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☆ Boston pizzeria owner gets 8.5 years in prison for forced labor of undocumented workers
▼ + stars: | 2024-10-29 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +4 min

The owner of a Boston area pizza chain who forced undocumented victims to work for him in grueling conditions, and under violent physical abuse and threats of deportation, has been sentenced to over eight years in prison. He was convicted in a jury trial on three counts of forced labor and three counts of attempted forced labor in June. The sentencing of Papantoniadis marks just the latest in a string of complaints over labor practices at his businesses. In 2019, the business owners were ordered to pay more than $300,000 in back wages, according to NBC Boston. The Massachusetts Attorney General’s Office said it received three complaints since 2019 against Stash’s Pizza, similarly over wage and hour violations.

Persons: Stavros Papantoniadis, “ Papantoniadis, “, Papantoniadis, ” Papantoniadis, Carmine Lepore, ” Lepore, Joshua S, Levy, ” Levy, Stash’s Pizza, Stavros “ Steve ” Papantoniadis, Polyxeny “ Paulina ” Papantoniadis Organizations: U.S, Attorneys, District, NBC, United, NBC Boston, U.S . Department of Labor, Stash’s, Co, Weymouth Pizza Co, General’s Locations: Boston, pizzerias, Dorchester, Roslindale, Massachusetts, Norwood, United States, Norwell, Randolph, Weymouth, Wareham

☆ For retirees, here's what to do with required withdrawals when you don't need the money
▼ + stars: | 2024-10-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Skynesher | E+ | Getty ImagesFor some retirees, the deadline to take required withdrawals from retirement accounts is approaching — and those who don't need the money have options, experts say. Since 2023, most retirees must take required minimum distributions, or RMDs, from pre-tax retirement accounts starting at age 73. Brokerage assets could be subject to capital gains taxes, whereas pre-tax retirement funds incur regular income taxes. Unlike mutual funds, most ETFs don't distribute capital gains payouts, which can save brokerage account investors on annual taxes. There's no charitable deduction, but QCDs don't count toward adjusted gross income, meaning retirees don't need to itemize tax breaks to claim it.

Persons: Judy Brown, you'll, Berkemeyer, You'll, Karen Van Voorhis, Daniel J, Galli, QCDs, It's Organizations: SC, H, D.C, Abrin, Goodman Financial, Galli & Associates, Galli & Locations: Washington, Baltimore, Houston, Norwell , Massachusetts

☆ Your 401(k) could have these hidden risks, experts say. Here’s what employees need to know
▼ + stars: | 2023-09-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

mapodile / GettyAfter several interest rate hikes from the Federal Reserve, many have braced for stock market volatility in their 401(k) plans. But experts say some plans could face another risk: employer bankruptcy. The risks of guaranteed interest accountswatch nowGalli said there's also a hidden risk with "guaranteed interest accounts," a common 401(k) asset that provides interest for a set amount of time. When a 401(k) plan shuts down, employees may see "adjustments" to their guaranteed interest accounts, which reduce the assets' value. Consider rolling over old 401(k) accounts

Persons: Dan Galli, Daniel J, Galli, Ashton Lawrence, there's Organizations: Getty, Federal Reserve, Galli & Associates, Ashton, Mariner Wealth Advisors Locations: Norwell , Massachusetts, Greenville , South Carolina

☆ IRS delays change for 401(k) catch-up contributions. Here's what higher earners need to know
▼ + stars: | 2023-08-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Terry Vine | Getty ImagesHigher earners who maximize retirement savings now have more time for pretax catch-up 401(k) contributions, thanks to new IRS guidance. Currently, "catch-up contributions" allow savers 50 and older to funnel an extra $7,500 into 401(k) plans and other retirement plans beyond the $22,500 employee deferral limit for 2023. But the IRS on Friday announced a two-year delay for the change, meaning savers can still make pretax catch-up contributions through 2025, regardless of income. "The administrative transition period will help taxpayers transition smoothly to the new Roth catch-up requirement," the IRS said in a statement. Some 16% of eligible employees took advantage of catch-up contributions in 2022, according to a recent Vanguard report based on roughly 1,700 retirement plans.

