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.
Not-For-Profit Revenue: Are You Getting It Right?
Accounting for contribution vs. exchange transactions can be a complicated topic for most nonprofit organizations. Not only are the accounting standards confusing and difficult to grasp, poorly written agreements or miscommunication can lead to an overwhelming process. Our non-profit team at Reese Henry differentiates between the two, which will hopefully help save some headaches.
Homeowners’ Association Board Accountability and Transparency
On August 9, 2022, Colorado legislature passed into law House Bill 22-1137 – Homeowners’ Association Board Accountability and Transparency. Under this bill, sweeping changes have been made to how Associations can collect unpaid assessments, fines and fees, and limitations on the use of common elements.
Retroactive Pass-Through Entity Tax in Colorado
On May 16, 2022, Colorado Governor Jared Polis signed Senate Bill 22-124 (SB 22-124) expanding and clarifying the originally enacted elective pass-through entity (PTE) tax regime.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.