As we embark on a new year, here’s a reminder of the significant changes to retirement plan contribution limits and related adjustments for the tax year 2025 announced by the Internal Revenue Service (IRS). These updates affect a wide array of retirement accounts, including 401(k) plans, 403(b) plans, governmental 457 plans, the federal government’s Thrift Savings Plan (TSP), Individual Retirement Accounts (IRAs), and SIMPLE plans. The changes bring important implications for employees, employers (including government and not-for-profit organizations), and those involved in plan administration, accounting, and financial reporting. Continue reading to learn about these updates and their impact on you and your organization.
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As we enter 2025, small business owners are finding a silver lining amidst challenges. The latest JPMorgan Chase’s 2025 Business Leaders Outlook Survey reveals a wave of optimism sweeping through the sector. More than 70% of small business owners express confidence, feeling “optimistic” or “very optimistic” about both their industry’s and their company’s performance in the coming year. Notably, diverse business owners are showing greater optimism about the economic landscape at local, national, and global levels.
The IRS has announced Jan. 27 as the official start date of the 2025 tax season and expects more than 140 million tax returns to be filed by the April 15 tax deadline.
Gridmaster Solar One, founded by industry veteran Michael Henry who is also the company’s CEO, has achieved a historic milestone as the first Black-owned solar franchise globally. With 45 franchises already on board, the company is on a mission to expand to 2000, redefining renewable energy solutions across diverse sectors.
Gina Merritt, an African American woman affordable housing developer from Washington, DC, is shaking up the real estate industry while already having raised $310 million since 2021. Her firm, NREUV, leads innovative projects across the U.S., creating 1,200 housing units with amenities and a focus on community needs.
Blu Jean Louis, the founder and CEO of Empire Tax Services, a Black-owned financial services company, is expanding her reach and impact with the opening of her company’s first physical office in downtown Kokomo, Indiana. Located at 106 W. Mulberry Street, this milestone marks the company’s evolution from a virtual business to a community-focused hub offering essential financial services and support. Despite this exciting new chapter, her company will continue to accept virtual clients nationwide, maintaining the accessibility and flexibility that have been key to its success.
Change is an inevitable part of growth, both personally and professionally. Embracing change enables us to adapt, innovate, and improve. It can initially feel uncomfortable, but it often brings valuable opportunities to learn and evolve. As we face transitions, let’s approach them with an open mind, focusing on how we can leverage new circumstances for positive outcomes.
Rising premiums and insurer withdrawals are creating a financial disaster that threatens national property values and economic stability.
Bank of America today announced a new solution to help parents support their children as they begin their financial journeys. SafeBalance Banking® for Family Banking is a bank account that offers parents the tools and resources they need to help their children practice healthy financial habits and learn to manage their money through a convenient, secure digital experience.
The Young Women’s Financial Wellness Forum event in the New York Stock Exchange’s Freedom Hall on December 11th will celebrate Harriet Tubman, well timed with the holiday season and the final month to purchase the limited-edition Harriet Tubman Commemorative Coins. Hosted by Seneca Women, a global women’s leadership platform, in partnership with the National Underground Railroad Freedom Center, the event promotes financial literacy and wellness for young women. Together, they will reflect on Harriet Tubman’s legacy and relevance today and the significance of the coin related to leadership and financial education.