Persons: Terry Vine, Roth, Dan Galli, Daniel J, Galli, Diann Howland Organizations: IRS, Galli & Associates, Associates, American, Council Locations: , Massachusetts

If you're 50 or older, you can funnel extra money into your 401(k), known as "catch-up contributions." But starting in 2024, higher earners can only make 401(k) catch-up contributions to after-tax Roth accounts, which don't provide an upfront tax break but the funds can grow levy-free. Fund pretax catch-up contributions for 2023Guarino urges higher earners to fund pretax catch-up contributions in 2023 while they still can because it provides a bigger tax break. Change provides tax diversificationWhile some higher earners will lose a tax break, the catch-up contribution change is "not necessarily a bad thing," according to Dan Galli, a CFP and owner at Daniel J. Galli & Associates in Norwell, Massachusetts. Preparing for the catch-up contribution change

Persons: Peter Cade, deferrals, Roth, Jim Guarino, Baker Newman Noyes, Guarino, they've, Dan Galli, Daniel J, Galli, John Loyd Organizations: Getty, Galli & Associates Locations: Woburn , Massachusetts, Norwell , Massachusetts, Fort Worth , Texas

"We've got this window of low taxes here," said certified financial planner Dan Galli, owner at Daniel J. Galli & Associates in Norwell, Massachusetts. Former President Donald Trump's signature tax overhaul temporarily shifted individual income tax brackets by reducing the rates and applicable income levels. "It's a fascinating time to look at how you want to blend or sequence your income in retirement," Galli added. If you're 59½ or older, you can start taking withdrawals from pre-tax retirement plans without incurring a penalty. While you'll still owe regular income taxes, those rates may be lower through 2025, he said.

☆ Here's how after-tax 401(k) contributions can help with those big retirement savings goals for 2023
▼ + stars: | 2023-02-28 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Morsa Images | E+ | Getty ImagesThe difference between after-tax and Roth accountsAfter-tax 401(k) contributions are different than Roth 401(k) savings. For 2023, if you're under 50, you can defer up to $22,500 of your salary into your plan's regular pretax or Roth 401(k) account. The percentage of plans offering a Roth 401(k) saving option has surged over the past decade. watch nowHowever, some plans offer additional after-tax contributions to your traditional 401(k), which allows you to save more than the $22,500 cap. In 2021, roughly 21% of company plans offered after-tax 401(k) contributions, compared to about 20% of plans in 2020, the survey found.

☆ Ana Walshe disappearance: Key moments in the search for the Massachusetts mother
▼ + stars: | 2023-01-12 | by ( Julianne Mcshane | ) www.nbcnews.com time to read: +9 min

Her husband, Brian Walshe, 47, was arrested and accused of misleading officials and lying about his whereabouts on Jan. 1 and 2. “Our hearts go out to her family and especially to her young children, who deserve to be reunited with their mother.”Key moments in the case:39-year-old Ana Walshe. via Cohasset PoliceJan. 1: Ana Walshe reportedly headed to airportCohasset police say Ana Walshe was at her home on Chief Justice Cushing Highway shortly after midnight before she allegedly took a ride share to Boston’s Logan Airport for a flight to Washington, D.C., to attend to a work emergency. Jan. 5: Search for Ana Walshe goes publicPolice announced their search for Ana Walshe, urging the public to contact them if they have any information on her whereabouts. The testing of the unspecified items will "determine if they are of evidentiary value" in Ana Walshe's disappearance, the DA's office said.

☆ There’s still time to reduce your 2022 tax bill with these last-minute moves
▼ + stars: | 2022-12-20 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

Getty ImagesThere's still time to reduce your 2022 tax bill or boost your refund, but the last chance for certain strategies is fast approaching, according to financial experts. And the deadline for many tax-slashing moves is Dec. 31, leaving limited time amid the busy holiday season. After reducing your 2022 investment gains, you can use additional losses to lower regular income by $3,000 and carry the remaining losses forward to future tax years. watch nowOf course, you'll want to know how the conversion affects your 2022 taxes because more adjusted gross income may trigger higher Medicare premiums, among other tax consequences. For 2022, the standard deduction is $12,950 for individuals and $25,900 for married couples filing together.

☆ There's still time for big savers to use 'after-tax contributions' to funnel more into 401(k) plans for 2022
▼ + stars: | 2022-10-24 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

BartekSzewczyk | GettyAfter-tax versus Roth accountsAfter-tax contributions are different than Roth 401(k) plans. For 2022, if you're under 50, you can defer up to $20,500 of your salary into your plan's regular pretax or Roth 401(k) account. The percentage of plans offering a Roth 401(k) saving option has surged over the past decade. watch nowHowever, some plans offer additional after-tax contributions to your traditional 401(k), which allows you to save more than the $20,500 cap. In 2021, roughly 21% of company plans offered after-tax 401(k) contributions, compared to about 20% of plans in 2020, the survey found.

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