KEY POINTS The ranks of employers offering a Roth savings option to 401(k) investors continue to grow, giving more workers access to its unique financial benefits. About 88% of 401(k) plans allowed employees to save in a Roth account in 2021, up from 86% in… Read More »88% of employers offer a Roth 401(k) — almost twice as many as a decade ago. Here’s who stands to benefit
Tax experts sound off on the funding the IRS will get from Congress and what it could mean for the 2023 tax season. The IRS has about 80 billion reasons to be thankful this holiday season. That’s because President Biden signed the Inflation Reduction Act… Read More »What’s Next for the IRS?
Taxpayers claim that IRS penalties are not warranted for many reasons. One of the biggest and most misunderstood is the defense that a tax position was based on reasonable cause and that you acted in good faith. Those seem like friendly, easy-to-understand words, but they… Read More »Pay IRS Penalties Or Show Reasonable Cause
Inflation in the United States hit a record high in June 2022. Consumer prices soared by 9.1% compared with a year prior — the largest annual increase since 1981. While wages are rising, they’re not keeping up with inflation. Wage growth has been consistent with an inflation rate… Read More »Here’s why salaries in the U.S. don’t keep up with inflation
In 2021, I published a piece about the top myths regarding the Employee Retention Credit (ERC) that was preventing business owners, charity managers, and Indian tribes from claiming this important tax incentive. Now, the misinformation has gone the other way, and businesses (as well as tax-exempt/charities and… Read More »5 Top ERC Myths Businesses Need To Beware Of
The Federal Reserve is going slower but aiming higher. The Fed raised its key short-term interest rate by half a percentage point Wednesday, dialing back from recent outsize hikes as it draws up an end game in its aggressive campaign to tame soaring inflation. But the central bank… Read More »Federal Reserve raises interest rates by 0.50 percentage points to curb inflation and predicts a higher peak
US credit card and personal-loan delinquencies are likely to rise in 2023 to the highest in a dozen years, with lenders cutting back on originations as a potential recession looms. Serious card delinquencies are expected to climb to 2.6% at the end of next year… Read More »US Credit-Card Delinquencies to Rise Next Year, TransUnion Says
Tax withholding rules mean that a portion of your announced bonus pay won’t make it into your bank account. For some fortunate workers, December means that a year-end bonus is on the way. That can be considered good news (especially since some companies are cutting… Read More »How Your Year-End Bonus Will Be Taxed for 2022
KEY POINTS SEATTLE — If you’re living together before marriage or committed long-term without plans to tie the knot, you’ll need to prepare for the future — or you may face challenges later, experts say. There are “rising rates of cohabitation,” with many couples skipping… Read More »‘It could be a blessing and a curse.’ Here are 3 unexpected financial pitfalls unmarried couples need to know
KEY POINTS Prices rose less than expected in November, the latest sign that the runaway inflation that has been gripping the economy is beginning to loosen up. The consumer price index, which measures a wide basket of goods and services, rose just 0.1% from the… Read More »Consumer prices rose less than expected in November, up 7.1% from a year ago