The latest clean vehicle FAQs explain what happens if a clean vehicle sale is cancelled or the buyer returns or sells the vehicle. Note, “placed in service” means the buyer takes possession of the vehicle.
Effective January 1, 2024, the limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) of the Code is increased from $265,000 to $275,000.
For a participant who separated from service before January 1, 2024, the participant’s limitation under a defined benefit plan under section 415(b)(1)(B) is computed by multiplying the participant’s compensation limitation, as adjusted through 2023, by 1.0351.
The limitation for defined contribution plans under section 415(c)(1)(A) is increased in 2024 from $66,000 to $69,000.
The IRS has announced a 5.4% inflation adjustment in its tax brackets, giving Americans a chance to increase their take-home pay. The changes are for the 2024 tax year, meaning returns filed in 2025.
Someone in the IRS finally came to their senses and decided a little more thought needed to be placed on the implementation of the new 1099-K regulations.
Another burden the federal government wants to impose in the name of finding tax cheaters is the requirement to report who owns your business. While many businesses are already required to report this type of information (financial firms, large corporations), this law imposes it on the rest of us - mainly small businesses who have their business registered with the state.
The Treasury Department and IRS have issued proposed regulations regarding the sale of a taxpayer’s property that the IRS seizes by levy. They actually make a lot of sense.
Some libertarians dismiss concerns over social media companies’ suppression of news and opinions that contradict select agendas by pointing out that these platforms are private companies, not part of the government. There are two problems with this argument. First, there is nothing unlibertarian about criticizing private businesses or using peaceful and voluntary means, such as boycotts, to persuade businesses to change their practices.
The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023.