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New Law Revamps Retirement Saver’s Credit
Expect some guidance from the IRS before the change takes effect. In the meantime, continue to take the old rules in account for retirement planning and tax purposes.
Expect some guidance from the IRS before the change takes effect. In the meantime, continue to take the old rules in account for retirement planning and tax purposes.
The American Institute of CPAs (AICPA) submitted comments and recommendations which identify and provide additional information regarding CAMT guidance.
The IRS warns that trusting tax advice found on social media can lure otherwise honest taxpayers and tax professionals into compromising tax situations.
The individual, who was a tax preparer and, at times, an IRS employee, was convicted of several counts of fraud and identity theft.
If convicted, the person could receive a maximum term of 10 years in prison and a fine not to exceed $10,000.
Many firms that offer advisory services see a positive impact on relationships with clients, financial growth, and more.
The required minimum distribution (RMD) rules apply to SIMPLEs. Beginning in 2023, the new law increases the age threshold to 73, up from 72 under the initial SECURE Act.
Taxpayers and businesses in Erie, Genesee, Niagara, St. Lawrence and Suffolk counties qualify for tax relief.