In this episode, host Belle Osvath CFP® talks with David Peters, CFP®, CPA. They discuss the latest tax updates and what they mean for financial advisors. David covers:
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IRS Updates: How the recent cut of 6,000 employees may affect processing times, refunds, and overall IRS operations.
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Beneficial Ownership Information (BOI) Reporting: What the Corporate Transparency Act requires and the ongoing debates around privacy concerns. David also discusses the penalties for non-compliance and the latest updates on reporting deadlines.
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Upcoming Tax Legislation: Expected changes in tax laws in 2025, including green energy credits, state and local tax deductions, and modifications to education and car loan interest credits.
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Required Minimum Distributions (RMDs):
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