New Rules for Inherited IRAs

For many years, beneficiaries of inherited IRAs were permitted to withdraw the balances over their life expectancies. Then, the SECURE Act largely eliminated this tax deferral opportunity. Its effective date of December 31, 2019 could be called “The Day the Stretch IRA Died”.

2022-03-28T15:00:17-04:00March 28, 2022|Categories: Tax: Individual|Tags: , , |

4 Solutions That Could Help the IRS Better Serve Taxpayers

It’s been more than 100 years since the first Form 1040 was introduced. Fast forward to 2022 and this tax season is on track to be the worst ever. So, why is the agency so far off its game and what are the potential solutions?

2022-02-23T13:20:41-05:00February 23, 2022|Categories: Tax: Business, Tax: Individual|Tags: |

S-Corporation Shareholders May Need to File Form 7203 with 2021 Taxes

For the first year, some S-corporation shareholders will be required to include Form 7203 with their individual or trust tax returns. With shareholder basis continuing to be a major IRS audit focus, shareholders need to make sure they are consistently tracking their basis on Form 7203 with all the required annual adjustments.

2022-02-17T16:04:13-05:00February 17, 2022|Categories: Tax: Business, Tax: Individual|Tags: |

Watch for New Letters from the IRS — and Keep Them!

The IRS is sending taxpayers new letters about the 2021 Economic Impact Payments and Advanced Child Tax Credit payments. The letters contain information necessary for calculating your tax refund correctly.

2022-02-08T12:33:50-05:00January 5, 2022|Categories: Tax: Individual|Tags: , |

North Carolina Budget Allows PPP Deductions, Reduces Tax Rates, Establishes SALT Workaround

The long-awaited 2021-2023 biennial North Carolina budget was passed by the General Assembly and signed by Governor Roy Cooper on November 18, 2021. Media outlets have focused on high-profile provisions, such as raises for teachers and other state employees. Other provisions - including historic tax cuts - immediately impact all North Carolina taxpayers.

2021-11-19T15:56:28-05:00November 19, 2021|Categories: Tax: Business, Tax: Individual|Tags: , , |
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