As a result of the current estate tax exemption amount ($12.06 million in 2022), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. But now, because many estates...
Traditional IRAs and Roth IRAs have been around for decades and the rules surrounding them have changed many times. What hasn’t changed is that they can help you save for retirement on a tax-favored basis. Here’s an overview. Traditional IRAs You can make an annual...
In a historically tenuous time to retain employees, small employers are particularly at risk. Whereas a large employer might be able to shift duties or promote from within to cover the departure of one or more staff members, small employers are often left high and dry...
While Congress didn’t pass the Build Back Better Act in 2021, there are still tax changes that may affect your tax situation for this year. That’s because some tax figures are adjusted annually for inflation. What’s New in 2022? If you’re like most people,...
Many employers have found value in combining a high-deductible health plan (HDHP) with a Health Savings Account (HSA). The IRS recently published two information letters — Letter 2021-0008 and Letter 2021-0014 — that provide some helpful details on the applicable...
In Notice 2021-61, the IRS recently announced 2022 cost-of-living adjustments to dollar limits and thresholds for qualified retirement plans. Here are some highlights: Elective deferrals. The annual limit on elective deferrals (employee contributions) will increase...
