Updates on Deadline Extensions for Californians Impacted by Winter Storms
The IRS and FTB have recently granted additional tax relief to eligible Californians due to the winter storms. As provided in our January announcement, federal and state tax relief measures were enacted to give Californians until May 15, 2023 to file individual and business tax returns and make required payments. The deadline has now been […]
2023 Inflation Adjustments for Estate and Gift Tax
The IRS recently announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions as detailed in Revenue Procedure 2022-38. Included in the list of tax changes are increases for estate and gift tax exemptions, providing additional tax planning opportunities for the new year. Unified Credit Against Estate & Gift Tax For […]
2023 Paychex Tax Bulletin
This tax bulletin provides you with tax information for 2023 and reminders about Forms W-4, W-5, and I-9. We have included a separate bulletin with information for your employees. Please post the employee bulletin in an area where your employees can easily see it. Download
Inherited IRA Required Minimum Distribution Relief
On October 12, 2022, the IRS released Notice 2022-53, which provides welcomed relief for taxpayers who have inherited an individual retirement account (an “IRA”) in recent years. Background Historically, beneficiaries of an inherited IRA were required to withdraw the funds based on whether the original IRA owner had begun taking distributions at the time of […]
Tax Deferral Through Like-Kind Exchange
A Section 1031 exchange (also known as a like-kind exchange) allows commercial or investment real estate owners to avoid capital gains tax when selling the property by swapping qualifying properties. This article notes that recent legislation has cracked down on Sec. 1031 exchanges, but currently it’s still possible to use this technique for qualified real […]
10 Red Flags For IRS Audits
Even though the overall IRS audit rate is currently low historically, it’s expected to increase as a result of provisions in the Inflation Reduction Act signed into law in August. So it’s more important than ever for taxpayers to follow the rules to minimize their chances of being subject to an audit. Watch for these […]
Alternate Valuation In Estate Tax Planning
Those who have money invested in the stock market are well aware of potential volatility. Needless to say, this volatility can affect a person’s net worth. Something many investors might not think about is the potential effect on estate tax liability. Specifically, if the value of stocks or other assets drops precipitously after a person’s […]
Requirements For The Home Sale Gain Exclusion
If you’re thinking about selling your home, it’s important to determine whether you qualify for the home sale gain exclusion. The exclusion is one of the most generous tax breaks in the tax code, so be sure to review its requirements before you sell. Exclusion requirements Ordinarily, when you sell real estate or other capital […]
