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Client Alerts
06.27.24
SECURE 2.0: Which Provisions Went into Effect in 2024?
The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years rather than immediately taking effect. This Client Alert covers the most important changes coming into effect this year.
05.06.24
IRS Extends Relief for Inherited IRAs
For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers subject to the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. However, the IRS also indicated in Notice 2024-35 that forthcoming final regulations for the rule will apply for the purposes of determining RMDs from such accounts in 2025.
05.02.24
IRS Issues Guidance on Tax Treatment of Energy Efficiency Rebates
The Inflation Reduction Act (IRA) established and expanded numerous incentives to encourage taxpayers to increase their use of renewable energy and adoption of a range of energy efficient improvements. In particular, the law includes funding for nearly $9 billion in home energy rebates. While the rebates are not yet available, many states are expected to launch their programs in 2024.
03.22.24
President Biden’s Proposed Budget Highlights His Tax Agenda
President Biden has released his proposed budget for the 2025 fiscal year, including numerous tax provisions affecting both businesses and individual taxpayers. While most of these provisions have little chance of coming to fruition while the U.S. House of Representatives remains controlled by the Republican Party, they might gain new life depending on the outcome of the November elections.
03.05.24
Proposed Donor-Advised Fund Regulations Could Affect Your Financial Advisor’s Suggestions
Donor-advised funds (DAFs) have become a very popular vehicle for donors interested in securing significant tax benefits, but a proposed IRS regulation may deter financial advisors from recommending DAFs to their clients.
02.29.24
Independent Contractor vs. Employee Status: The DOL Issues New Final Rule
The test used by the U.S. Department of Labor (the “DOL”) for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule to replace the employer-friendly test that was developed in 2021 (the “2021 Independent Contractor Rule”). The new, more employee-friendly rule takes effect March 11, 2024.
02.01.24
The IRS Unveils Employee Retention Tax Credit (ERC) Relief Program For Employers
Since July 2023, the IRS has taken a series of actions in response to what it has termed a “flood of ineligible claims” for the Employee Retention Tax Credit (ERC). Most recently, it launched a Voluntary Disclosure Program (VDP). The program presents a valuable, but temporary, opportunity for eligible employers.
01.30.24
2024 Tax Calendar
To ensure that you do not miss any important 2024 deadlines, we have provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar contact your ORBA advisor if you have any questions about the deadlines or would like assistance in meeting them.
01.02.24
1099-MISC vs 1099-NEC and New E-Filing Requirement
In 2021, the IRS released a new form: Form 1099-NEC. This form is still in use for 2023, along with Form 1099-MISC. However, there seems to be some ongoing confusion over which form to use. This Client Alert will provide you with some general guidelines and resources to help you determine whether you should file Form 1099-NEC or Form 1099-MISC. It will also address the new e-filing requirement that has been implemented for the upcoming filing season.
12.22.23
What is the Corporate Transparency Act?
The Corporate Transparency Act (CTA) goes into effect on January 1, 2024, and it is anticipated that more than 30 million businesses (including single member LLCs) will be subject to this reporting requirement.
