Swab CPA

03/24/2025

BOI filing requirements for U.S. companies and U.S. persons removed

FinCEN issued an interim final rule Friday removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.

03/14/2025

NEW FOR 2025-RETIREMENT PLAN SUPER CATCH-UP!!!

If you are 50 or over, particularly ages 60 to 63 please read this and share with family and friends!

The IRS has announced that for 2025, the enhanced catch-up contribution limit to some retirement plans for those age 60-63 is $11,250.

Under SECURE 2.0, beginning this year, 2025, individuals ages 60 to 63 are eligible for increased catch-up contributions in their retirement plans. This applies to 401(k), 403(b), and governmental 457(b) plans that currently offer catch-up contributions. It’s also important to note that this change is optional for employers. So, each plan sponsor will decide whether to implement this feature in their retirement plans.

THIS ENHANCED CATCH-UP CONTRIBUTION LIMIT IS $10,000 OR 150% OF THE STANDARD AGE 50+ CATCH-UP CONTRIBUTION LIMIT, WHICHEVER IS GREATER…. For 2025, the super catch-up contribution limit is $11,250. GET SAVING!!!

https://www.kiplinger.com/taxes/super-catch-up-contribution-for-age-60-63 #:~:text=This%20enhanced%20catch%2Dup%20contribution,those%2060%2D63%20is%20%2411%2C250.

SECURE 2.0 changes will allow older workers to increase their retirement savings. Here's what you need to know.

03/04/2025

Finally some sense regarding BOI reporting requirement

The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penal...

02/28/2025

FinCEN extends BOI reporting….

The Financial Crimes Enforcement Network said late Thursday that it will extend the current reporting deadline beyond March 21 and will develop new regulations to reduce “regulatory burden.”

10/02/2024

IRS provides relief for Helene; various deadlines postponed to May 1, 2025; part or all of 7 states qualify…

https://www.irs.gov/newsroom/irs-provides-relief-for-helene-various-deadlines-postponed-to-may-1-2025-part-or-all-of-7-states-qualify?fbclid=IwZXh0bgNhZW0CMTEAAR1kt_529mM0i5r0Fvng0zyiUcju7b9NQ3yP_2ptu7HNy8cPQWa_JbIMgFk_aem_HyQgaTofXjDGVQJ4R4hAsg

IR-2024-253, Oct. 1, 2024 — The Internal Revenue Service today announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia.

09/03/2024

https://www.kiplinger.com/retirement/social-security/changes-coming-for-social-security-in-2025

The Social Security Administration won't announce any final adjustments until the second week of October, but we can expect these three changes to take place in 2025.

08/13/2024

https://www.kiplinger.com/article/spending/t047-c032-s014-the-impact-of-lifestyle-creep-on-your-wealth.html

While it's important to enjoy life when you're doing well, getting carried away could affect your wealth. Here's what you should do to prevent lifestyle creep.

03/07/2024

For our clients that are potentially impacted by the Corporate Tax Transparency Act...A federal district court in Alabama held that the Corporate Transparency Act (CTA), P.L. 116-283, which requires the reporting of beneficial ownership information (BOI) by businesses, is unconstitutional.

While the legislation may have "sensible and praiseworthy ends," the court stated in its opinion, the government's arguments that Congress has "the power to regulate millions of entities and their stakeholders the moment they obtain a formal corporate status" from a state "are not supported by precedent."

The act "exceeds the Constitution's limits on the legislative branch and lacks a sufficient nexus to any numerated power to be a necessary or proper means of achieving Congress' policy goals," the opinion said.

While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement.

01/08/2024

A great start to 2024....

Learn to budget, beat debt, save and invest with Ramsey Solutions, founded by Dave Ramsey, bestselling author, radio host and America’s trusted voice on money.

10/21/2023

10/02/2023

https://www.kiplinger.com/personal-finance/tips-for-becoming-a-financially-successful-couple

Husband-wife financial adviser team practice what they preach, recommending lots of open communication and aligned priorities.

09/29/2023

https://www.kiplinger.com/retirement/reconsider-deferring-taxes-until-retirement

If tax rates go up in the future (such as when provisions in the TCJA sunset), that could lead to a bigger tax hit, depending on the types of accounts you have.