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.
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.
New California property tax report required for some short-term real estate rentals starting 2024
California's State Board of Equalization (BOE) considers short-term rentals to be a trade or business, subject to personal property tax. The BOE has approved proposed Form BOE-571-STR to report the information to compute personal property tax, effective January 1, 2024. The 2024 report is due to be filed by May 7, 2024.