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Tax Updates November 28

IRA Owners Can Give, Tax-Free The IRS reminds IRA owners age 70½ or over that they have the option to transfer up to $100,000 to charity tax-free each year. These qualified charitable distributions (QCDs) offer an easy way to give to charity before the end of the year. For those who are at least 72, […]

IRS Updates

Comments Requested on Energy Guidance The IRS has issued notices asking for comments on various aspects of energy tax benefits in the Inflation Reduction Act. Constructive comments may aid the agency in drafting guidance geared to the needs of entitled parties. Notice 2022-56 asks for comments regarding qualified commercial clean vehicles provisions and alternative fuel […]

Tax Updates November 30

New Tool for U.S. Withholding Agents The IRS has launched a new online tool designed to help withholding agents comply with their responsibilities with respect to Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding. Agents such as insurance companies, universities, entertainment venues, and banks and other financial institutions must file an information return […]

$50 Refund for South Carolina Income Tax Filers

The South Carolina legislature has allocated approximately $60 Million USD in refunds from the taxes the recent Mega Millions Lottery winner paid in South Carolina. Qualified taxpayers can receive a $50 tax refund in the mail. South Carolina taxpayers who have filed their 2018 taxes by October 15, 2019 and who have qualified for over […]

Tax Updates November 13

Nov 13 Tax Updates 401(k) Limits Increased for 2020 Many contribution limits to retirement savings programs have increased for next year. Limits for participants in 401(k), 403(b), most 457 plans, and the Thrift Savings Plan are increased from $19,000 to $19,500. The catch up contribution limit for these plans is increased from $6000 to $6500. […]

IRS Updates November 4

Bi-Monthly Updates on the IRS Here is what is happening in the IRS. Proposed Regulations on Opportunity Zone Tax Incentive Issued       The Treasury and IRS have issued guidelines regarding Opportunity Zone incentives. Opportunity Zones were created by the Tax Cuts and Jobs Act (TCJA) of 2017 to encourage investment in distressed communities in the US […]