Confused About Inherited IRA Rules? These Charts Simplify the New Guidelines
There seems to be a great deal of confusion about the required minimum distributions from inherited IRAs. A wide variety of factual situations can occur, making a simple explanation impossible. The following chart attempts to summarize the new rules for inherited IRA distributions. Due to confusion, the IRS has provided relief for beneficiaries who inherited…
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Trump Tax Plan
When one party controls the White House, House, and Senate, it significantly increases the chances of passing major tax legislation. Republicans are expected to use budget reconciliation to bypass Senate filibuster rules, allowing them to enact legislation without Democratic support. However, with narrow majorities in both chambers, they’ll need near-unanimous support within their ranks. Budget…
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Protect Personal and Company Information From Scammers
Various government agencies, along with law enforcement, are reporting an uptick in security-related scams. It is important to be aware of potential scams and discuss them with elderly family members, who are often victims. Social Security Related Scams Criminals continue to impersonate agency personnel in an attempt to obtain personal information or money. Scammers might…
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BOI Reporting Injunction Reinstated Again – Enforcement Paused
The Fifth Circuit Court of Appeals reinstated the CTA injunction on December 26th. This follows a reinstatement of the CTA filing deadline on December 23rd. So, as of December 26th, the filing requirement is on hold. The following alert was issued by FinCEN via their website: In light of a recent federal court order, reporting companies…
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Maximize Real Estate Depreciation Deduction with A Cost Segregation Study
Cost segregation creates a unique opportunity for building owners to minimize taxable income by maximizing depreciation expense in the year or years following the purchase or development of a building. Cost segregation is a method of allocating building costs to components with a shorter depreciable life, which increases the depreciation deduction in the early years…
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Take Advantage of 401K and IRA Catchup Contributions
As retirement approaches, maximizing your savings becomes crucial. For individuals aged 50 or older, catch-up contributions to 401(k) and IRA accounts offer a valuable opportunity to boost retirement funds and reduce current tax liability. Understanding Catch-Up Contributions Catch-up contributions are additional amounts you can contribute to your retirement accounts beyond the standard annual limits. For…
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Dent Moses Offers Free Shred Service for Clients
Beginning now through January 15, Dent Moses has extra shred bins on-site to help our clients dispose of old financial and tax records. All you need to do is bring your unwanted documents to our office, and we will place them in one of our secure shred bins. If you have more than you can…
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Time to Review Beneficiary Designations
It is important to take time to update beneficiary designations on bank accounts, life insurance policies, investment accounts, IRAs, etc. While these are often adjusted alongside updates to wills and estate planning documents, it’s easy to overlook them. Take a moment to check that your designations reflect your current wishes—especially if it’s been a while…
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Corporate Transparency Act Deadline Approaching
The Corporate Transparency Act (CTA) took effect on January 1, 2024. Entities formed prior to January 1, 2024, are required to file a beneficial owner information (BOI) report to the Financial Crimes Enforcement Agency (FINCEN) by January 1, 2025. If the entity is created or registered to do business after January 1, 2024, the initial…
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Tax Consequences of Selling a Vacation Home
Just like your primary residence, a second home may have significant appreciation over the last several years. If it’s time to sell, it’s important to understand the tax consequences. Let’s look at a couple of examples: Sale of second home – 100% personal use Unlike your primary residence, no gain exclusion is available if you…
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