What is the maximum withdrawal allowed for domestic abuse victims under the SECURE Act 2.0?
The lesser of $10,000 (inflation-adjusted) or 50% of the account balance.
This exemption allows victims to withdraw funds without early withdrawal penalties.
Can 529 plan funds be rolled over to a Roth IRA without penalties starting in 2024?
Yes, owners of 529 plans can transfer unused funds directly to the plan beneficiary’s Roth IRA without incurring federal tax or the 10% penalty for nonqualified withdrawals.
This provision was introduced in the SECURE Act 2.0.
What is the filing deadline for Form 1041 for estates and trusts in 2025?
April 15, 2026, with an extension period of 5½ months to September 30, 2026 for a calendar-year entity.
This deadline applies to the Income Tax Return for Estates and Trusts.
When are the quarterly estimated tax payments due for individuals?
- April 15
- June 15
- September 15
- January 15 of the following year
These dates apply for quarterly estimated tax payments required by individuals.
What is the 2025 Social Security wage base limit for FICA tax?
$176,100
This figure represents the OASDI maximum wage base for 2025.
What is the FUTA tax rate and wage base for 2024?
6% on the first $7,000 paid to each employee.
Only the employer pays FUTA tax, and it is not withheld from the employee’s wages.
What is the estate and gift tax exclusion amount per person in 2025?
$13,990,000
This amount represents the combined estate tax and lifetime gift/GST exemption.
What is the 2025 Section 179 maximum deduction amount?
$2,500,000
The deduction is subject to a phaseout beginning at $4,000,000.
What is the 2025 standard mileage rate for business use?
70 cents a mile
This rate applies to the business use of a vehicle.
What is the 2025 limit for Health Savings Account (HSA) contributions for family coverage?
$8,550
An additional contribution amount of $1,000 is allowed for taxpayers age 55 or older.
What is the 2024 tax credit for small employer pension plan startup costs?
Up to $5,000 per year for the first three years.
The SECURE 2.0 Act doubled the tax credit for new plans for small businesses with up to 50 employees.
What is the penalty for failure to file a tax return more than 60 days late for tax years beginning in 2025?
Not less than the lesser of $525 or 100% of the tax due on the return.
This penalty applies to Form 1120 and Form 1040 returns.
What is the 2025 Form 1099-K reporting threshold for businesses?
$5,000 for the provision of goods and services.
Personal transfers between friends and family are exempt from this requirement.
What is the maximum credit available for employer contributions to employee retirement accounts under the new sub-credit introduced in 2.0?
$1,000 per employee per year.
This credit is available for five years, starting in the tax year the employer establishes the plan.
What new question has been added to business entity tax forms for the 2025 tax year regarding digital assets?
“At any time during 2025, did the {entity} (a) receive (as a reward, award, or payment for property or services), or (b) sell, exchange, or otherwise dispose of a digital asset (or financial interest in a digital asset)?”
What new payment option is available to businesses starting in 2025 to simplify tax payments?
Direct Pay
Previously, most businesses were required to use an EFTPS account to make their tax payments.
Introduced in 2024, Form 172 for individuals, estates, and trusts is used for what purpose?
To figure the amount of the NOL that is available for carrying forward, and in selected situations, carrying back.2024 tax year.
Which new tax deductions are introduced by the OBBBA?
- No Tax on Tips
- No Tax on Over-time
- No Tax on Car Loan Interest
True or False:
The $15,000,000 estate tax exemption under OBBBA takes effect immediately for the 2025 tax year.
False
It takes effect in 2026 or later.
What is the new early withdrawal exception for domestic abuse victims under SECURE Act 2.0?
Victims of domestic abuse are exempt from early withdrawal penalties up to the lesser of $10,000 (inflation-adjusted) or 50% of the account balance.
What are the 529 plan rollover conditions to a Roth IRA under SECURE Act 2.0?
Unused funds can be transferred directly to the plan beneficiary’s Roth IRA without incurring federal tax or the 10% penalty for nonqualified withdrawals.
What is the IRA catch-up contribution limit for 2025 under SECURE Act 2.0?
$1,000, not indexed for inflation.
What is the penalty for failure to file a tax return for tax years beginning in 2025?
The lesser of $525 or 100% of the tax due on the return.
What is the Corporate Alternative Minimum Taxrate reintroduced by the Inflation Reduction Act of 2022?
(CAMT)
15% on the Adjusted Financial Statement Income (AFSI) of certain large corporations.
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Essential Tax Law Figures for Businesses34
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Unit 1: Business Entities and Requirements72
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Unit 2: Accounting Periods and Methods65
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Unit 3: Business Income46
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Unit 4: Business Expenses64
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Unit 5: Employee Compensation and Fringe Benefits78
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Unit 6: Other Business Deductions and Credits72
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Unit 7: Basis of Business Assets31
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Unit 8: Depreciation and Amortization58
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Unit 9: Disposition of Business Assets58
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Unit 10: Partnerships in General43
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Unit 11: Partnership Distributions and Liquidations26
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Unit 12: C Corporations in General46
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Unit 13: Corporate Transactions29
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Unit 14: Corporate Distributions and Liquidations30
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Unit 15: S Corporations48
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Unit 16: Farming Business35
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Unit 17: Tax-Exempt Organizations39
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Unit 18: Retirement Plans for Businesses93
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Unit 19: Trusts and Estates47
