Article Highlights: COVID-19 Pandemic Notice Suspensions Resumption of Collection Letters in 2024 Special First Letter Penalty Relief Taxpayers Qualifying for Penalty Relief Tax Returns Qualifying for Penalty Relief Reasonable Cause Criteria or First-Time Abate Relief Due to the COVID-19 pandemic, the IRS suspended the mailing of automated reminders to pay overdue tax bills starting in February 2022. These reminders would have normally been issued [...]
Article Highlights: New U.S. Department of Labor Rule Prior Rule Rescinded Effect on ABC Test Used by Some States New Six Factor Test Opportunity for Profit or Loss Depending on Managerial Skill Investments by the Worker and the Potential Employer Degree of Permanence of the Work Relationship Nature and Degree of Control Extent Work Performed Is an Integral Part of the Potential Employer's Business [...]
As Baby Boomers approach retirement, many are considering downsizing their homes to simplify their lives and reduce expenses. However, what seems like a straightforward decision is often complicated by financial and tax implications, especially in today's volatile housing market. This guide aims to shed light on the challenges and opportunities that come with downsizing, offering practical advice for those navigating this significant life transition. [...]
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