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:

BOI is officially dead for domestic companies and US Persons!

FinCEN has submitted a new interim final rule for BOI reporting requirements that removes the requirement for US companies and US persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act. Domestic reporting companies under the old rule are now exempted, while foreign reporting companies under the old rule must continue to file a BOI Report.

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.