November highlights from The MWE Advisor: You’ll be able to contribute more to your 401(k), IRA and other types of qualified retirement accounts in 2019; Understanding the potential tax consequences of year-end gifting to employees and customers.
IRS Ups the Ante on Retirement Contributions
Did you know that you’ll be able to contribute more to your 401(k), IRA and other types of qualified retirement accounts in 2019? The IRS recently published annual cost-of-living adjustments to these accounts. Many limits have increased, including the amount you’re allowed to contribute to a traditional IRA account, which last increased in 2013. Here’s what you should know.
Tax Cheer for Holiday Gifts to Employees
Many business owners give gifts and achievement awards to show their appreciation for employee contributions throughout the year. But some gifts could trigger unexpected adverse tax consequences. Here’s what you need to know before making year-end gifts to employees, customers and other business contacts, including how the rules have been clarified under the Tax Cuts and Jobs Act.