News & Articles
Recent updates and the latest guidance for the Financial Planning Profession
By the Numbers: The 2023 Indexed Retirement and Social Security Numbers
Society of Financial Service Professionals | March 03, 2023By the Numbers: The 2023 Indexed Retirement and Social Security Numbersby Kenn Beam Tacchino, JD, LLMABSTRACTWe present the 2023 indexed retirement and Social Security numbers in an easy-to-read table. Feel free to photocopy this table and keep it handy. RETIREMENT PLAN NUMBERS 2022 2023 Sec. 415 Limit for Defined-Benefit Plans Sec. 415(b)(1)(A) Maximum yearly benefit......
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Secure 2.0 Act Overview
Society of Financial Service Professionals | February 23, 2023SECURE 2.0 Act of 2022 was enacted as part of the 2023 Consolidated Appropriations Act, which was signed into law on December 29, 2022. It is the culmination of a multiyear bipartisan effort to follow up on the 2019 SECURE Act. Retirement planning expert Jamie Hopkins, a managing partner at the Carson Group, provides a......
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IRS Announces Depreciation Deductions for Automobiles
Society of Financial Service Professionals | February 23, 202326 CFR 601.105: Examination of returns and claims for refund, credit, or abatement; determination of correct tax liability.(Also Part I, §§ 280F; 1.280F-7.)SECTION 1. PURPOSEThis revenue procedure provides: (1) two tables of limitations on depreciation deductions for owners of passenger automobiles placed in service by the taxpayer during calendar year 2023; and (2) a table of......
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The Tax Return and Correspondence Backlogs at the IRS
Society of Financial Service Professionals | February 21, 2023The IRS has faced exceptional backlogs of paper tax returns and correspondence awaiting processing since the onset of the COVID-19 pandemic (Figure 1). Paper returns include roughly 8% of individual tax returns, as well as many amended individual tax returns and business returns.Figure 1. Return Backlogs at the End of Recent Tax Filing SeasonsSource: Taxpayer......
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Unemployment Insurance and “Millionaires”: Recent Data and Policy Considerations
Society of Financial Service Professionals | February 21, 2023Under the federal-state Unemployment Insurance (UI) system, unemployed workers—including high-income workers—who meet program requirements are eligible to receive UI benefits. States, which determine many of the eligibility requirements for UI benefits, may not restrict eligibility based on individual or household income. The now-expired enhanced UI benefits created by Congress in response to the COVID-19 pandemic......
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2023 Standard Mileage Rates
Society of Financial Service Professionals | February 21, 2023This notice provides the optional 2023 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. This notice also provides the amount taxpayers must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the......
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Long-Term Care Insurance: Overview
Society of Financial Service Professionals | February 07, 2023Long-term care insurance (LTCI) is a type of insurance policy designed to cover the future costs of care associated with a chronic condition or disability that requires extended or long-term care. Long-term care, often referred to as long- term services and supports (LTSS), provides hands-on assistance or supervision to individuals who have functional or cognitive......
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Introduction to Financial Services: Insurance
Society of Financial Service Professionals | February 07, 2023This In Focus provides a summary of the insurance market and regulatory system in the United States.Market StructureInsurance companies constitute a major segment of the U.S. financial services industry. The insurance industry is often separated into two parts: life and health insurance, which also includes annuity products; and property and casualty insurance, which includes most......
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A Snapshot of Federal Student Loan Debt
Society of Financial Service Professionals | February 07, 2023After years of increasing, growth in counts of federal student loan borrowers, average annual amounts borrowed, and average cumulative debt owed appears to be moderating somewhat. Overall, though, more student loan dollars continue to be disbursed than are repaid, resulting in an expanding federal student loan portfolio. Nearly 43 million individuals—one in six adult Americans—have......
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Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property
Society of Financial Service Professionals | February 07, 2023Rev. Rul. 2023-3, 2023-6 IRB 1 (17 January 2023)Section 1274. — Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property(Also Sections 42, 280G, 382, 467, 468, 482, 483, 1288, 7520, 7872.)This revenue ruling provides various prescribed rates for federal income tax purposes for February 2023 (the current month). Table 1 contains the short-term, mid-term, and long-term applicable federal rates (AFR)......
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