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Backdoor Roth IRA

Some taxpayers saving for retirement prefer to fund a Roth IRA rather than a traditional IRA. Roth IRAs offer several advantages, including tax-free growth, required minimum distributions, and tax-free withdrawals in retirement. However, income limits restrict high earners from contributing to a ...

What is the Interstate Commerce Simplification Act of 2024?

Understanding H.R. 8021: Redefining P.L. 86-272 and the Solicitation of Orders On April 16, 2024, a significant bill, H.R. 8021, known as the “Interstate Commerce Simplification Act of 2024” was introduced in the United States House of Representatives. This bill, spearheaded by Congressman ...

California Seeks to Limit Net Operating Losses

From the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA), California was one of the handful of states that did not conform to a number of provisions in the law. Most notably, the state continued to allow taxpayers to take full advantage of the net operating loss (NOL) deduction and ignore 80% ...

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