On January 19, 2023, the outstanding debt of the U.S. government reached its statutory limit, commonly called the debt ceiling. The current limit was set by Congress at about $31.4 trillion in December 2021.1 On the day the limit was reached, Treasury Secretary Janet Yellen instituted well-established “extraordinary measures” to allow necessary borrowing for a […]
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REAL ID Deadline Extended Again
After years of numerous delays, the U.S. Department of Homeland Security has once again extended the REAL ID enforcement deadline from May 3, 2023, until May 7, 2025. 1 What is a REAL ID? A REAL ID is a type of enhanced identification card. The REAL ID Act, passed by Congress in 2005, set minimum security […]
Read MoreFive Ways SECURE 2.0 Changes the Required Minimum Distribution Rules
The SECURE 2.0 legislation included in the $1.7 trillion appropriations bill passed late last year builds on changes established by the original Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) enacted in 2019. SECURE 2.0 includes significant changes to the rules that apply to required minimum distributions from IRAs and employer retirement plans. […]
Read MoreThe Future is Bright for The Trust Company of Kansas
The Trust Company of Kansas (TCK) is pleased to announce several well-deserved promotions. Matthew Broderick – Assistant Vice President & Trust OfficerMatthew Broderick has been promoted to Assistant Vice President & Trust Officer at The Trust Company of Kansas. Over the last two years, Matthew has done an exceptional job working to expand his industry […]
Read MoreFederal Tax Filing Season Has Started
The IRS announced that the starting date for when it would accept and process 2022 tax-year returns was Monday, January 23, 2023. Tips for making filing easier To speed refunds and help with tax filing, the IRS suggests the following: Key filing dates Here are several important dates to keep in mind: Awaiting processing of […]
Read MoreIRS Releases Standard Mileage Rates for 2023
Due to recent increases in the price of fuel, the IRS has increased the optional standard mileage rates for computing the deductible costs of operating an automobile for business purposes for 2023. However, the standard mileage rates for medical and moving expense purposes remain the same for 2023. The standard mileage rate for computing the […]
Read MoreIs the Yield Curve Signaling a Recession?
Long-term bonds generally provide higher yields than short-term bonds, because investors demand higher returns to compensate for the risk of lending money over a longer period. Occasionally, however, this relationship flips, and investors are willing to accept lower yields in return for the relative safety of longer-term bonds. This is called a yield curve inversion, because a […]
Read MoreRetirement Investors Get Another Boost from Washington
Amid the 1,650-page, $1.7 trillion omnibus spending legislation passed by Congress last week and expected to be signed by President Biden were several provisions affecting work-sponsored retirement plans and, to a lesser degree, IRAs. Dubbed the SECURE 2.0 Act of 2022 after the similarly sweeping Setting Every Community Up for Retirement Enhancement Act passed in […]
Read MoreTis the Season for Tax-Friendly Giving Strategies
You may donate money to charitable organizations throughout the year, for no other reason than your heart-felt desire to support causes that you care about. But if philanthropy is important to you, keep in mind that the associated tax breaks could potentially increase your ability to give. You might consider a more strategic approach to […]
Read MoreStudent Loan Repayment Delayed Again to Future Date in 2023
The Biden administration has announced another extension for repayment of federal student loans to an unspecified date in 2023 due to legal challenges that have blocked implementation of the student loan debt relief program. The previous payment moratorium was set to expire on December 31, 2022. Under the new extension, student loan payments will resume […]
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