Highlights to the SECURE ACT 2.0 Spending Bill
January 31, 2023Secure Act 2.0 Offers Changes to Retirement Savings and Planning On December 23, 2022, Congress passed the Securing a Strong Retirement Act of 2022 (Secure 2.0) It is part of the Consolidated Appropriations Act of 2023. President Biden officially signed it into law. The second Secure Act has several provisions that would benefit retirement savers… Read more »
IRS Opens 1099 Business Filing Portal
January 26, 2023Free Portal for Businesses to File Their 1099 Forms Unveiled by IRS The Internal Revenue Service unveiled a long-awaited online portal Wednesday where businesses will be able to file their 1099 information returns for free. The Information Returns Intake System (IRIS) portal was originally expected to be available on Jan. 9, but after additional testing it… Read more »
Everyone has to Answer Cryptocurrency Question on 2022 Taxes
January 25, 2023How to Declare Cryptocurrency on Your Tax Form The IRS decided to change the term from “virtual currency” to “digital asset” this year so it would include more than just cryptocurrencies like Bitcoin, but also non-fungible tokens and stablecoins. The change first showed up on the draft version of the Form 1040 that the IRS… Read more »
Generational Asset Protection Planning
January 19, 2023Generational assets are accumulated wealth that can be passed down to your family after you die. When you’re ready to work with Chicago estate planning attorneys like Anthony J. Madonia & Associates Ltd., you can include generational assets in your asset protection estate planning. How Generational Asset Protection Works Asset protection works by making sure… Read more »
2023 Gift and Estate Tax Exclusions Increased
January 13, 20232023 Increase to Estate and Gift Tax Exclusions The IRS announced that the annual gift tax exclusion is increasing next year due to inflation. The exclusion will be $17,000 per recipient for 2023 (up from $16,0000. For married couples, the tax exclusions are a combined $34,000. The annual gift tax exclusion is the amount an… Read more »
Changes to Form 1099-K Postponed
January 13, 2023IRS delays $600 Threshold for Form 1099-K On December 23, 2022, the IRS announced it would delay the implementation of a $600 threshold for filing a Form 1099-K. The Form 1099-K reports transactions involving services such as eBay, PayPal, Venmo, Etsy and third-party settlement organizations (TPSOs). The $600 threshold was scheduled to take effect… Read more »
Estate and Wealth Preservation Planning
January 13, 2023With the ever-changing landscape of tax laws and regulations, estate and wealth planning has become a complex process that requires expert knowledge and guidance. There is a risk that without proper planning, your hard-earned assets and property can be significantly reduced in value due to taxation prior to passing on to heirs. The Chicago estate… Read more »
IRS Issues Reminder for Retirement Plan Withdrawals
December 13, 2022Retirement Plan Withdrawals for Seniors-Start Now to Avoid Penalties The Internal Revenue Service issued a reminder to those who were born in 1950 or earlier that funds in their retirement plans and individual retirement arrangements face important upcoming deadlines for required minimum distributions to avoid penalties. Required minimum distributions, or RMDs, are minimum amounts that many… Read more »
2023 Tax Prep Notes: You May Get a 1099-K This Year
December 05, 2022Surprise! You May Be the Recipient of a 1099-K Tax Form This Year The IRS and your tax preparers are urging taxpayers to be aware that they may receive a 1099-K tax form this year. Due to a newly lowered threshold, anyone who received payments amounting to $600 and up will receive a 1099-K form… Read more »
I Want an Estate Plan but what Will It Cost?
November 30, 2022What Does Estate Planning Cost? Estate planning is as an investment in the future of you and your family. Don’t think of the cost, because it is not a commodity that should be judged by price alone. The emphasis rather is on quality. Your specific investment will depend on many factors including the nature and… Read more »