The knowledge you need

Earlier this month, the IRS issued IR-2025-07 which contains proposed regulations impacting catch up contribution rules. Specifically, there is important information on how the new Roth Catch Up Contribution Rule should be applied. It includes detailed information on the determination of wage threshold, FICA wages, definition of employer sponsor, and available correction methods.

The Georgia Investment Tax Credit is an incentive currently being offered by the state to provide opportunities for industrial and telecommunications companies to earn tax credits for qualified investments.  Manufacturing businesses, or those that offer telecommunications support, can earn investment tax credits if they have been operating in Georgia for 3 or more years. These credits can be used for expansions or upgrades to the business. The value varies between 1-8% of qualified capital investments of $100,000 or more per project or location per tax year.

Businesses, nonprofits, and other organizations investing in renewable energy may qualify for two key federal tax incentives that significantly reduce project costs. The Investment Tax Credit (ITC) provides a percentage-based credit for the upfront costs of installing renewable energy systems, while the Production Tax Credit (PTC) offers a per-kilowatt-hour credit for electricity generated by qualifying systems over time.

Millions of Americans leave behind retirement accounts every year due to job changes, incomplete records, or failing to roll over funds. An estimated 29.2 million forgotten 401(k) accounts hold approximately $1.65 trillion in assets. In response to this growing issue, the Department of Labor (DOL) created the Retirement Savings Lost and Found (RSLF) database under the SECURE 2.0 Act of 2022. 

On December 3, 2024, a federal court temporarily blocked enforcement of the Corporate Transparency Act (CTA), which requires most U.S. businesses to file Beneficial Ownership Information (BOI) reports. For now, businesses do not need to file, but this could change quickly. The Department of Justice (DOJ) is appealing against the decision, and the Fifth Circuit Court of Appeals is expected to rule by December 20th. If enforcement is reinstated, businesses will face the January 1, 2025, deadline with little time to act.

The Department of Labor (DOL) recently appealed a federal ruling that overturned the previously established overtime rules on salary thresholds. This has set the limits for the Fair Labor Standards Act (FLSA) back to levels set in 2019. While we wait to see what might happen with the appeal during a period of changing Presidential administrations, there are several important considerations companies should make.

With the election results finalized, business leaders are preparing for potential shifts in tax policy under the new administration. President-elect Trump’s focus on making the Tax Cuts and Jobs Act (TCJA) permanent has sparked interest in many Atlanta business owners. However, the details of the tax agenda remain unclear. As the fiscal debate unfolds, businesses will need to stay alert to the possible changes that could shape tax planning, optimization, and financial strategies in the years ahead.

On October 3, 2024, the Financial Crimes Enforcement Network (FinCEN) released updated Frequently Asked Questions (FAQs) regarding the Beneficial Ownership Information (BOI) Reporting rule. These updates address key aspects of the Corporate Transparency Act (CTA) to provide clearer guidance to reporting entities.

Depending on your location, the end of the year can mean construction season is winding down. At the very least, construction company owners may be planning for a new year of projects, including staffing needs, technology upgrades, and new equipment investments. In work that can feel never-ending, it’s easy for important year-end planning to be deferred until later to address the daily issues that often arise. In the closing weeks of the year there are several tax planning opportunities including deductions and credits, the QBI deduction, and tax efficient investment strategies to consider.

As the end of 2024 approaches, now is the time for individuals to fine-tune their financial strategies and explore opportunities for tax efficiency. From maximizing retirement contributions to tax loss harvesting and AMT considerations, understanding these strategies can help reduce tax liabilities and establish a foundation for future financial health.