On October 18, 2022, the IRS announced tax year 2023 adjustments for tax returns filed in 2024.
IRS Increases 401(k) Limit to $22,500 for 2023
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.
IRS Allows Taxpayers to Opt Out of Facial Recognition
This originally appeared on IRS.gov. The IRS announced today that a new option in the agency’s authentication system is now available for taxpayers to sign up for IRS online accounts …
Maryland Joins 3 Other States to Petition Over the SALT Cap
Four states have petitioned the U.S. Supreme Court to take up the issue of federalism as it applies to the federal cap on state and local tax (SALT) deductions. In …
Gov. Hogan Introduces More Tax Relief for Individuals and Businesses
On January 19, Maryland Gov. Larry Hogan presented a $58.2 billion budget proposal based on an unprecedented level of surpluses and revenue growth for the state. The plan proposes generous …
More States Adopt the Pass-Through Entity (SALT Cap Workaround)
With the passage of the 2017 Tax Cuts and Jobs Act (TCJA), many higher earners were hit with a rude surprise. The TCJA placed a $10,000 cap on allowable state …
