There are lots of changes coming up and here are some of the most noteworthy. Remember to contact your Tax Manager ASAP for any planning needed before year end!

• Secure Act Section 109 "Super"Catch-up Contributions: starting in January 2025, participants in 401(k) plans who are 60-63 years of age may contribute an additional $11,500; for SIMPLE plans the additional contribution is $5,250.
• RMDs (Required Minimum Distributions) are no longer required for designated Roth plans.
• 529 education accounts: now is the time to make a Colorado tax-deductible contribution, and you can make a gift into any child's College Invest account using Ugift. Also, 529 accounts at least 15 years old can now be rolled over tax-free to a Roth IRA, with some limitations.
• For BUSINESSES: the Corporate Transparency Act requires Beneficial Ownership Information (BOI) forms be filed with the Financial Crimes Enforcement Network (FinCEN). If your business was formed before January 1, 2024 and is required to register with the Secretary of State, you need to file an initial BOI report by January 1, 2025. New entities registered in 2025 will have just 30 days to file the BOI report. BCPAG is not preparing or filing these reports, but we can recommend a third party if you don't want to file it. (This regulation is being contested, but for now, the penalties for not filing are severe, so please stay on top of this!)
• Other Deductions: Charitable contributions and business expenses including your tax prep fees - please make your payment online or postmark a check before December 31 to secure a tax deduction for 2024, if eligible.

We would appreciate payment for our tax prep fees before year end - and remember that you can elect to keep a credit card on file with us for easy, automatic payment of invoices due, before service charges start accruing. Contact Toni to set this up!