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Treasury and the IRS issued proposed regulations addressing certain SECURE 2.0 Act provisions, including a provision that would require most newly established 401(k) and 403(b) plans to automatically enroll eligible employees beginning with the 2025 plan year.

The Department of the Treasury and the Internal Revenue Service issued proposed regulations today addressing several SECURE 2.0 Act provisions relating to catch-up contributions, which are additional contributions under a 401(k) or similar workplace retirement plan that generally are allowed with respect to employees who are age 50 or older.

The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced by the SECURE 2.0 Act.

Americans age 55 and over hold an estimated $52 billion in their health savings accounts (HSAs), according to HSA investment company Devenir's most recent research. It's no surprise that as clients approach Medicare enrollment, they are increasingly interested in continuing to fund their HSAs to provide for current and future health care expenses.

The Internal Revenue Service today reminded low- and moderate-income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years.

Cooling inflation will bring some relief in the form of slightly lower taxes next year. An average inflationary adjustment of 2.8% under IRS guidance for 2025 released earlier this month came in lower than the 5.4% hike for this year and a boost of more than 7% across the seven federal income brackets in 2023, according to an analysis by the nonpartisan, nonprofit Tax Foundation.

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.

The Internal Revenue Service today issued a reminder that employers who offer educational assistance programs can also use them to help pay for their employees’ student loan obligations through Dec. 31, 2025.

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.

CPA financial planners need to talk with high-net-worth clients now about the idea of shifting ownership of millions of dollars in assets before the estate and gift tax basic exclusion is essentially cut in half on Jan. 1, 2026, Bob Keebler, CPA/PFS, said in an AICPA Personal Financial Planning (PFP) Section webcast.

When many in the workforce daydream about retirement, the idyllic images that flood their minds sometimes get drowned out by fears of the unknown.

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.