Money and Computing
2024 Tax Filing Season Set for January 29; IRS Continues to Make Improvements to Help Taxpayers
Here you'll find items of current interest — new programs, recent guidance or timely reminders.Tax Updates and News From the IRS: Taxpayers face a number of issues due to critical tax law changes that took place in 2022 and ongoing challenges related to the pandemic. The IRS announced a major policy change that will end unannounced visits to taxpayers by agency revenue officers to reduce public confusion and increase overall safety. The change reverses a decades-long practice by IRS Revenue Officers, the unarmed agency employees whose duties included visiting households and businesses to collect unpaid taxes. Effective immediately, the unscheduled visits will end except in a few unique circumstances. more »
Board of Governors of the Federal Reserve System Question: Design and the Gender Gap in Financial Literacy
"Results from the 2021 SHED show substantial gender differences in the responses to the financial literacy questions, consistent with prior studies. We first present results for the half of respondents who received an explicit "don't know" answer choice. A smaller share of women answered each financial literacy question correctly. While women and men were similarly likely to select an incorrect answer, women were much more likely to select "don't know." For example, 63 percent of women selected "don't know" for the diversification question – 20 percentage points higher than the share of men who did so." more »
Source: National Center for Immunization and Respiratory Diseases; CDC Continues to Track the Growth of JN.1 December 22, 2023
"JN.1 continues to increase in proportion. CDC has been tracking JN.1 for months, since it first split from its parent, BA.2.86. JN.1 is similar to BA.2.86 but has an additional mutation (L455S) in the spike protein. JN.1 continues to cause an increasing share of infections and is now the most widely circulating variant in the United States. For the two weeks ending on December 23, 2023, JN.1 is expected to account for 39-50% of all SARS-CoV-2 variants. That’s an increase from the projected prevalence two weeks ago of 15-29%. We’re also seeing an increasing share of infections caused by JN.1 in travelers, wastewater, and most regions around the globe. Help reduce the spread of COVID-19. Improving your indoor air is one of the best ways to prevent spread. This can be as simple as using a portable air cleaner or opening windows (for those with pleasant winter weather). And if your home thermostat offers a FAN option, turn it from AUTO to ON when you have visitors to keep air running continuously. Learn more about other ways to help reduce spread, including testing for COVID-19, wearing masks, and increasing space and distancing."
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IRS Reminds Those Aged 73 and Older to Make Required Withdrawals From IRAs and Retirement Plans by Dec. 31
Required minimum distributions, or RMDs, are amounts that many retirement plan and IRA account owners must withdraw each year. RMDs are taxable income and may be subject to penalties if not timely taken. For individuals born before 1951, RMDs from IRAs and retirement plans should, for the most part, already have begun and are required for 2023. New for 2023: The Secure 2.0 Act raised the age that account owners must begin taking RMDs. For 2023, the age at which account owners must start taking required minimum distributions goes up from age 72 to age 73, so individuals born in 1951 must receive their first required minimum distribution by April 1, 2025. more »