Tag: Changes (page 1 of 2)

IRA Contribution Limits for 2024

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How Much Can You Save for Retirement in 2024?

The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans has increased to $23,000 for the tax year 2024 (up from $22,500 for 2023).

The catch-up contribution limit for employees aged 50 and over who participate in these plans will remain at $7,500 for 2024.

NYS Minimum Wage Increase January 1, 2024

As of 1/1/2024, minimum wage in New York State is as follows:

 

General Minimum Wage Rate Schedule
NYC – Large & Small Employers $16.00
Long Island & Westchester $16.00
Remainder of New York State $15.00

 

The minimum wage rate differs based on industry and region.

Click here for additional information for:

  • tipped, fast food, and other workers
  • free posters on the increased minimum wage specific to your industry

 

Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.

New IRS E-Filing Requirement

Starting with tax year 2023, if your business has 10 or more W2s and/or 1099s to prepare, you must file them electronically with the IRS.

 

Tax Season 2022! Tax Matters Newsletter

2022 Tax Newsletter

Tax Time! 2021 Tax Season Newsletter

Click Here to Read the 2021 Tax Newsletter

NYS Minimum Wage Changes Effective 12/31/21

As of 12/31/2021, the basic minimum wage will change for many areas of New York State.

The minimum wage rate differs based on industry and region.

General Minimum Wage Rate Schedule
NYC – Large & Small Employers $15.00
Long Island & Westchester $15.00
Remainder of New York State $13.20

Click here for additional information for:
• tipped, fast food, and other workers
• free posters on the increased minimum wage specific to your industry

Employers must post a Minimum Wage Information poster as well as various other posters in their place of work visible to all employees.

How Much Can You Save for Retirement in 2022?

The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans will increase to $20,500 for the tax year 2022 (up from $19,500 in 2021 and 2020).

The catch-up contribution limit for employees aged 50 and over who participate in these plans remains unchanged at $6,500.

Tax Time! Newsletter for the 2020 Tax Season

Click Here to read the full Tax Matters newsletter for the 2020 Tax Season

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