Tax Updates & Tools

At Leasure CPA & Associates, Inc., we strive to keep you informed of the ever changing tax laws. This page contains information about the most recent changes. You can also click below to subscribe to our newsletter for important updates throughout the year.

Tax Updates

Individual Tax Updates

Click here to read a quick overview of the tax changes impacting individuals for the 2024 tax year. Keep in mind that proposed and/or retroactive legislation may change the information.

Clean Energy Credits

Click here to read an overview of the clean energy credits expanded by the Inflation Reduction Act of 2022. These include residential energy property credits and clean vehicle credits.

Cryptocurrency

Click here to read about the different types of cryptocurrency activities and the tax reporting requirements.

529 to Roth

Click here to read about new opportunities for funding a Roth IRA from a 529 college savings plan. This can also be used as a tool for those who otherwise don't qualify for Roth contributions.

Tax Tools

BOI - Beneficial Ownership Information Reporting

UPDATE: Although the filing requirement was reinstated on 12/23/2024, the Fifth Circuit Court reversed that ruling on 12/26/2024. THAT MEANS FILING IS STILL VOLUNTARY AT THIS POINT IN TIME.

The DOJ has already filed an emergency application with the Supreme Court asking it to stay the district court injunction. The Supreme Court set a deadline of 1/10/2025 for the plaintiffs to respond to the DOJ request. This means we should find out by then if filing requirements are reinstated.

Following a federal district court decision on 12/3/2024, a preliminary injunction has been issued by the District Court, which TEMPORARILY prohibits FinCEN from enforcing the BOI filing rule. Therefore, reporting companies are not currently required to file their beneficial ownership information with FinCEN, and will not be subject to liability if they fail to do so while the preliminary injunction remains in effect. However, reporting companies may continue to voluntarily submit beneficial ownership information reports. If the injunction is lifted, enforcement could resume. Absent relief from FinCEN or the courts, the original reporting deadlines would be reinstated at that point.

Click here for additional information

Click here to access the BOI Small Compliance Guide

Qualified Charitable Distributions

Did you know that you can make charitable contributions directly from your IRA if you are age 70 1/2 or older? This provides for a direct reduction in taxable IRA distributions, even if you take the standard deduction.