The Internal Revenue Service (IRS) issued final rules earlier in 2024 for the SECURE Act of five years ago related to inherited individual retirement accounts (IRAs).

Dependent Care Assistance Programs (DCAPs) are employer-sponsored benefits that help employees manage expenses associated with caring for qualified dependents. These programs either provide dependent care services directly or reimburse employees for eligible expenses.

For the 2024 tax year, the maximum exclusion from wages for a DCAP remains at $5,000 ($2,500 if married filing separately).

The IRS issued a news release last week encouraging taxpayers to get an Identity Protection Personal Identification Number (IP PIN) for the 2025 tax season.

Why an IP PIN?

An IP PIN is a crucial layer of protection against tax-related identity theft. An IP PIN is a six-digit number that is known only to the taxpayer and the IRS. The IRS uses this number to confirm the taxpayer's identity when they file their federal tax return.  Using an IP PIN prevents someone other than the taxpayer from using the taxpayer's Social Security number or Individual Taxpayer Identification Number (ITIN) to file a return.

Did you know an eligible employer that adds an auto-enrollment feature to their plan can claim a tax credit of $500 per year for a 3-year taxable period beginning with the first taxable year the employer includes the auto-enrollment feature? This tax credit is available for new or existing plans that adopt an eligible auto-enrollment plan. Contact your plan administrator to establish this benefit and let our firm know you are eligible for a tax credit.

Harvard Business Review recently shared this snippet

Successful team leaders draw out the best — physically, mentally, and emotionally — from their colleagues. Seven-time NFL Super Bowl champion Tom Brady and Harvard Business School professor and former dean Nitin Nohria sorted through Brady’s 20-plus-year career and identified the leadership principles he used to maximize teammates’ performance. Here are a few anyone can put into practice. 

According to the Federal Trade Commission (FTC) website, the following are clues that someone has stolen a victim’s identity information:

1. The victim sees withdrawals from his or her bank account that cannot be explained.
2. The victim doesn’t get bills or other mail.
3. Merchants refuse to honor the victim’s checks.
4. Debt collectors call about debts that are not the victim’s debts.
5. The victim finds unfamiliar accounts or charges on the victim’s credit report.
6. Medical providers bill the victim for services the victim did not receive.
7. The victim’s health care provider rejects legitimate medical claim(s) because the records show that the victim has reached the benefits limit.
8. A health plan won’t cover the victim because medical records show a condition that the victim does not have.
9. The victim experiences an unusual delay in getting a tax refund (IRS suspects ID theft).
10. The victim gets an IRS notice of duplicate tax return filing, unreported income, or duplicate dependents.

Stressors show up in our lives in all shapes and sizes, and while we often associate stress with major life events or overwhelming situations, there are certain type of stressors that are often overlooked.  Microstressors are the small and seemingly insignificant triggers that accumulate over time and slowly take a toll on our well-being. In fact, 91% of employees say that unmanageable and untreated stress negatively impacts the quality of their work.

As the last of the Baby Boomer generation approaches the minimum age to receive Social Security benefits, here are some points to understand before deciding to begin benefits.

How do I get the most money from the system?

While you can begin taking Social Security at age 62, each year you delay your decision will result in an annual benefit about 8% higher each year until age 70.  Many retirees tend to hold off until the age of 70, when they receive the maximum benefit amount.

Scammers are impersonating technology, banking, and government officials in a complex ruse to convince a typically older victim that foreign hackers have infiltrated their financial account. The scammers then instruct the victim to immediately move their money to an alleged U.S. Government account to “protect” their assets. In reality, there was never any foreign hacker, and the money is now fully controlled by the scammers. Some victims are losing their entire life savings.

The FBI has observed repeated behavior by criminals involved in “The Phantom Hacker” scam. The ruse is often perpetrated in three major steps:

During Cybersecurity Awareness month, we are sharing some ideas to consider to limit your risk.

1. Share less online- not just social media.  Be mindful of the forms you fill out on websites (avoid inserting optional information like your phone number and middle name), create a throwaway email address for subscriptions (this is how your info could be sold on the dark web), avoid shared playlists, folders, or albums (they could get hacked), and protect your wi-fi password (your router handles sensitive information like your passwords and financial info).