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.

In a 5-4 decision, the United States Supreme Court held that the $10,000 penalty for nonwillful failure to file a Report of Foreign Bank and Financial Accounts (FBAR) for foreign accounts accrues per report, not per account. (Bittner, No. 21-1195 (U.S. 2/28/23)).

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.

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.

On May 16, 2022, Colorado Governor Jared Polis signed Senate Bill 22-124 (SB 22-124) expanding and clarifying the originally enacted elective pass-through entity (PTE) tax regime. As explained below, these changes may allow taxpayer owners of partnerships and S corporations to recoup the Federal benefits of certain state and local taxes paid in excess of current tax limits.