By KLATZKIN TAX TEAM
In Notice 2022-55, released on October 21, 2022, the IRS announced the changes coming to retirement-related items for the tax year 2023. These include contribution limits, income ranges, and cost-of-living adjustments. The contribution limit for 401(k), 403(b), most 457 plans, and the federal Thrift Savings Plan is increased to $22,500, up from $20,500. The catch-up […]
By ISHAAN ANAND
In Revenue Procedure 2022-38, released on October 19, 2022, the IRS issued the tax year 2023 annual inflation adjustments. It includes changes to over 60 tax provisions, many of which will be relevant to taxpayers filing their returns in 2024.
By ROB GAFFNEY
In late September 2022, the IRS released Notice 2022-44, which outlined the changes coming to the special per diem rates used by taxpayers to substantiate ordinary and necessary business travel expenses. Beginning October 1, the rates are slightly higher.
In June 2022, New Jersey Governor Phil Murphy signed the Fiscal Year 2023 Appropriations Act, also known as the State’s budget for the coming fiscal year. One highlight of the budget is the Affordable New Jersey Communities for Homeowners and Renters Property Tax Relief Program (ANCHOR). This program replaces the Homestead Benefit program and will provide relief to double the number of homeowners and also include renters, which the previous program did not.
