We have been asked our opinion about the new IRS agents that will be hired because of the package just signed into law. A few things to note. Not all the funds are going for new agents (although a significant portion is). Most of the new agents will not be additional agents but replacements for
Social Security Options for anyone who is thinking about ” Unretiring”
If you are receiving social security and reenter the workforce or even work part time it is important to ensure you don’t go over the limit to make your social security taxable. Speak with your tax or financial advisor to ensure there won’t be a tax surprise for you. http://ow.ly/9Lay50Km0kA
FASFA Key Dates and Information
For most families the FAFSA helps aid to defray the cost of education. Key dates and information in article. http://ow.ly/kPE550KlZZH
Inflation Reduction Act
One of the provisions of the Inflation Reduction Act signed into law by President Biden creates a 15% minimum tax on Corporations that generate revenue of $1B or more. Below are a few excerpts from an article published on CNBC. Companies that make more than $1 billion a year will now have to pay a
529 College Savings Plan
Great news on the horizon for grandparents who contribute to 529 college savings plans for their grandchildren. These payments will no longer reduce financial aid potential. This is great news. For full details and additional potential tax advantages see article. http://ow.ly/l5Kp50KlYW7
Taxes on your IRA
The assumption is that you will be in a lower tax bracket when you retire. For many that may not necessarily be the case. Great article to review. Also, it never hurts to speak with your financial advisor to make sure you have a plan in place that is right for you. http://ow.ly/44Bs50K1lVw
Federal Student Loan Deferral Update
If you took the federal student loan payment deferral during the pandemic, please note that they are scheduled to resume at the end of August. http://ow.ly/oxXb50K1mgw
Backlog Update
We had posted on January 28th that the IRS had a backlog of approximately 8 million tax returns for 2020 (filing period 2021). Well it looks like its far more worse. http://ow.ly/mX3050HUUIs
IRS Identifies paused Taxpayer Notices
http://ow.ly/zMpo50HSQsk
New SBA Loan Forgiveness Information
If you only received a partial forgiveness on your PPP loan please take a look at this article. Please contact the Foster & Dolleck, CPA’s team if we can be of any service 402-391-7030 or contact@fosterdolleckcpas.com http://ow.ly/IKyU50HOQLI