Although year-end is rapidly approaching, there is still time to implement tax saving strategies to lower your 2023 taxes. Current focus should be on deferring 2023 income into the following year and accelerating potential deductions for 2024 into the current year. This is often referred to as the "normal approach" to year-end tax planing.
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On July 17, 2023, the IRS issued Notice 2023-54 (“the Notice”) which updated guidance for most non-spouse beneficiaries that inherited an IRA after December 31, 2022, and provided special rollover relief for taxpayers that mistakenly took an IRA distribution at age 72. The Notice was in response largely to the confusion created by the IRS over law changes contained within the SECURE Act 2.0 legislation. The updated guidance is..
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Traditionally, the month of April causes much angst and nervousness, since tax returns and payments are normally due on April 15, Tax Day. Nevertheless, due to the severe winter storms and snowfall in California last year and early this year, the IRS and the California Franchise Tax Board (FTB) have extended the deadline for tax filings and payments for the 2022 tax year for Californians who are residents or have businesses..
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