The SECURE 2.0 Act, passed as part of an omnibus spending bill in December 2022, added new exceptions to the 10% federal income tax penalty for early withdrawals from tax-advantaged retirement accounts. Withdrawals covered by these exceptions can be repaid within three years to an eligible retirement plan.Read More
In 2020, a report by Virginia’s Legislative Information System to the General Assembly alerted lawmakers to a major employee financial shortcoming … about 45% of private-sector workers in Virginia lack access to a retirement plan through their job. That fact prompted legislative action to propose and pass a solution, HB 2174 … a remedy referred to...Read More
At the height of the C-19 pandemic, the Employee Retention Credit (ERC) was introduced to help both business owners and workers maintain payrolls and income respectively. For those businesses that qualify, the ERC is a refundable tax credit intended for employers that continued paying employees … either while shut down due to the COVID-19 pandemic...Read More
The Secure 2.0 Act was signed into law in late December 2022. The legislation builds on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 to further strengthen the retirement system—and Americans' financial readiness for retirement.Read More
