A pandemic-related, temporary rule change in effect until the end of tax year 2024 lets more people take the Premium Tax Credit (PTC) and receive a larger tax break when they do. The law expands eligibility to those with a household income above 400% of the federal poverty level. ...
In January 2025, enforcement of BOI was temporarily halted due to a nationwide injunction issued by a federal judge in Texas. However, as ofFebruary 18, 2025, this injunction has been lifted, reinstating BOI’s reporting requirements. In response, FinCEN has extended the filing deadline for mo...
Here is a look at some of the new laws Californians face: LEAVE FOR REPRODUCTIVE LOSS A new law taking effect in 2024 will ensure California workers are giventime off for reproductive loss. Under the new law, California companies with five or more employees will be required to provid...
As a result of an increase in Canada’s federal carbon tax, onerecent Globe and Mail storysays that residents of Canada who use personal vehicles as transportation “will pay 17.6 cents a litre of gasoline in fuel charges in 2024. [This represents an increase of] about 3.3...
Focuses on the Economic Growth and Tax Relief Reconciliation Act of 2001 in the U.S. which gives employees savings and investment opportunities as of April 2001. Provisions for retirement savings; Opportunities related to marriage, parenting and education....
Explore the differences between the new W-4 vs the old W-4 form. Learn how the 2020 changes affected federal income tax withholding and get step-by-step instructions on how to accurately complete and update the new W-4 form for your financial situation.
“An HSA is a tax-advantaged medical savings account available to taxpayers enrolled in a high-deductible health plan. Contributions are not subject to federal income tax,” Porter says. He says that HSA funds roll over and accumulate year to year if they are not spent. Meanwhile,...
Bi-weekly is once every other week with 26 payrolls per year, or 27 during a leap year like 2024. Semi-monthly is twice per month with 24 payrolls per year. What are my withholding requirements? Employers and employees are subject to income tax withholding. There are federal and state with...
Minimum wage and tax rate changes The new year brings a variety of new laws on taxes and wages — perennial issues for state governments. More than 20 states will raise minimum wages for workers, further widening the gap between state requirements and the federal minimum, which has been static...
I’ll close by making a broader point about the benefits ofdecentralizationandfederalism. I’m sure that there is both federal funding and state funding of New York City’s Department of Education. What incentive is there for the bureaucracy to spend that money wisely (or, as we just learned...