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Appeals Court Affirms That CalSavers IRA Savings Program Is Not Preempted by ERISA

ThomsonReuters

A federal appeals court has affirmed that the CalSavers Retirement Savings Program, a state-run IRA savings program for employees without access to employer-provided retirement benefits, is not preempted by ERISA. Employers are not subject to CalSavers, however, if they provide an employer-sponsored retirement plan (e.g.,

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Year-End Reminders For Chicago Small Business Owners

Nancy McClelland, LLC

Illinois Department of Human Rights Sexual Harassment Training For the record, this one is state-mandated, not just city-wide. The program facilitates saving for retirement — but is still limited to the IRS’s annual $6000 cap ($1k higher for those 50 and up), increasing to $6,500 in 2023.

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Top tax season client questions

ThomsonReuters

There are new tax laws and changes that could affect your business’s year-end tax planning, including the SECURE 2.0 Act, which made some major changes to employee and employer retirement plans that take effect in 2023. Tax Planning and Advisory Guide—Health Care Reform—premium tax credit expansion) The SECURE 2.0

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A Run Through of the Payroll-Related Provisions of the Latest COVID-19 Law

ThomsonReuters

The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021. The editors of the Thomson Reuters Checkpoint payroll news team feel it would not be too bold to write that 2020 has been a challenging one. Extension of Certain Deferred Payroll Taxes.

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