If you find yourself in a position where you recently inherited an IRA, you might feel as though you’re at a crossroads filled with many planning tasks pertaining to estates, finances and taxes. According to IRS regulations instituted in 2020 (with significant updates later), the majority of beneficiaries who inherit IRAs must withdraw their portion […] The post Inherited IRA Rules Altered by the SECURE Act appeared first on Edwards, Ellis & Associates, P.C ..read more

In the recently released Rev. Proc. 2023-23, the IRS has made annual inflation adjustments to health savings accounts: The HSA catchup contribution limit for those age 55 and older is set by statute at $1,000 and remains unchanged. What’s behind the changes The Society for Human Resource Management noted that the annual contribution limits are […] The post IRS Announces HSA Limits for 2024 appeared first on Edwards, Ellis & Associates, P.C ..read more

If you offer a 401(k) plan to your employees, the first thing you must figure out is whether it needs an independent audit. If you have 100 or more eligible employees at the start of the plan year, you need an audit. The essential word is “eligible.” So you have to include in your total […] The post What To Expect From Your 401(k) Audit appeared first on Edwards, Ellis & Associates, P.C ..read more

The U.S. Citizenship and Immigration Services released the following statement on July 21, 2023: On Aug. 1, 2023, U.S. Citizenship and Immigration Services will publish a revised version of Form I-9, Employment Eligibility Verification (PDF, 899.28 KB). Among the improvements to the form is a checkbox employers enrolled in E-Verify can use to indicate they remotely examined […] The post New Form I-9 To Be Released appeared first on Edwards, Ellis & Associates, P.C ..read more