September 2, 2022

September 2022 Newsletter

Here are your Articles for September 2, 2022.

CalSavers Retirement Savings Program

California enacted a law in 2016 requiring employers that do not already sponsor an employee-retirement plan to participate in a state-run retirement program called CalSavers. The initial three-year phased rollout of the CalSavers program has ended. If employers fail to offer a plan, they will face fines. If you have 50-99 employees, the deadline was on June 30, 2021. If you have 5-49 employees, the deadline was on June 30, 2022. Since the deadlines have passed be sure to register as soon as
possible to avoid penalties.

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The Inflation Reduction Act (IRA) updates the credit of up to $7,500 for new clean vehicles and introduces a tax credit of up to $4,000 for the purchase of used electric vehicles (EVs). But several rules and restrictions apply, including limits on the prices of vehicles and the income of buyers. Here’s what you should know if you’re in the market to purchase a clean vehicle.
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Why would you want to refuse a gift or inheritance? And if you did disclaim a gift or inheritance, how should you do it to avoid adverse federal tax consequences? This article aims to answer those questions. Beware: The federal income tax rules for making a tax-smart qualified disclaimer are complicated.
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Donating property to a qualified charitable organization can result in a generous tax deduction. However, charitable contributions can result in disputes with the IRS over the valuation of the property. Here’s an overview of the issues, and the details of how one company was able to avoid costly penalties after the IRS disagreed with its valuation of a donated property.
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The time to look for options in long-term care is long before you need it. You can protect yourself against the catastrophe of having
your savings wiped out by a long-term illness. But while insurance coverage can provide peace of mind and a possible tax deduction, be sure you shop smartly for the policy that fits your needs. Here’s the lowdown on what can be an expensive proposition.

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When an individual dies, the executor is faced with an important decision that has the potential to impact the taxes owed by the
estate and its heirs. The executor will have the option of valuing the estate on the date of death, or on the six-month anniversary of death — the “Alternate Valuation Date.” This article details those options.

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