Marsh, Terry & Associates

01/08/2025

Highlights of changes for 2025

The annual contribution limit for employees who participate in 401(k), 403(b), governmental 457 plans, and the federal government’s Thrift Savings Plan is increased to $23,500, up from $23,000.

The limit on annual contributions to an IRA remains $7,000.

For more details, visit the link below.

IR-2024-285, Nov. 1, 2024 — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.

11/21/2024

Federal Court in Texas Strikes Down U.S. Department of Labor Rule Increasing Minimum Salary Levels for White Collar (Overtime Exempt) Workers

07/08/2024

We are hiring! Looking for a new member of our team with experience in payroll, bookkeeping, and/or tax preparation. If you know of anyone interested in applying - please have them apply online at Indeed.

https://www.indeed.com/job/accounting-assistant-5cc1c8c57958d12a?_gl=1*1nf0zfx*_gcl_au*MTI5NDc1OTQ4MC4xNzIwNDQ1ODM2*_ga*MTMwNDA4MDAwNy4xNzA4MTA3MTY0*_ga_5KTMMETCF4*MTcyMDQ0NTgzNi4xNC4xLjE3MjA0NDgyNTYuNjAuMC4w*_fplc*QkhQS1VLTHA4WnB6UTk4YXN1SFA5cFhhemdLdDJiREk2JTJGaDVoVUxLR1J0MldEVnliWEt5bDVlM0xSeUtjWFpaVmgwcGhMcDVoVjM0UkFTdmZPVEM0d0ROVlNXeHdVelZjbUd6OGRhTE82RmtiSzNTWlAwcXpqaTVQVkE4cGclM0QlM0Q.

06/13/2024

Reminder - the second quarter estimated payment is due on or before June 17, 2024.

01/06/2024

Reminder - the fourth quarter estimated payment is due on or before January 16, 2024.

03/09/2023

Indianas new law for pass through entities was signed by the Governor on 2/22/23 and may have a significant tax benefit for S Corps and Partnerships. Read more about it below.

Indiana has joined 30 other states with a pass-through entity tax (PET) regime in response to the limited state and local tax deduction on individuals’ federal income tax returns. By making the PET regime election, the Indiana income tax expense is moved to the entity level where there is no $10,0...

02/20/2023

Check out this link!

The IRS issued some guidance on state tax payments.

IR-2023-23, Feb. 10, 2023 — The IRS provided details today clarifying the federal tax status involving special payments made by 21 states in 2022.

12/31/2022

IRS issues standard mileage rates for 2023; business use increases 3 cents per mile

IR-2022-234, December 29, 2022 — The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

12/29/2022

IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K

IR-2022-226, December 23, 2022 — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

11/14/2022

Check out this article on Indiana farmland values and how they continue to rise.

The latest data from the Seventh Federal Reserve District in Chicago shows the value of good quality Indiana farmland continues to skyrocket, climbing 29% year over year.

11/04/2022

The combination of high inflation and high market valuations could require revisions to the retirement rule-of-thumb.