Category: Individual Tax

On Dec. 12, 2024, President Biden signed the Federal Disaster Tax Relief Act of 2023 (H.R. 5863) into law designating a series of presidentially-declared disasters as qualified disaster events. This legislation provides for the elimination of the requirement that personal ca...

Boyum Barenscheer’s tax specialists, Chris Wittich and Greg Carlson give an essential year-end update on critical tax changes and planning considerations....

This webinar will provide tax updates and planning insights for both individuals and businesses and includes a review of sunsetting tax provisions in 2026, anticipated legislation taking into account the election results, and Beneficial Ownership Information (BI) reporting r...

A qualified charitable distribution is a transfer of funds from an IRA directly to a charitable organization. QCD’s give taxpayers who are 70 ½ years old (or older) the opportunity to donate to charities from their IRA. If a taxpayer is 73 or older, the QCD can count tow...

At Boyum Barenscheer, we want to extend our deepest empathy to you during this challenging time. Whether you’ve been affected by the recent storms in Florida, the wildfires in California, or any other disaster, we understand the emotional and financial toll these events ca...

The U.S. House of Representatives passed the Tax Relief for American Families and Works Act on January 31, 2024. Since then, the bill has stalled in the Senate. Congress left Washington on Friday, March 22nd, for a two-week recess, so there is now little or no chance for any...

The U.S. House of Representatives passed this bipartisan tax plan on January 31, 2024. The bill still needs Senate approval and could be subject to amendments before final passage. President Biden has indicated that he supports the bill....

In this recorded webinar, our tax team looks into the latest developments pertaining to tax laws and updates that hold relevance for both individuals and businesses. With an emphasis on ensuring your financial readiness as the current year concludes, our seasoned professiona...

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $168,600 for 2024 (up from $160,200 for 2023). Wages and self-employment income above this threshold aren’t subject to Social Security tax....

The IRS granted an administrative transition period via Notice 2023-62 that extends until 2026 the new requirement per the SECURE Act 2.0 that any catch-up contributions made by higher income participants in 401(k) and similar retirement plans must be designated as after-ta...

Minnesota has introduced a one-time tax rebate payment, ranging up to $1,300. These payments are set to be disbursed from this week through September, and we are here to provide you with a concise overview of the eligibility criteria and distribution details....

The Minnesota legislature retroactively passed legislation that provides a refund if your property taxes increased by 6%. This provision has historically been in place at a 12% level. This is a one-time deal – only for property taxes payable in 2023 (which is reported on...