Electric Vehicles: Beginning in 2024, eligible buyers of qualified electric vehicles have the option to transfer up to $7,500 credit to the dealer at the time of purchase; or buyers can claim the credit on their federal tax return in the current year. Credit is subject to income limits and vehicle eligibility requirements.
Reporting Change for Small Businesses: Beginning in 2024, certain corporations, LLCs, and other entities must report information about themselves and their beneficial owners to the Financial Crimes Enforcement Network. Businesses in existence before 2024 have until December 31, 2024, to file their report, and those formed after 2023 have 90 days from the inception of the company. Visit www.fincen.gov/boi for more information.
Nonpayment Penalties: According to the IRS, it will automatically waive failure-to-pay penalties on unpaid taxes less than $100,000 for tax years 2020 or 2021 if a Form 1040 or Form 1041 was filed.
2024 Retirement Plan Limits: Don’t miss out on taking advantage of the new contribution limits for 2024! To read more, visit New Laws Expand Coverage to Increase Retirement Savings