newsfinancial wellness

  • Demystifying Tax Deductions, Tax Credits, And Tax Refunds

    • January 23, 2024
    • Posted by: Mahfuj Ruzel
    • Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
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    Demystifying Tax Deductions, Tax Credits, and Tax Refunds

    Delve into the intricate world of income tax as we unravel the distinctions between tax deductions, tax credits, and tax refunds. Understand how each concept affects your financial landscape and discover the strategies to optimize your tax situation.

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  • IRS Provides Initial Guidance to Employers Setting Up Emergency Savings Accounts for Their Employees

    • January 15, 2024
    • Posted by: Mahfuj Ruzel
    • Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
    No Comments
    IRS Provides Initial Guidance to Employers Setting Up Emergency Savings Accounts for Their Employees

    The Internal Revenue Service (IRS) has issued initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans and are designed to permit and encourage employees to save for financial emergencies. Employers can offer PLESAs in plan years beginning after Dec. 31, 2023. This means that, in some cases, eligible employees could have begun contributing to a PLESA as early as Jan. 1, 2024. Subject to certain restrictions, matching contributions are made with respect to PLESA contributions at the same rate as contributions to the linked defined contribution plan.

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