- Mega-Rich Backdoor IRA Strategies May Backfire If New Tax Bill Passes
- A proposed tax code change would mandate an annual required minimum distribution for retirement accounts exceeding $10 million. Full story below.
- Required Minimum Distributions Have Resumed for 2021
- When Congress established tax-favored retirement plans, they allowed taxpayers to take a tax deduction for the amount of their allowable contribution to the plans. But they also included a requirement for a portion of the funds to be distributed each year and be subject to income tax. Such a distribution is referred to as a minimum required distribution (RMD).
- The Ins and Outs of Bookkeeping: All the Best Practices to Get the Best Financial Outcome From Your Organization
- Handling bookkeeping on your own can quickly become a full-time job, which is a bit of an issue since you already have one of those on your plate.
- Video tip: An Expansion of the IRS Identity Protection PIN Program
- The Identity Protection PIN Program by the IRS has been opened for all eligible taxpayers. Watch this video to see if you should get one.
- Fall Tax Planning May Be Wise
- Taxes are like vehicles in that they sometimes need a periodic check-up to make sure they are performing as expected, and if ignored, can cost you money. That is true of taxes as well, especially for 2021, as the pandemic benefits begin to wane and President Biden’s tax proposals loom.
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