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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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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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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2024 Update – Alabama Tax Credits for Contributions to Scholarship Granting Organizations
The Alabama Accountability Act was effective in 2013 and established a dollar-for-dollar income tax credit for contributions paid to Scholarship Granting Organizations (“SGO”). SGOs are 501(c)(3) charities that provide scholarships to children from lower-income families to attend private K-12 schools. Individual and corporate taxpayers in Alabama can still benefit from this program in 2024. For…
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TCJA Provisions Expiring After 2025
A number of federal tax provisions included in the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire after December 31, 2025. Many of these provisions were designed to reduce taxes in order to stimulate economic growth but included sunset clauses that will automatically revert back to the pre-TCJA rules unless Congress takes…
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2024 Business Tax Planning Guide
Dent Moses is committed to keeping you informed of the latest tax-saving strategies. We are sharing our AG-YE_YR Tax Planning Guide-2024_DM. The guide highlights some key considerations, but keep in mind that this resource is intended to provide broad suggestions only. There is no substitute for the guidance of an advisor who understands your specific…
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Capital Gains Tax – How It Works and Current Taxation
When selling capital assets like stocks, real estate, or mutual funds, understanding how capital gains taxes are applied can help maximize your returns. Understanding the distinctions between short- and long-term capital gains, federal and state tax rates can help you manage your tax liability effectively and optimize your financial outcomes. Capital gains tax is imposed…
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Beneficial Ownership Reporting 2024 Update
Earlier this year, we wrote about beneficial ownership information (“BOI”) reporting requirements of the Corporate Transparency Act (“CTA”) signed in to law in January 2021. Click this link to see the original post. In Q4 of 2023 and Q1 of 2024, congressional leaders and professional associations made efforts to extend the deadline to make the…
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IRS Issues Additional Guidance for Inherited IRAs
On July 19, 2024, the IRS issued new regulations clarifying the rules surrounding inherited IRAs, providing essential guidance for beneficiaries and financial planners. These updates primarily focus on implementing the SECURE Act’s provisions and the adjustments beneficiaries must make to comply with the new requirements. Key Clarifications on the 10-Year Rule The SECURE Act’s 10-year…
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New City of Birmingham Business Tax and License System – Action Required by September 6th
The City of Birmingham recently announced a software change in the Tax and License Division, requiring users to migrate to a new system. City of Birmingham Press Release Birmingham, AL – As the City of Birmingham continues to strengthen its systems of engagement with local businesses, the Tax and License Division is introducing a new,…
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