Webinar Rewind: Tax & Financial Planning Tips Countdown to 2025
Tronconi Segarra & Associates Tax Partner Lisa Mrkall, CPA/PFS and Tax Supervising Senior Kevin Carrigan count down the 10 most important tax and financial planning tips businesses and individuals should know before ringing in 2025. Watch this timely webinar below, and click here to download the slides for future reference here.
Important Update – Beneficial Ownership Info Reporting 12/16/2024
On December 3, 2024, the 5th U.S. District Court issued a decision that the “Corporate Transparency Act (CTA)” is likely unconstitutional. This decision includes an injunction, which applies nationally, prohibiting the enforcement of the CTA and its “Beneficial Ownership Interests (BOI)” reporting requirement. Under the injunction, the U.S. Treasury’s Financial Crimes Enforcement Network (FINCEN) is […]
2024 Final RMD Regulations*
*Part of our Quarterly Newsletter Feature – “Personal Financial Planning with Lisa Mrkall” During the summer, the IRS released final regulations updating the required minimum distribution (RMD) rules for retirement plans. The Secure Act and Secure Act 2.0 made significant changes to the RMD rules applicable to retirement plan participants during their lifetimes and to […]
ACA Update
Tronconi Segarra & Associates’ Affordable Care Act Compliance Team is once again ready and able to assist with the reporting associated with the Employer Mandate of the ACA. If you employed 50 or more full-time employees in the prior year (including full-time equivalents) your organization is subject to the ACA reporting requirements and required to […]
A Republican Sweep: Post-Election Outlook
The American people have decided, and the election outcome paves the way for President-elect Donald Trump with a Republican-controlled Congress to push through key aspects of his ambitious policy agenda. Trump’s victory increases the likelihood that expiring tax provisions in the 2017 Tax Cuts and Jobs Act (TCJA) will be either extended or made permanent. […]
Don’t Forget to Request W-9s From Your Vendors!
As year-end quickly approaches, businesses often face an uptick in activity and can become overwhelmed by the number of tasks required before the start of a new year. Obtaining the necessary W-9’s from vendors is one of those tasks that can be commonly overlooked. IRS Form W-9 serves as a data collection tool to request […]
Qualified Charitable Distributions from an IRA Account
A qualified charitable distribution (QCD) is a nontaxable distribution made from a taxpayer’s individual retirement account (IRA) directly to a qualified charity. To qualify for this type of distribution, the taxpayer must be at least 70 ½ years old. The maximum amount that can be transferred from an IRA account to a qualified charity is […]
Tools, Tips and Tidbits – 2024/2025
Tax Year 2024 Key Amounts Standard Deduction – Married filing jointly — $29,200 – Single/Married filing separately — $14,600 – Head of household — $21,900 Additional for Elderly (over age 65) – Married filing jointly — $1,650 – Single — $1,950 Child Tax Credit – Credit — $2,000 – Maximum refundable — $1,700 […]
Understanding ACA Medical Loss Ratio Rebates
The Affordable Care Act (ACA) introduced important changes to the healthcare system, one of which is the Medical Loss Ratio (MLR) provision. This provision is designed to ensure that insurance companies spend a significant portion of the premiums they collect on medical care and services, rather than on administrative costs or profits. Specifically, insurance carriers […]
2024 Payroll and Form 1099 Annual Update
Payroll Tax Reminders: NYS Paid Sick Leave: New York’s paid sick leave law requires employers to provide up to 56 hours (7 days) of paid sick leave to employees. This requirement is based on the employer’s number of employees and net income. For example, employers with 5 to 99 employees must provide up to 40 […]