reading Don’t fall prey…
Do you ever wonder what we do with your data when you decide to let us prepare your taxes for you?
Well, since you probably haven’t asked us to do your taxes, I’m pretty sure you have no idea.
Continue reading Did you sign away your privacy?