As the April tax deadline nears, we're here to remind you that it's time to finalize your filings. The due date to submit your 2023 tax returns is fast approaching, and we want to ensure you're prepared.
New Beneficial Ownership Information Reporting
The recently passed Corporate Transparency Act (CTA), enacted as part of the National Defense Act, mandates millions of entities to begin reporting their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN). The CTA is not a part of the tax code, but rather, a part of the Bank Secrecy Act with reports filed to FinCEN rather than the IRS. This additional requirement will require additional planning with your attorney or legal counsel.
IRS Issues Proposed Regulations on Reporting by Brokers for Sales and Exchanges of Digital Assets
Elevating Your Client Experience
At Reese Henry, we are continually innovating and enhancing our services to bring you a more intuitive and streamlined client experience. With this goal in mind, we're proud to announce a significant update to our online invoicing and payment system, including an update to our client resources web portal.
Supreme Court Ruling on FBAR Penalties
New 529-to-Roth IRA Transfer Opportunity
The recently passed SECURE 2.0 Act of 2022 provides a new rule that allows distributions from 529 plans to Roth IRAs effective in 2024. This provision helps alleviate one of the biggest concerns that taxpayers have with funding 529 plans – namely the uncertainty that the beneficiary of the plan will even attend college.
2023 Tax Filing Season Updates
On January 23, 2023 the IRS began accepting and processing 2022 tax returns and is expecting more than 168 million individual tax returns to be filed this year. Unless they request an extension, Taxpayers need to have their returns filed by April 18 because the usual April 15 deadline falls on a Saturday and Washington, DC celebrates the Emancipation Day holiday on Monday, April 17. There are a number of changes that will impact the 2022 filing season.
What is Not in the Inflation Reduction Act & Why You Should Start Year-End Tax Planning
It's time for individuals, businesses and family offices to start 2022 year-end tax planning. This is an opportunity to understand your tax situation with your Reese Henry advisor and make decisions on reductions, deferments or even accelerating tax obligations. Working with your Reese Henry advisor, we can estimate your tax liability and consider tax minimization strategies.