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
The SECURE Act signed into law December 2019, includes a significant change to the mandatory RMD age requirement. The RMD age has been advanced to age 72 from the previous limit of 70½. This revision reflects that Americans are living and working longer. Notably, since the original law was enacted, life expectancy has increased more...Read More
Good news for participants in 401(k), 403(b) and most 457 plans and the federal government’s Thrift Savings Plan. If you participate in one or more of these plans, your tax year 2022 contribution limits will increase by an additional $1,000 … making annual deductible contributions capped at $20,500.Read More
Earlier this year, we reported that President Trump signed the SECURE Act into law raising the Required Minimum Distribution (RMD) age to 72 from 70½ . That proved to be a boon for taxpayers who can afford to delay IRA withdrawals. Delaying receipt of the RMD until age 72 significantly reduced taxable income for many...Read More
Required Minimum Distributions (RMDs) are mandatory for Americans who are participants in Individual Retirement Accounts (IRAs) or participate in a 401K plan. In this article we’ll lump all under the heading of retirement accounts. Since inception of the above plans, RMDs were the rule beginning at age 70½. With a stroke of his pen, President...Read More
