Volume 13 Issue 4

On July 14, 2023, the IRS issued Notice 2023-54 announcing that traditional IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will have to take their first required minimum distribution (RMD) by April 1, 2025, rather than April 1, 2024.

Things to Consider When Starting a Business

When you are starting a business there are several possible business entity types that need be considered to make sure you get started off on the right foot and avoid costly mistakes that must be corrected later or those that must be changed later to maximize tax benefits. One also needs to be concerned about potential personal liability.

Each business entity choice has its own pros and cons; the following is an overview of each possible business structure.

Meet Our Team – Danielle Jones

In June 2022, Danielle Jones became a part of the team at Abeles & Hoffman. Within the firm, Danielle takes on key roles involving tax compliance and advisory services. She holds a Bachelor of Science degree in accounting and another in administration, both earned from the University of Missouri.

Learn more about Danielle here.

Tax Changes Coming After 2025

By now, you have probably gotten used to the provisions in the Tax Cuts and Jobs Act (TCJA) that became effective January 1, 2018. But don’t forget most of the tax changes made by the TCJA are not permanent and will expire (sunset) after 2025.

Our Tax Issues When Converting a Rental to your Personal Residence

Converting a rental property to a personal residence raises unique tax implications. If you own a home that you currently rent out and are thinking of converting the property to use as your personal residence, here are issues you should be considering.

Research Credit Available as a Payroll Tax Credit Doubled by the Inflation Reduction Act

The Inflation Reduction Act that President Biden signed into law in August of 2022, has a provision that could benefit many small business startups, allowing them to potentially double the amount of the research and development tax credit that can be used against payroll taxes from $250,000 to $500,000 per year.

Abeles and Hoffman, P.C.

9666 Olive Blvd, Suite 625

Saint Louis, MO 63132

Phone: 314-991-4770

Fax: 314-991-4254

www.ahcpa.com