In December 2022, Congress passed the SECURE 2.0 Act. It introduced two new rules relating to 529 plans and student debt that will take effect in 2024. The first provision allows for tax- and penalty-free rollovers from a 529 plan to a Roth IRA. The second provision allows student loan payments made by employees to […]
Read MoreUpdates
The Markets (as of market close May 19, 2023)
Most of last week, investors seemed to react to negotiations concerning the debt ceiling. Despite a lackluster ending to the week, stocks closed generally higher. Tech shares climbed nearly 4.0%, while consumer discretionary stocks also posted gains. Overall, each of the benchmark indexes listed here ended last week higher, led by the Nasdaq, followed by […]
Read MoreNew Clean Vehicle Tax Credit Guidance Issued
Starting in 2023, a personal or general business tax credit of up to $7,500 is available for the purchase of new clean vehicles meeting certain requirements (including electric, plug-in hybrid, and fuel cell vehicles). A credit of $3,750 is available if a critical minerals requirement is met, and a credit of $3,750 is available if […]
Read MoreThe Markets (as of market close May 12, 2023)
Stocks trended lower last week, with only the Nasdaq able to eke out a gain. Investors remained pensive as they await negotiations on the debt ceiling. With roughly 92% of the S&P 500 companies having reported first-quarter earnings thus far, results appear headed down 2.5% from last year. This follows a 4.6% drop in fourth-quarter […]
Read MoreFostering Growth at The Trust Company of Kansas
The Trust Company of Kansas (TCK) is pleased to announce the addition of four individuals to its team. Rebecca Burch – Trust AdministratorRebecca joined The Trust Company of Kansas Wichita office on February 16, 2023. Her background includes administrative experience in both RIA and bankruptcy trustee/attorney offices. She will be a great addition to our […]
Read MoreWhat You Should Know About the Federal Reserve’s New Instant Payments System
The use of mobile payment apps and person-to-person (P2P) payments are more popular than ever, giving businesses and consumers the ability to send and receive money instantly. According to a recent study, the share of P2P payments made with mobile apps nearly doubled in one year, increasing from 15% in 2020 to 29% in 2021.1 In […]
Read MoreThe Markets (as of market close May 5, 2023)
Stocks closed last week generally lower, with only the Nasdaq eking out a minimal gain. A rally last Friday wasn’t enough to recoup losses experienced during the week. Investors had quite a bit to digest over the past week. The Federal Reserve hiked the federal funds rate 25 basis points and gave no clear indication […]
Read MoreRescuing America’s Safety Net
A March 2023 survey found that more than 90% of Americans worry about the Social Security program, and about half of those said they worry a great deal.1 A separate survey the same month found that more than 80% of Americans worry Medicare will not be able to provide the same level of benefits in the […]
Read MoreThe Markets (as of market close April 28, 2023)
Stocks ended the week higher as strong corporate earnings data helped offset worries of another round of interest rate hikes, following the Federal Reserve’s meeting this week. Each of the benchmark indexes listed here posted weekly gains, with the exception of the Russell 2000. Ten-year Treasury yields slipped on rising bond prices. Crude oil prices […]
Read MoreSECURE 2.0 Helps Small Employers Help Their Employees
Approximately 78% of people who work for companies with fewer than 10 employees and about 65% of those who work for companies with 10 to 24 employees do not have access to a retirement plan at work.1 That’s unfortunate, because workers with a retirement plan are far more likely to save for retirement than those without […]
Read More