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    Personal Tax

    frazier and deeter retired couple

    Reduce Taxable Income with IRA Distributions Transfers

    December 12, 2022

    IRA owners who are age 70½ or over can transfer up to $100,000 per year to charity to reduce their taxable income. These transfers, known as qualified charitable distributions or QCDs, offer end-of-the year tax savings and can count toward required minimum distributions (RMDs) that taxpayers who are age 72 must make each year. Think of it as a tax-free charitable rollover of IRA funds. Read More

    1099s Required for 2022 Tax Year

    December 1, 2022

    Taxpayers earning income from selling goods or providing services may receive a Form 1099-K, Payment Card and Third-Party Network Transactions, for the first time in early 2023, when the 2022 forms are due. The requirement to file Forms 1099 have... Read More

    retirement plans

    Roth IRA Taxpayers Minimize Liability For 401k

    June 13, 2022

    Moving your retirement money around is now easier than ever. In a conciliatory move for taxpayers, the IRS has issued new rules that allow you to minimize your tax liability when you move 401(k) funds into a Roth IRA or... Read More

    Do You Need An Identity Theft PIN? IRS Offers Taxpayers Clear Answers

    May 23, 2022

    Tax-related identity theft is a continuing problem, although the IRS and taxpayers have gotten much better at combating it in the last few years. Read More

    bank account reporting

    Increase in Federal Tax Revenue Drives Record Budget Surplus

    May 13, 2022

    The Treasury Department reported a surprise federal budget surplus of $308 billion for April 2022. Learn more about it and it's implications. Read More

    Georgia Enacts Tax Refunds, Lowered Flat Rate Income Tax

    April 25, 2022

    Georgia taxpayers will see money in their pockets this election year as a result of the Georgia General Assembly’s recent enactment of HB 1302, a bill to refund 2020 taxes based on the State’s 2021 revenue surplus of $3.7 billion. Read More

    IRS Scrambles To Fix Delayed Tax Returns

    February 14, 2022

    The AICPA and other accounting organizations sent a strongly-worded letter to IRS and Treasury all but demanding that the IRS immediately grant penalty relief and suspend other compliance measures until the IRS solves its many problems. Read More

    retirement plans

    New Law Require Distributions From Retirement Plan

    January 17, 2022

    Under the tax law, retirement plan participants and IRA owners who have reached age 72 must take payments, called required minimum distributions (RMDs), out of their plan accounts each year. The first required distribution must be made by April 1... Read More

    build back better

    House-Passed Tax Rate Changes But Still Includes New Taxes

    December 16, 2021

    The House passed the $1.75 trillion Build Back Better Act on November 19, 2021, and the legislation is now under Senate consideration. Known as H.R. 5376, the legislation is the second prong of President Biden’s social and economic policy program.... Read More

    income tax

    Finance Chairman Seeks ‘Billionaires Income Tax’

    November 15, 2021

    Finance Committee Chairman Ron Wyden, D-Ore., has released a proposal for a special new tax on high-net-worth individuals. Read More

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