news – Page 253

Contributing the annual maximum amount to your retirement plan is generally a good thing. Exceeding the max? Not so good. If you deferred more than $19,500 (plus $6,500 for individuals 50 and older) of your salary in 2021 to various employer plans, the IRS warns that you must withdraw the excess amount, plus earnings, by […]

Might the now-expired Employee Retention Credit (ERC) receive a new lifeline? Two members of the Senate Finance Committee have introduced bipartisan legislation to help cover costs for small employers that experienced revenue drops and kept workers on their payrolls in the fourth quarter of 2021. The proposed Employee Tax Credit Reimbursement Act would extend the […]