IRS Delays SECURE 2.0 Roth Catch-Up Contribution

The SECURE 2.0 Act aims to promote savings, offer more flexibility to those saving for retirement and incentivize businesses to support their employees' retirement goals. However, with the new catch-up contribution provisions scheduled to kick in after 2023, many retirement plan sponsors have been struggling to implement the necessary processes and procedures to comply. Fortunately, the IRS recently provided some relief by extending a two-year transition period. In this article, I'll explain the new requirements for Roth catch-up contributions and review the latest IRS guidance.

An "Innocent Spouse" May Be Able To Escape Tax Liability

When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the couple’s combined income. Therefore, the IRS can pursue either spouse to collect the entire tax — not just the part that’s attributed to one spouse or the other. This includes any tax deficiency that the IRS assesses after an audit, as well as any penalties and interest. But there may be relief. A brief sidebar addresses what to do about future returns.

Which Business Website Costs Are Deductible?

Nearly every business needs a website, but it’s not always easy to determine which costs of running one are deductible. Fortunately, there are guidelines, and even IRS guidance, to follow. This article discusses both the hardware and software costs associated with a website.

Plan Ahead for Health Savings Accounts in 2024

The IRS has released guidance that includes the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). This article lists the benefits, requirements and contribution limits of HSAs for 2023 and 2024.

Safeguarding Your Critical Documents

Every adult has a variety of critical documents that should be protected. This brief article discusses the importance of having a dependable safe or bank safe deposit box in which to store key documents, and even cash, in case of a major disaster.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. Throughout this forty-five years history, we have been wholly dedicated to the success of our clients. Every aspect of our business has been guided by our values and our commitment to putting each client's interests first. In a complex profession, we have found our greatest rewards in the simplicity of helping good people prosper. Delivering confidence in every financial decision is our goal for our clients, and it's also the most significant way we can contribute to their long-term success.

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To learn more about Dannible & McKee, visit us at: www.dmcpas.com.