For U.S. tax purposes, digital assets are considered property, not currency. A digital asset is stored electronically and can be bought, sold, owned, transferred, or traded. The tax definition of a digital...
Manufactured housing communities (MHCs), also commonly referred to as mobile home parks, continue to increase in popularity, while state and local regulations governing them also continue to expand. Read...
Parties come together to form joint ventures when all involved believe that they will have greater success working cooperatively on a specific project, product, or business than they would have if they...
Learn best practices for advocating on behalf of your FDA-regulated clients in light of the new legal paradigm introduced by the Supreme Court’s decisions in Loper Bright and Corner Post . Read...
Do you need to learn about potential legal and business risks stemming from the use of artificial intelligence (AI) tools to manage employee performance and make employment decisions (e.g., screening,...
The Internal Revenue Service recently announced its 2024 inflation adjustments to many retirement plan limits. For example, the amount individuals can contribute to their 401(k), 403(b), and most 457 plans will increase to $23,000 in 2024, up $500 from the 2023 max of $22,500. If you’re age 50 and older the catch-up contribution remains at $7,500, but it adds to more than $30,000 that can be saved annually for those eligible individuals who can—and do. That’s so much more than the maximum IRA contribution limit. That amount increases from $6,500 in 2023 to $7,000 in 2024, with a catch-up of $1,000 for those age 50 or older at year end. By some reports, there were 175,000 defined benefit plans in the private sector in the early 1980s. That number is down below 50,000, with many being frozen. So, it’s important that employees save for their retirement. Reminding them of the limits can help.
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DID YOU KNOW? Practical Guidance Tax has added two new topics to the State Law Comparison Tool: (1) Corporate Income Tax Rates and (2) Personal Income Tax Rates. California and Hawaii have the highest personal income tax rates, at 13.3% and 11%, respectively.
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