Employee Benefit Plans
The IRS recently released guidance providing the 2024 inflation-adjusted amounts for Health Savings Accounts (HSAs). What is an HSA? An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.” An HSA can only be established for the benefit of an “eligible individual” covered…
Read More
An array of tax-related limits that affect businesses are indexed annually, and due to high inflation, many have increased more than usual for 2023. Here are some that may be important to you and your business. Social Security tax The amount of employees’ earnings that are subject to Social Security tax is capped for 2023…
Read More
If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. Provisions in the law will kick in over several years. SECURE 2.0…
Read More
No one needs to remind business owners that the cost of employee health care benefits keeps increasing. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For eligible individuals, HSAs offer a tax-advantaged way to set aside funds (or have their employers do so) to meet future medical…
Read More
In 2022, the IRS released new federal tax withholding election Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments, and Form W-4R, Withholding Certificate for Nonperiodic Payments and Eligible Rollover Distributions, for optional use in 2022 and required use in 2023. The intent is to provide for more accurate federal income tax withholding, which unfortunately adds…
Read More
The IRS is increasing the amount individuals can contribute to a wide range of qualified retirement plans and accounts in 2023, including 401(k) plans and IRAs. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan will increase by $2,000, to $22,500. The catch-up contribution…
Read More