With a series of recent changes and some possible future modifications, many are confused about the withdrawal rules on retirement accounts. To start with, the SECURE (Setting Every Community Up for Retirement Enhancement) Act, which became law on Dec. 20, 2019, made...
Most states have a state income tax in addition to the federal income tax, and in some cases, certain localities have their own income taxes on top of those. Now is a good time to check to make sure you’re up on the rules, which can often change with little...
The IRS has provided further details on additional transition relief for certain domestic partnerships and S corporations preparing the new schedules K-2 and K-3 to further ease the change to these new schedules. Those eligible for the relief will not have to file the...
The IRS has issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (also vans,...
The IRS has issued guidance for employers regarding the retroactive termination of the Employee Retention Credit. The Employee Retention Credit now applies only to wages paid before October 1, 2021, unless the employer is a recovery startup business. This guidance can...
The Federal Insurance Contributions Act (FICA) mandates that employers have to withhold, and also match, certain taxes. FICA consists of Social Security (formally known as the Old-Age, Survivors and Disability Insurance, or OASDI) and Medicare taxes. The current tax...
