Income Calculations

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The Social Security Administration began issuing retroactive lump sum payments in March and increasing monthly payments in April for some public-sector retirees.

Some owners may have mistakenly included all flex card benefits as income, possibly leading to income certifications that may have exceeded the maximum income limit.

COLA increase set at 2.5%.

You’ll use the new figures when calculating household income in 2025.

HUD recently released its annual inflationary adjustments for 2025, impacting the determination of income and assets under the Housing Opportunity Through Modernization Act (HOTMA). The bulk of the legislation deals with reforms to HUD’s Section 8 Housing Choice Voucher program, but it also affects the LIHTC program because LIHTC site owners must use Secti...

You must implement the new limits no later than May 16, 2024.

The IRS recently issued Notice 24-08, which contains the 2024 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

With the recent notice, the 2024 business standard mileage rate is increasing to 67 cents, up 1.5 cents from 2023. In addition to the rate per mile driven for business use, the IRS also announced the standard mileage rate for 2024 will be:

The upcoming increase is below adjustments for the previous two years.

This year’s limits must be implemented no later than June 29, 2023.