Important clarification for inherited retirement accounts On July 19, 2024, the US Treasury Department and the Internal Revenue Service (IRS) published final regulations providing guidance for the SECURE Act and…
…Legislation was passed by the General Assembly and signed by the Governor which advances Virginia’s fixed date conformity to the Internal Revenue Code from December 31, 2018 to December 31,…
Overview of pension, HSA, and other retirement related adjustments for employers and employees The Internal Revenue Service (IRS) announced cost of living adjustments to contribution limits for individual pension plans…
…selling or doing, the business may be subject to such taxes even if they just have revenue from customers in those states. For example, Washington’s threshold is just $100,000 in…
QCD tax strategies that support philanthropic goals The Internal Revenue Service (IRS) announced updates to retirement contribution limits for 2025. Included in these adjustments are updated limits to Qualified Charitable…
…person’s home. The BPOL tax rates vary based on the business classification, with gross revenue typically determining the amount owed. There are state laws that can limit BPOL, but localities…
IRS extends $600 transaction threshold for 1099-K reporting On November 26, 2024, the Internal Revenue Service (IRS) issued Notice 2024-85 which provides transition relief and guidance for third-party settlement organizations…
…exchange; carries no customer accounts; and has annual revenue from securities transactions effected not on a national securities exchange of which it is a member of no more than $1,000….
…to anticipate the demand with the qualifier of a 25% decline in revenue,” said Scott Zickefoose, a senior director for Henrico County-based accounting firm Keiter. “Fortunately, a lot of people…
…specified research and experimental (SRE) expenditures In September 2023, the Internal Revenue Service (IRS) issued Notice 2023-63, which announced the IRS’s intent to issue proposed regulations addressing items related to…
…the President’s signature, which is expected soon. Key Provisions in COVID-19 Relief Package This legislation overrides the Internal Revenue Service’s position on taxability of Paycheck Protection Program loan forgiveness and…
…that evaluates the company’s sensitivity to changes in certain variables, such as revenue and gross margin decline, is a great way to document the above-referenced content in a quantitative way….