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Shandell Taylor & Co. is founded by Shandell Taylor, a business consultant and certified public accountant with over 25 years of experience in the private and public sectors.
Shandell Taylor & Co., is committed to providing clients with first-rate services and resources to achieve their financial and business goals.
Serving Our Clients
We translate client dreams into goals and objectives by gathering information, asking questions, and familiarizing ourselves with business trends and industry benchmarks.
Tax Information
Retirement Contribution Changes for 2025
The limit on annual contributions to an IRA remains $7,000. The IRA catch up contribution limit for individuals aged 50 and over was amended under the SECURE 2.0 Act of 2022 (SECURE 2.0) to include an annual cost of living adjustment but remains $1,000 for 2025.
The annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased to $23,500 (up from $23,000 in 2024).
The catch-up contribution limit that generally applies for employees aged 50 and over who participate in most 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan remains $7,500 for 2025. Therefore, participants in most 401(k), 403(b), governmental 457 plans and the federal government’s Thrift Savings Plan who are 50 and older generally can contribute up to $31,000 each year, starting in 2025. Under a change made in SECURE 2.0, a higher catch-up contribution limit applies for employees aged 60, 61, 62 and 63 who participate in these plans. For 2025, this higher catch-up contribution limit is $11,250 instead of $7,500.
Beneficial ownership interest (BOI) reporting
The Corporate Transparency Act (CTA), effective January 1, 2024, mandates the disclosure of the beneficial ownership information of certain entities to the Financial Crimes Enforcement Network (FinCEN). Notably, this reporting requirement may also apply to single member LLCs, which are typically disregarded entities for income tax purposes. It is crucial to understand that this is not a tax filing requirement, but rather an online report submitted directly to FinCEN if applicable. There are severe penalties for businesses who willingly do not comply with the requirements. For entities in existence before January 1, 2024, the report must be filed by January 1, 2025. There are other deadlines related to entities created during 2024 and those with changes to reported information. The reporting is made directly through FinCEN's website at www.fincen.gov/boi. It is important to note that this is a one-time filing requirement unless there are changes to the reported information.
***Updated on 12/18/2024: The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a continuing resolution proposed in the House of Representatives.
new client data sheet
New Tax Clients: Download, fill out and email ( stc@shandelltaylor.com ) the Tax Data Sheet so we can prepare for your appointment.
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