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IRS Tax-Time Twists Stir Up Major Changes
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Subscribe13 JAN 2025 / IRS UPDATES
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The IRS has proposed significant changes to the Roth Catch-Up Rule and basis-shifting transactions ahead of the tax season. High earning individuals aged 50 and older will be required to make their catch-up contributions as Roth deposits from 2026, while partnerships will face stringent reporting requirements to prevent the abuse of related-party transactions for tax advantages, aiming to promote transparency, fairness, and accountability in the US tax system.
As we approach tax season, we see our old pal, the IRS, coming up with final rules and Roth proposals for us to keep tabs on. Recently, the IRS has introduced two major plotlines: the Roth catch-up rule shake-up and a crackdown on basis-shifting transacti...
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