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116-136.) Likewise, gross income does not include any amount arising from the forgiveness of Second Draw PPP loans, effective December 27, 2020. Gross income doesn’t include any amount arising from the forgiveness of a Paycheck Protection Program (PPP) loan, effective for taxable years ending after March 27, 2020. Paycheck Protection Program loan forgiveness. These incentives may not exceed $250 in value, and, in general, are includible in employees’ income.

Section 113 of the SECURE 2.0 Act of 2022 provided that employers can offer their employees de minimis financial incentives to make elective deferrals. Section 604 of the SECURE 2.0 Act of 2022 permits certain nonelective contributions and matching contributions that are made after December 29, 2022, to be designated as Roth contributions.ĭe minimis financial incentives.

Section 601 of the SECURE 2.0 Act of 2022 provided that your employer may provide for contributions to a Roth IRA under a SEP or SIMPLE IRA plan.ĭesignated Roth nonelective contributions and designated Roth matching contributions. Taxpayers may continue to deduct 50% of the cost of business meals if the taxpayer (or an employee of the taxpayer) is present and the food or beverages aren’t considered lavish or extravagant.Ĭontributions to simplified employee pension plan (SEP) and savings incentive match plan for employees (SIMPLE) Roth IRAs.

The temporary allowance of a 100% business meal deduction for food or beverages provided by a restaurant and paid or incurred after December 31, 2020, and before January 1, 2023, has expired. Temporary allowance of 100% business meal deduction has expired. For tax years beginning in 2023, the dollar limitation under section 125(i) on voluntary employee salary reductions for contributions to health FSAs is $3,050. Health flexible spending arrangements (health FSAs) under cafeteria plans. If you participate in a 401(k), 403(b), or the federal government's Thrift Savings Plan (TSP), the total annual amount you can contribute is increased to $22,500 ($30,000 if age 50 or older). Deferred compensation contribution limit increased.

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