The SECURE Act has increased the 401(k)-tax credit for business who start 401(k) benefit plans. Currently, the Secure Act allows eligible employers to qualify for a minimum of $500 tax credit and a maximum of $5,000 for each of the first three years of your plan’s existence. You qualify to … Continued

Typically, nonrecourse loans are not considered at risk for purposes of the IRC §465 at-risk limitations. An exception to the rule does exist though. When qualified nonrecourse financing is secured by real property used in the activity of holding real property, it can be considered at-risk. Personal property or services … Continued

The qualified small business stock (QSBS) exclusion is a tax benefit that applies to eligible shareholders of a qualified small business (QSB). It was originally enacted in 1993 as a partial exclusion, and was later expanded to a 100% exclusion as part of the Small Business Jobs Act in 2010. … Continued

Newlywed’s Tax Agenda

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Marriage may change certain tax-related issues, so it is important for newlyweds to understand the impact of marriage on their taxes and what needs to be done after the ceremony to ensure a smooth transition into married life. Newlyweds should consider the following tax-related issues after marriage: Name and Address … Continued

IRD Tax Deduction Income owed to a decedent at the time of their death is known as income in respect of a decedent (IRD). IRD assets may be a salary, IRA distributions, or unpaid interest and dividends, among other things. Although IRD assets are normally taxed at the ordinary tax … Continued

On April 29, 2022, the Oklahoma Health Care Agent Act was signed by Governor Stitt and became law in the state. The act codifies the right for Oklahomans to name an agent (power of attorney) of their choice to make healthcare decisions on their behalf. The act reinstates the rights … Continued

Due to the enactment of legislation to offset the economic burden wrought by COVID-19, there is a lot to consider when reviewing year-end tax planning options. Pandemic-related tax breaks include an expanded dependent care assistance, payroll tax credits for self-employed individuals, substantial increases in the child tax credit and the … Continued