The U.S. Department of the Treasury published analysis on how the Inflation Reduction Act, Bipartisan Infrastructure Law, and other federal policies to address climate change can promote economic growth. The analysis by…
Category: General
IRS increases 401(k) contribution limit to $23,000 for 2024 and IRAs to $7,000
On November 1, 2023, the Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS…
Why accountants should understand and utilize ChatGPT
Accountants may find it valuable to understand and utilize ChatGPT, or similar AI-powered language models, to transform their data analysis, reporting, and client interactions. Introduction In the rapidly evolving landscape of accounting…
New York workers take step toward greater pay equity with Pay Transparency Law
The Law requires employers with four or more employees to include the minimum and maximum annual salary or hourly range for compensation in any job advertisement. This month, New York State’s Pay Transparency…
ABLE accounts: A tax-advantaged way to save for disability-related expenses
The Achieving a Better Life Experience (ABLE) Act of 2014 allows states to create tax-advantaged savings programs for eligible people with disabilities (designated beneficiaries). Funds from these 529A ABLE accounts can help…
Understanding Social Security spouse benefits
When you’re planning for retirement, it is essential to consider how your Social Security benefits will impact your spouse. Here’s a simplified breakdown: Spousal Benefit Basics: You can find out more by…
Recovering from a natural disaster: How to access government assistance for individuals and families
Find government disaster assistance. Reconnect with loved ones and help survivors. Ad: Shop emergency preparedness supplies, including go-bags.
Ten questions to consider before opening a 529 account
The SEC’s Office of Investor Education and Advocacy issued the following guidance to answer questions that may arise when investing in a 529 plan account. 1. Who can use a 529 plan…
IRS provides tax relief for individuals and businesses affected by Hurricane Idalia
The Internal Revenue Service (IRS) is providing tax relief for individuals and businesses affected by Idalia in parts of Florida. These taxpayers now have until Feb. 15, 2024, to file various federal…
Businesses must electronically file Form 8300, beginning January 1, 2024
The Internal Revenue Service (IRS) announced that, starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This…