Forward Thinking
Search
Client Alerts
11.11.24
How the U.S. Election Changes the Outlook for Taxes
The outcome of the November 5 election is likely to significantly impact taxes. Many provisions in President-elect Donald Trump’s signature tax legislation from his first time in the White House, the Tax Cuts and Jobs Act (TCJA), are scheduled to expire at the end of 2025. Now, there is a better chance that most provisions will be extended.
11.08.24
2025 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service’s (“IRS”) recently announced 2025 cost-of-living adjustments for Retirement, Health and Welfare Plans and transportation programs.
11.05.24
Expiring TCJA Provisions Could Significantly Alter the Federal Income Tax Landscape for Individuals after 2025
Because deep divisions exist in the current Congress, the risk is high that Congress will fail to take action the that would be needed to prevent the reversal of the temporary TCJA changes. Therefore, you should prepare for the possibility that temporary TCJA changes will be reversed and plan accordingly. This Client Alert highlights the more significant temporary TCJA provisions impacting income tax for individuals that are scheduled to be reversed for tax year's beginning on or after January 1, 2026 and provides tax planning suggestions to reduce the impact these changes would otherwise have on your finances.
10.29.24
How Will the 2025 Inflation Adjustment Numbers Affect Your Year-End Tax Planning?
The IRS has issued its 2025 inflation adjustment numbers for more than 60 tax provisions in Revenue Procedure 2024-40. Inflation has moderated somewhat this year over last, so many amounts will increase over 2024 but not as much as in the previous year. Take these 2025 numbers into account as you implement 2024 year-end tax planning strategies.
10.23.24
Expiring TCJA Provisions Could Hike Your Federal Estate & Gift Tax Bills
While the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the U.S. tax system, many of the changes were only made on a temporary basis. Several critical provisions are scheduled to expire after 2025, absent congressional action. With strategic planning, you can reduce the impact on your finances.
10.22.24
If You Own a Business, Make Sure You File Correctly Regarding the Corporate Transparency Act
Please be reminded of the new federal reporting requirement under the Corporate Transparency Act that may affect your business.
10.09.24
Ease the Financial Pain of Natural Disasters with Tax Relief
If your family or business has been affected by a natural disaster, such as Hurricane Helene, you may qualify for a casualty loss deduction and federal tax relief.
10.03.24
Taxes Take Center Stage in the 2024 Presidential Campaign
Early voting for the 2024 election has already kicked off in some states, but voters are still seeking additional information on the candidates’ platforms, including their tax proposals. The details can be hard to come by — and additional proposals continue to emerge from the candidates. Here is a breakdown of some of the most notable tax-related proposals of former President Donald Trump and Vice President Kamala Harris.
08.15.24
IRS Issues Final Guidance on Required Minimum Distributions and Inherited Retirement Accounts
IRS Ruling Final Regulations 2024-14542 includes final guidance on Required Minimum Distributions (RMDs), inherited retirement accounts and other items. This Client Alert is a high-level overview of certain provisions and changes. This does not cover all provisions included in the 260 page final regulations.
07.31.24
IRS Ramps up Compliance Enforcement against Certain Businesses
The Inflation Reduction Act provided the IRS with billions of dollars of additional funding to reduce the so-called “tax gap” between what taxpayers owe and what they actually pay. The tax agency has already launched numerous initiatives aimed at this goal, including several business-related compliance campaigns.
