2021 – 05/10 A new retirement bill is winding its way through Congress. The Securing a Strong Retirement Act of 2021, informally known as the SECURE Act 2.0, looks to expand on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. The bipartisan bill’s provisions include increasing the current required minimum distribution age of 72 to 73 starting in 2022, increasing the age to 74 in 2029 and increasing it to 75 in 2032. The bill also proposes an increase of the annual “catch-up” contribution amount to $10,000 for participants between the ages of 62 and 64, beginning in 2023. Stay tuned to see if these proposals turn into a law passed by Congress.
Similar Posts
Fully deduct business meals this year
2022 – 04/04 The federal government is helping to pick up the tab for certain business meals. Under a provision that’s part of one of the COVID-19 relief laws, the usual deduction for 50% of the cost of business meals is doubled to 100% for food and beverages provided by restaurants in 2022 (and 2021)….
CARES Act made changes to excess business losses
2020 – 08/24 The Coronavirus Aid, Relief and Economic Security (CARES) Act made changes to excess business losses. This includes some changes that are retroactive and there may be opportunities for some businesses to file amended tax returns. If you hold an interest in a business, or may do so in the future, here is…
The Restaurant Revitalization Fund is now live
2021 – 05/05 The COVID-19 pandemic has affected various industries in very different ways. Widespread lockdowns and discouraged movement have led to increased profitability for some manufacturers and many big-box retailers. The restaurant industry, however, has had a much harder go of it — especially smaller, privately owned businesses in economically challenged areas. In response,…
Calculating corporate estimated tax
2022 – 05/31 The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax. Four methods…
Like every business, a start-up needs a sensible budget
2022 – 11/16 An impressive 432,834 new business applications for tax identification numbers were submitted during October 2022, according to the U.S. Census Bureau. Indeed, despite the relatively higher costs of doing business these days, plenty of start-ups are still launching. One thing that every new company needs, along with a business plan, is a sensible…
Student Loan Debt Relief
2020 – 12/14 Taxpayers with student loan debt get more relief. Collection actions and wage garnishments were first suspended as of March 13, 2020 when President Trump declared a national emergency due to COVID-19. The suspension was to expire Dec. 31, 2020. Because of the ongoing economic effects of the virus, the suspension has now…