Beginning with the 2023 tax year, entities must report to their owners if the owner will be eligible for the small business modification on their personal New York income tax return in connection with the income reported to the owner by the entity. For owners to be eligible for the small business modification, an S corporation, partnership or LLC must employ at least one person and have gross ...
The IRS has released the 2024 standard mileage rate. For business travel, it is 67 cents per mile (up from 65.5 cents per mile in 2023). For medical-related travel, it is 21 cents per mile (down from 22 cents per mile in 2023). The rate for charitable use of an automobile is not subject to adjustment, and it remains 14 cents per mile. If you have not already enrolled or taken our semina...
As discussed in our post on January 3, 2023, the SECURE 2.0 Act was enacted on December 29, 2022, and it makes substantial changes to the rules for retirement accounts. We also have a video discussing some of the aspects of the new law. It is time to start planning for the new rules that will take effect in 2024. We will discuss the new rules, along with strategies, logistics and other c...
As discussed in in our post on November 14, 2023, the Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. This reporting must be done during 2024. On November 29, 2023, the Financial Crimes Enforcement Network (FinCEN) finalized a new rule that affects entities that are newly-formed during 2024. For ...
