The deduction for state and local taxes (referred to as the SALT deduction) was a big part of the One Big Beautiful Bill Act (OBBBA). The Tax Cuts and Jobs Act (TCJA), passed in 2017, imposed a cap of $10,000… Read More »State and Local Tax Limit Increases
I am already receiving questions concerning the passage of the One Big Beautiful Bill Act (OBBBA) and its impact on the taxability of Social Security. Depending on your income, up to 85% of your Social Security benefits can be subject… Read More »Taxing Social Security Benefits
The IRS and the Employment Development Department (EDD) of the State of California, as well as other state agencies, have long wrestled with the challenge of identifying businesses that misclassify employees as independent contractors. The employer’s motivation for such misclassification… Read More »Worker Classification Audits
Could you use a quick infusion of tax-free cash? Your life insurance policy may provide one. Here’s the really good thing: you don’t actually have to die to collect! To access money from your life insurance policy without dying, you… Read More »Life Insurance – collecting before you check out!
Scams are incredibly common. I have written about them in many newsletters. According to recent data from the Federal Trade Commission, consumers reported losing more than $12.5 billion to fraud in 2024. They reported losing more money to investment scams—$5.7… Read More »Deducting theft (fraud) loses
If you have inherited (or may someday inherit) an individual retirement account (IRA), the 2025 changes may significantly impact your tax planning. RMD requirements. Starting in 2025, annual required minimum distributions (RMDs) are mandatory for most inherited IRAs. Failure to… Read More »Inherited IRAs – New 2025 RMD Rules
If you have one or more traditional IRAs and are age 73 or older, you are probably familiar with three of the most dreaded letters in the tax world: RMD, short for required minimum distribution. Starting in the year when… Read More »IRAs and Tax Benefits of QCDs
The IRS recently introduced a new Simple Payment Plan designed to be more straightforward and accessible for individual taxpayers. This plan can be set up either online (at www.irs.gov) or with the assistance of an IRS employee. More than 90%… Read More »IRS Launches New “Simple” Payment Plan
California’s Franchise Tax Board (FTB, the state income tax agency) just announced that taxpayers may have received an incorrect 2024 Form 1099-G. This form shows the refund amount for a prior year’s state income tax return. The following is the… Read More »California’s FTB issued erroneous 2024 1099-G forms
The Financial Crimes Enforcement Network (FinCEN) has reinstated the requirement for beneficial ownership information (BOI) reporting, with a new filing deadline of March 21, 2025. This decision follows the U.S. District Court for the Eastern District of Texas’s ruling on… Read More »Beneficial Ownership Information Reporting Mandate Reinstated
