Rules for Deducting Car Expenses for Business Owners The tax strategies for business owners deducting car expenses begin with the question of whether to use the relatively simpler standard mileage method that the IRS just adjusted its rates for in 2024 or the…
IRS Program to Voluntarily Disclose and Revise Inappropriate Employee Retention Credit Claims The Employee Retention Credit (ERC) voluntary disclosure program was announced late last year along with the announcement of 20,000 disallowed ERC claims marking the latest in the IRS’…
Beneficial Ownership Information Reporting Requirements As we previously wrote about, one of the most important changes in the Corporate Transparency Act is the requirement businesses file beneficial ownership information (BOI) reports with the Financial Crimes Enforcement Network (FinCEN). Who must…
Using a Cash Balance Plan to Maximize Tax Deductible Retirement Plan Contributions A cash balance plan is an integral component of retirement plan design which allows you to make substantially larger tax-deductible contributions than those permitted under profit-sharing and similar…
Nora Galleros, Galleros Robinson CEO, Featured on CNN Click here to watch the video in detail.
Self-Directed IRAs As a Vehicle for Making Investments More Tax Preferred A self-directed IRA is simply an IRA that provides greater control over investment decisions. Traditional and Roth IRAs typically offer a selection of stocks, bonds and mutual funds. Self-directed…
IRS Increases Interest Rate for Underpayment of Taxes by Over 150% Taxpayers who fail to pay their estimated taxes on time could face hefty penalties. The Internal Revenue Service (IRS) has increased the interest rate on estimated tax underpayments from 3%…
Select Part-Time Employees Must Be Allowed to Participate in Company 401(k) Plans Prior to the SECURE Act, a plan could exclude employees who work less than 1,000 hours during a designated 12-month period. The SECURE Act introduced the concept of “long-term…
SECURE Act Extends Deadline for Adopting New Retirement Plans to Filing Date of Returns In order for companies to take a deduction for contributions to a retirement plan, the plan would have to have been established by December 31st of the…
IRS Increases 401(k) and IRA Contribution Limits The Internal Revenue Service will be increasing the amount that individuals can contribute to their 401(k) plans in 2024 to $23,000, up from $22,500 for 2023, while also pushing up the limit for…