401(k) Contribution Limit Increases to $20,500 for 2022

The IRS announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar

Receiving the Child Tax Credit? Did You Have Changes to Your Income? Enter Any Updates on the IRS Portal ASAP!

Today, November 1, the IRS is launching a new feature allowing any family receiving monthly Child Tax Credit payments to update their income using the Child Tax Credit Update Portal (CTC UP), found exclusively on IRS.gov. To help families plan

The IRS Begins Sending October Child Tax Credit (CTC) Payments. There’s Still Time to Sign Up!

Families are now receiving their advance Child Tax Credit (CTC) payment for the month of October. This fourth batch of advance monthly payments, totaling about $15 billion, is reaching about 36 million families today across the country. The majority of payments

Thinking About Withdrawing from Your Roth IRA? Make Sure You Know the Tax Consequences Before You Do!

Some Roth IRA withdrawals are taxable. Even worse, some can be socked with a 10 percent early withdrawal penalty tax, and this can happen even when there’s no income tax hit. Any withdrawals from any of your Roth accounts are

Important Updates to the Massachusetts COVID-19 Emergency Paid Sick Leave Program

An Act extending COVID-19 Massachusetts emergency paid sick leave, H.4127, was signed into law on September 29, 2021.  This legislation modifies the Massachusetts COVID-19 Emergency Paid Sick Leave program in two ways: Extends the program until April 1, 2022 or

What Employers Need to Know When Classifying Workers as Employees or Independent Contractors

An important tax tip from the IRS: It is critical for business owners to correctly determine whether the individuals providing services are employees or independent contractors. An employee is generally considered anyone who performs services, if the business can control

Families Now Receiving September Child Tax Credit Payments

Families are now receiving their advance Child Tax Credit (CTC) payment for the month of September. This third batch of advance monthly payments, totaling about $15 billion, is reaching about 35 million families today across the country. The majority of payments

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