Tax and financial advice from the Silicon Valley expert.

Roth requirement for 401(k) catch-up contributions postponed

The IRS has announced a two-year administrative transition period for catch-up contributions to a qualified retirement plan (including a Section 401(k) plan) by highly compensated employees, permitting them to continue to be made on a pre-tax basis for taxable years beginning before January 1, 2026.

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New federal report for many small businesses carries big potential penalties

The Federal government will require a new report for small businesses, called the Beneficial Ownership Information Report under the Corporate Transparency Act, effective January 1, 2024.

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Age 72 during 2023? You might get an extra IRA rollover

If you received a scheduled required minimum distribution from an IRA because you reached age 72 this year, the IRS just gave you a "mulligan". (This relief also applies for a surviving spouse.) The IRS has announced you may roll the distribution back to the account no later than September 30, 2023.

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Federal tax return due date further extended for certain disaster area taxpayers

The IRS announced on February 24, 2023 the filing due date for 2022 federal income tax returns and certain payments of taxpayers in certain disaster areas has been further extended from May 15, 2023 to October 16, 2023. (IR-2023-33.)

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Tax and financial advice from the Silicon Valley expert.