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Up-To-Date Information To Help You Make Informed Decisions

A Must-Read for Clients with Foreign Accounts

If you have read any news in the last year, you know that the IRS is looking closely into offshore accounts. If you have an account, retirement account or business interest with a value over $10,000 in a foreign country, or a foreign business ownership (not through a mutual fund), please let us know as some special rules will apply to you. There are SUBSTANTIAL penalties for failure to disclose these items.

Mileage rates by year

2024 – .67 cents per mile
2023 – .655 cents per mile
2022 – 7/1/22 – 12/31/22 – .625 cents per mile
2022 – 1/1/22 – 6/30/22 – .585 cents per mile
2021 – .560 cents per mile
2020 – .575 cents per mile
2019 – .580 cents per mile
2018 – .545 cents per mile

2023 – 2024 Contribution Plans and Qualified plan limits:

Summary

2023

2024

401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan salary deferral limit (401k catch-up contribution is $7,500):

$22,500

$23,000

Individual Retirement Accounts (IRA) and Roth IRAs contribution limit:

$6,500 ($7,500 for individuals age 50 and older)

$7,000 ($8,000 for individuals age 50 and older)

SEP IRAs and Solo 401(k)s contribution limit (For those 50 or older, there is also a $7,500 401(k) catch-up contribution amount allowing total contributions for 2024 of $76,500):

$66,000

$69,000

SIMPLE IRAs salary deferral limit:

$15,500

$16,000

 

Watch our Facebook page for more up to date information.

Tax rules and laws are continuously changing. Rest assured, as both a tax specialist and strategist, we keep up with current tax laws. Check this page often and our facebook page to keep updated with tax tips, new tax bill information and what’s happening at our office.

Identity Theft Scams – Don’t Be a Victim 

The IRS has issued several consumer warnings about the fraudulent use of the IRS name or logo by scamsters trying to gain access to consumer’s financial information in order to steal their identity and assets. Scamsters will use the regular mail, telephone, fax or email to set up their victims. When identity theft takes place over the Internet (email), it is called phishing. The IRS does not initiate taxpayer communications through email. Unsolicited email claiming to be from the IRS, or from an IRS-related component such as EFTPS, should be reported to the IRS at [email protected]. Additionally, clicking on attachments to or links within an unsolicited email claiming to come from the IRS may download a malicious computer virus onto your computer.

Be Aware of These Recent Scams 

IRS-Impersonation Telephone Scam is an aggressive and sophisticated phone scam targeting taxpayers, including recent immigrants, that has been making the rounds throughout the country. Callers claim to be employees of the IRS, but are not. These con artists can sound convincing when they call. They use fake names and bogus IRS identification badge numbers. They may know a lot about their targets, and they usually alter the caller ID to make it look like the IRS is calling. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases, the caller becomes hostile and insulting. Or, victims may be told they have a refund to try and trick them into sharing private information. If the phone isn’t answered, the scammers often leave an “urgent” callback request. Note that the IRS will never: 1) call to demand immediate payment, nor will the agency call about taxes owed without first having mailed you a bill; 2) demand that you pay taxes without giving you the opportunity to question or appeal the amount they say you owe; 3) require you to use a specific payment method for your taxes, such as a prepaid debit card; 4) ask for credit or debit card numbers over the phone; or 5) threaten to bring in local police or other law-enforcement groups to have you arrested for not paying.