Qualified Plan Archives - RMS Accounting

Buy A Preowned Clean Vehicle Get A Tax Credit

Feb 1, 2023 | Blog

Used electric vehicles purchased after 2022 and before 2033 may qualify for a tax credit of up to $4,000. Qualified buyers who acquire and place in service a previously owned clean vehicle, are allowed a credit equal to the lesser of $4,000 or 30% of the vehicle’s...

Ever Wonder Just How Long IRS Has To Collect What You Owe?

Jan 18, 2023 | Uncategorized

The answer is: forever if you fail to file the tax return. But if you file the required returns and just can’t pay then the amount of time the IRS has to collect is limited by the IRS’s Collection Statute of Limitations. The IRS Collection Statute Expiration Date...

HIGHLIGHTS OF THE 2023 FUNDING BILL

Jan 16, 2023 | Uncategorized

President Biden signed the Consolidated Appropriations Act of 2023, which includes the SECURE 2.0 Act of 2022. Here are some of the highlights: Increases the age for required minimum distributions. Beginning January 1, 2023, the age is raised to 73, and to 75 on...

Who Can Be A Dependent?

Jan 13, 2023 | Blog, Personal Tax

A dependent can be anyone that cannot be claimed on the return of someone else and is a qualifying child or a qualifying relatives. The rules for 2022 are as follows. A qualifying child must be: The taxpayer’s child, stepchild, eligible foster child, brother, sister,...

Qualified Plan Loans Avoiding Unplanned Distributions & Penalties

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