Quick Answer Congress passed the Corporate Transparency Act (CTA) in 2020 as a part of the Anti-Money Laundering Act. Business owners need to be aware that a section of the CTA went into effect on January 1, 2024 that will impact most small business entities. Beneficial ownership information must be filed by small business entities… [Continue]
Quick Answer #4 – What is the Florida Achieving a Better Life Experience Act (ABLE)?
December 2, 2016 By
Quick Answer The Achieving a Better Life Experience Act, or ABLE Act, was signed into law by President Obama in December 2014. The ABLE Act amends Section 529 of the Internal Revenue Code of 1986 to create tax-exempt investment accounts for individuals with disabilities (Section 529A accounts). The intent of the ABLE Act is to… [Continue]
Quick Answer #3 – What is the Florida Fiduciary Access to Digital Assets Act?
October 2, 2016 By
Quick Answer On March 10, 2016, the Governor of Florida signed into law the Florida Fiduciary Access to Digital Assets Act (the “Act”). The Act became effective on July 1, 2016. It is codified in Chapter 740 of the Florida Statutes. The purpose of the law is to allow fiduciaries, such as personal representatives, agents… [Continue]
Quick Answer #2 – What does pay yourself first mean?
September 2, 2016 By
Quick Answer Pay yourself first (PYF) means to redirect a portion of the income you receive to retirement savings, emergency savings, or some other type of savings as soon as you receive it, and before you pay any other bills. In other words, the first bill you pay each month should be to yourself. This… [Continue]
Quick Answer #1 – What is a Qualified Charitable Distribution?
August 26, 2016 By
Quick Answer A Qualified Charitable Distribution (QCD) allows individuals to donate to charity through a distribution from an IRA account. The amount donated counts towards your required minimum distribution (RMD) for the year, and no income taxes are due on the distribution. General Rules Only individuals are allowed to use a QCD. Per person limit… [Continue]
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