Trusts: Types, Purposes and Benefits
A trust allows you to be specific about how, when and to whom your assets are distributed. Trusts can be arranged for a variety of different goals: to reduce estate taxes, to transfer property and to preserve assets for minors or a charity. Trusts offer more flexibility than a will to control your assets. You […]
IRS Announces HSA Limits for 2024
In the recently released Rev. Proc. 2023-23, the IRS has made annual inflation adjustments to health savings accounts: The HSA catchup contribution limit for those age 55 and older is set by statute at $1,000 and remains unchanged. What’s behind the changes The Society for Human Resource Management noted that the annual contribution limits are […]
Inherited IRA Rules Altered by the SECURE Act
If you find yourself in a position where you recently inherited an IRA, you might feel as though you’re at a crossroads filled with many planning tasks pertaining to estates, finances and taxes. According to IRS regulations instituted in 2020 (with significant updates later), the majority of beneficiaries who inherit IRAs must withdraw their portion […]
New Form I-9 To Be Released
The U.S. Citizenship and Immigration Services released the following statement on July 21, 2023: On Aug. 1, 2023, U.S. Citizenship and Immigration Services will publish a revised version of Form I-9, Employment Eligibility Verification (PDF, 899.28 KB). Among the improvements to the form is a checkbox employers enrolled in E-Verify can use to indicate they remotely examined […]
Payroll Tax Rates and Contribution Limits for 2023
Below are federal payroll tax rates and benefits contribution limits for 2023. Social Security tax In 2023, the Social Security tax rate is 6.2% for employers and employees, unchanged from 2022. The Social Security wage base is $160,200 for employers and employees, increasing from $147,000 in 2022. Self-employed people must pay 12.4% on the first $160,200. Medicare tax In […]
When You Might Be Contacted by the IRS
The IRS reaches out in multiple ways. Most IRS contacts will come through regular mail delivered by the USPS. When might the IRS initiate direct contact with you? What are the limited circumstances that prompt the IRS to come to your home or business? Doing so will be part of a collection investigation, an audit or an […]
