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21 Financial Events and Trends During 2021

Money Talk

Income Taxes- Tax filing was pushed back to May 17 and advance child tax credits were sent to income-eligible families with children from July to December. There was also late notice of tax exemption for up to $10,200 of 2020 unemployment benefits. savings bond purchases due to inflation fears, meme stock (e.g.,

Finance 363
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The Curious Case of I-Bonds: Too Good to Be True?

Money Talk

Earlier this week, as part of an annual net worth (assets minus debts) review, I checked to see the value and current interest rate being paid on my twelve I-bonds purchased between 2001 and 2006: three were paying 12.76%, three, 11.30%, and six, 7.51%.at at least for a six month period.

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Tax Court Decision Interprets Profits Interest “Safe Harbor” under IRS Rev. Proc. 93-27

Proskauer's Employee Benefits & Executive Compensa

The Tax Court’s May 3, 2023, decision in ES NPA Holding, LLC v. The Tax Court further stated that “[it does] not view Revenue Procedure 93‑27 in such a restricted manner, but rather view[s] [Revenue Procedure 93‑27] as administrative guidance on the treatment of the receipt of a partnership profits interest for services.”

Taxes 52
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Electric vehicles to pay vehicle excise duty from April 2025

Employee Benefits

According to Chancellor Jeremy Hunt, this will ensure a fairer tax contribution as the take up of electric vehicles continues to accelerate. The tax system should continue to adapt to reflect consumer behaviour. This will ensure that all motorists begin to pay a fairer tax contribution.”

Taxes 59
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NEW PODCAST – Bright Side of Benefits – Episode 01: Where are Health Benefits Headed?

Benefit Resource Inc.

Based on data from (1) Kaiser Family Foundation Annual Employer Benefits Survey 2001 – 2021 & (2) US Inflation Calculator – [link]. The average deductible for a PPO increased from around $201 in 2001 to nearly $1,700 in 2021. For the past 20 years (likely longer), premiums have been increasing. This is not news to anyone.

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HMRC publishes consultation on reporting salary advances

Employee Benefits

As it stands, Regulation 67B and Schedule A1 of the Income Tax Pay As You Earn Regulations 2003 set out requirements for reporting relevant payments, including salary advances, to HMRC, with salary advances needing to be reported on or before the date they are paid.

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STUDY: Less Negative Spillover of Paid Parental Leave than Hyped

HR Digest

The data was collected from 2001 to 2013. There are three states, California, New Jersey, and Rhode Island, which offer paid family leave and finance it through payroll taxes that pay into the states’ existing temporary disability insurance programs. The Family and Medical Leave Act gives workers 12 weeks of unpaid leave.