• IRS extends relief for inherited IRAs

    For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. But 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. Beneficiaries face RMD rule changes [...]

    Published On: April 29, 2024Categories: ETRA
  • Independent contractor vs. employee status: The DOL issues new final rule

      The U.S. Department of Labor’s (DOL’s) test 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 rescinding the employer-friendly test that was developed under the Trump administration. The new, more [...]

    Published On: February 27, 2024Categories: ETRA
  • There’s a new threshold for electronically filing information returns

      Does your business file 10 or more information returns with the IRS? If so, you must now file them electronically. This is a significant rule change that went into effect on January 1, 2024, for 2023 tax year information returns. The threshold for electronically filing most information returns has dropped from 250 to 10. Before the new rule, only businesses filing 250 or more information [...]

    Published On: February 8, 2024Categories: ETRA
  • The IRS unveils ERTC 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 (ERTC). Most recently, it launched a Voluntary Disclosure Program (VDP). The program presents a valuable, but temporary, opportunity for eligible employers. Flood of invalid ERTC claims The ERTC is a refundable tax credit intended for businesses that [...]

    Published On: February 7, 2024Categories: ETRA
  • 2024 tax calendar

      To help you make sure you don’t miss any important 2024 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. © 2024  

    Published On: February 6, 2024Categories: ETRA
  • Businesses: Do you have to comply with the new corporate transparency reporting rules?

      Your business may soon have to meet new reporting requirements that take effect on January 1, 2024. Under the Corporate Transparency Act (CTA), enacted in 2021, certain companies will be required to provide information related to their “beneficial owners” — the individuals who ultimately own or control the company — to the Financial Crimes Enforcement Network (FinCEN). Failure to do so may result in civil or [...]

    Published On: February 6, 2024Categories: ETRA
  • Take action now to reduce your 2023 income tax bill

    A number of factors are making 2023 a confounding tax planning year for many people. They include turbulent markets, stabilizing but still high interest rates and significant changes to the rules regarding retirement planning. While much uncertainty remains, the good news is that you still have time to implement year-end tax planning strategies that may reduce your income tax bill for the year. Here are some [...]

    Published On: November 16, 2023Categories: ETRA
  • The 2024 cost-of-living adjustment numbers have been released: How do they affect your year-end tax planning?

    The IRS recently issued its 2024 cost-of-living adjustments for more than 60 tax provisions. With inflation moderating slightly this year over last, many amounts will increase over 2023 amounts but not as much as in the previous year. As you implement 2023 year-end tax planning strategies, be sure to take these 2024 adjustments into account. Also, keep in mind that under the Tax Cuts and [...]

    Published On: November 14, 2023Categories: ETRA
  • IRS offers a withdrawal option to businesses that claimed ERTCs

    Recent IRS warnings and announcements regarding the Employee Retention Tax Credit (ERTC) have raised some businesses’ concerns about the validity of their claims for this valuable, but complex, pandemic-related credit — and the potential consequences of an invalid claim. In response, the IRS has rolled out a new process that certain employers can use to withdraw their claims. Fraudsters jump on the ERTC The ERTC is [...]

    Published On: October 26, 2023Categories: ETRA
  • IRS issues guidance on new retirement catch-up contribution rules

    In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and employees. With the new catch-up provisions scheduled to kick in after 2023, many retirement plan sponsors have been struggling to institute the necessary processes and procedures to comply. In recognition [...]

    Published On: October 11, 2023Categories: ETRA
  • Virtual currency lands in the IRS’s crosshairs

    While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act, enacted in 2022, allocated $80 billion to the IRS, with much of it designated for enforcement activities. However, [...]

    Published On: July 25, 2023Categories: ETRA
  • What’s in the Fiscal Responsibility Act?

    With a financial crisis averted, let’s take a look at the highlights of the Fiscal Responsibility Act.

    Published On: July 3, 2023Categories: ETRA
  • Virtual currency lands in the IRS’s crosshairs

    If you do business with virtual currency, it’s time to bone up on related tax requirements. The IRS is paying closer attention.

    Published On: June 29, 2023Categories: ETRA
  • IRS guidance coming regarding the IRA’s Clean Vehicle Credit

    The Inflation Reduction Act (IRA) extended and expanded the Section 30D Clean Vehicle (CV) Credit, previously known as the Electric Vehicle (EV) Credit. The credit now covers “clean vehicles,” which include plug-in hybrids, hydrogen fuel cell cars and EVs. On April 17, 2023, the IRS will publish proposed regulations to clarify how a CV can qualify for the credit. The proposed regs effectively limit the number of currently available [...]

    Published On: May 22, 2023Categories: ETRA