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November 2024


 CORPORATE TRANSPARENCY ACT (BOI) BENEFICIAL OWNERSHIP INFORMATION REPORTING

In 2021, Congress enacted the bipartisan Corporate Transparency Act to curb illicit finance. This law requires many companies in the United States to report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Existing entities prior to January 1, 2024, have until January 1, 2025, to file these reports.


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 USE TAX BREAKS FOR ENERGY-SAVING PURCHASES THIS YEAR BECAUSE THEY MAY DISAPPEAR

The Inflation Reduction Act (IRA), enacted in 2022, created several tax credits aimed at promoting clean energy. You may want to take advantage of them before it’s too late. If you’ve been thinking about making any of the following eligible purchases, you may want to do it before December 31.


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THE AMOUNT YOU AND YOUR EMPLOYEES CAN SAVE FOR RETIREMENT IS GOING UP SLIGHTLY IN 2025

How much can you and your employees contribute to your 401(k)s or other retirement plans next year? In Notice 2024-80, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for retirement plans, as well as other qualified plans, for 2025. With inflation easing, the amounts aren’t increasing as much as in recent years.


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THE NANNY TAX: WHAT HOUSEHOLD EMPLOYERS NEED TO KNOW

Hiring household help, whether you employ a nanny, housekeeper or gardener, can significantly ease the burden of childcare and daily chores. However, as a household employer, it’s critical to understand your tax obligations, commonly called the “nanny tax.” If you hire a household employee who isn’t an independent contractor, you may be liable for federal income tax and other taxes (including state tax obligations).



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LOOKING FORWARD TO 2025!

2025 INDEXED FIGURES


The IRS and other relevant agencies have released 2025 indexed amounts, adjusted for inflation, for health savings account contribution limits and deductibles, out-of-pocket (OOP) maximums for high-deductible health plans (HDHPs), Healthcare Spending Accounts (health FSAs) and others. Please use these figures to prepare benefit guides and other employee communication materials and to determine benefit plan designs.


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