May 31, 2024 | Blog Posts, Tax
Today’s topic for Tax Tip Friday is Backdoor Roth IRAs. While Roth IRAs are very popular, many high income taxpayers are unable to contribute due to Modified Adjusted Gross Income (MAGI) limits. The backdoor Roth IRA is a strategy that allows high income taxpayers,...
May 31, 2024 | Blog Posts, Tax
If you’re 70 ½ or older and have a traditional IRA account, you might want to explore the option of making a Qualified Charitable Distribution (QCD). With the ongoing increase in standard deductions, many taxpayers find themselves unable to itemize deductions,...
Feb 26, 2024 | Blog Posts, Tax
In Week Five of our CTA Series, we’re exploring the intricacies of inactive entities exempt from BOI reporting. According to FinCen, specific criteria must be met for an entity to qualify as inactive. Let’s dive into these criteria and unravel the essentials. 1. The...
Feb 26, 2024 | Blog Posts, Tax
As we are entering the 2024 tax season, the following are some changes that may impact the filing of Federal, DE, PA or NJ returns this year and beyond. Pennsylvania For tax years beginning on or after January 1, 2023 for PA Personal Income tax purposes: Pennsylvania...
Feb 26, 2024 | Blog Posts, Tax
RE: Soroban Capital Partners LP, Soroban Capital Partners GP LLC v. Commissioner of Internal Revenue This is a summary memo regarding the United States Tax Court Decision that was filed November 28, 2023. The case dealt with the issue of self-employment income...
Feb 26, 2024 | Blog Posts, Tax
In Week Four of our CTA Series, we delve into the criteria for identifying reporting companies, encompassing both domestic and foreign entities. FinCen outlines the definitions of domestic and foreign reporting companies as follows: A domestic reporting company is a...
Feb 26, 2024 | Blog Posts, Tax
We have been closely monitoring the legislative developments in Congress, and a bill is on the verge of being passed that will have a direct impact on the treatment of taxes. Specifically, the bill proposes the following: The repeal of Section 174 of the Internal...
Feb 26, 2024 | Blog Posts, Tax
Initial Report Due Dates for Beneficial Ownership Information (BOI) Reporting: Existing Entities (created/registered by 12/31/2023) – must file by 1/1/25. New entities (created/register in 2024) – must file within 90 days. New entities (created/registered after...
Feb 26, 2024 | Blog Posts, Tax
The following is a listing of entities that are not subject to CTA reporting: i. Securities reporting issuer ii. Governmental authority iii. Bank iv. Credit union v. Depository institution holding company vi. Money services business vii. Broker or dealer in securities...
Feb 14, 2024 | Blog Posts, Tax
Who Needs To Report: -Domestic Reporting Companies – Corps, LLC or other entity created by filing with a Secretary of State. -Foreign Reporting Companies – Corps, LLC and other entities created under foreign law and registered in US. -Other Entities – LLP, LLLPs,...
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