IRS Announces 401(k) Limit Increases to $20,500

The IRS has recently announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020.  Also, the IRS issued [in Notice 2021-61] guidance on all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022.

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Good News for Crypto – Gas Fees Have Tax Benefits

If you’re anything like me, you’re feeling the FOMO (fear of missing out) when you hear that someone just turned $40 into $20,000 investing in some obscure cryptocurrency.  Although we always advise all of our clients to make sure they do their due diligence, sometimes we abandon sensible fundamentals in order to seek out remunerative gains on a speculative meme-coin.  I’m guilty of it.  However, by doing so, I’ve learned some lessons that will be helpful to others.  Gas prices are on the rise, and I don’t just mean for your car.

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Monthly Child Tax Credit Payments

The first batch of advance monthly payments were issued by the IRS on July 15, 2021. Under the American Rescue Plan, each payment is up to $300 per month for each child under age 6 and up to $250 per month for each child ages 6 through 17. Normally, anyone who receives a payment this month will also receive a payment each month for the rest of 2021 unless they unenroll. Besides the July 15 payment, payment dates are: Aug. 13, Sept. 15, Oct. 15, Nov. 15 and Dec. 15.

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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