News

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025.

A quarter of holiday shoppers/travelers usually make a budget for holiday spending but admit they probably won’t stick to it.

That feeling of satisfaction and accomplishment that accountants feel at the end of a successful tax season can be shattered by a phone call from a dissatisfied client or a summons and complaint asserting a liability claim, and the risk factors for that kind of unfortunate event vary from year to year.

The Department of the Treasury and the Internal Revenue Service today issued final regulations addressing several SECURE 2.0 Act provisions relating to catch-up contributions. (Catch-up contributions are additional contributions under a 401(k) or similar workplace retirement plan for employees who are age 50 or older.) The final regulations include final rules related to a SECURE 2.0 Act provision requiring that catch-up contributions made by certain higher-income participants be designated as after-tax Roth contributions.

Experts in personal financial services recommend helping clients keep economic shocks in perspective, simplify their finances, and try out aspects of retirement life.

Future retirees often daydream about golden years that never end. In reality, too many golden years could be a nightmare.

The One Big Beautiful Bill Act hiked and enshrined some tax savings for parents into permanent law, but its many provisions will play out differently across financial advisors' client households.

Thirty-seven percent of Americans have experienced fraudulent activities after being personally and/or professionally impacted by a natural disaster, according to a recent survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA).

In a survey conducted recently by The Harris Poll on behalf of the American Institute of CPAs (AICPA), Americans were asked which type of tax filing and payment relief would be helpful after experiencing a natural disaster:

The AICPA requested additional guidance from Treasury and the IRS on catch-up contributions that are designated as Roth contributions in Section 603 of the SECURE 2.0 Act of 2022 (Division T of the Consolidated Appropriations Act, 2023, P.L. 117-328).

The Internal Revenue Service encourages taxpayers who requested an extension to file their returns now rather than wait until the Oct. 15 deadline. IRS Free File makes it easy.

On May 28, 2024, Governor Ned Lamont signed legislation expanding Connecticut’s 2011 Sick Leave Law. The new legislation is effective on January 1st, 2025. The law covers more employees, expands the reasons under which employees may use paid sick leave, and reduces the required hours to accrue paid sick leave.

Next Gen Personal Finance, CT Financial Scholars provide professional development to help schools meet new requirements.

Traditionally, the challenge in using a 529 plan to save for higher education expenses has been figuring out how much to save to cover the beneficiary's college costs without overshooting and saving more in the 529 plan than is actually needed.

Mark Boughton, commissioner of the state Department of Revenue Services, described a new effort to formulate CT's first-ever long-term tax strategy recently at a forum in Hartford sponsored by the Yankee Institute.

Looking back over a tumultuous year, we learned the value of cool heads and steady hands. After dealing with the ups and downs of the pandemic, the economy, the election and political and civil unrest, I marked some broader lessons we can glean and implement in our financial planning for 2021.