What You Need to Know About Required Minimum Distributions (RMDs)



If you have a tax-advantaged retirement account, such as an IRA or 401(k), you know the importance of saving for retirement. It’s wonderful to have a nest egg out there, ready to draw on if needed, right? But your Uncle Sam gave you a tax break when you contributed that money, and eventually he wants his cut. That’s when “required minimum distributions” (RMDs) come into play.

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Update on IRS Efforts to Combat Questionable Employee Retention Tax Credit Claims



The Employee Retention Tax Credit (ERTC) was introduced back when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Even though the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that.

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The Kiddie Tax Could Affect Your Children Until They’re Young Adults



The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can be up to 23 years old. So, the kiddie tax can potentially affect young adults as well as kids.

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