The Social Security Administration (SSA) recently announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 8.7 percent in 2023.
One of the biggest challenges for owners and managers when it comes to calculating rent for HUD-assisted sites is determining the appropriate medical deduction for eligible households. Every household spends some of its income on health-related expenses, but not all households and not all...
As of July 1, the standard mileage rate used to deduct eligible business trips in a vehicle on tax returns increased by 4 cents, to 62.5 cents per mile. And the new rate for mileage to and from medical treatment for residents is 22 cents. These new rates apply to trips during the second half of...
On April 18, HUD issued the fiscal year 2022 income limits that determine eligibility for various HUD-assisted housing programs including the Public Housing, Section 8 Project-Based, Section 8 Housing Choice Voucher, Section 202 Housing for the Elderly, and Section 811 Housing for Persons with...
On Dec. 17, 2021, the IRS issued Notice 22-03, which contains the 2022 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. The agency said it rates the standard mileage for business use based on an annual...
On Oct. 13, the Social Security Administration (SSA) announced that the Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022. This is the largest increase in 40 years.
HUD’s Office of Multifamily Housing Programs recently issued guidance regarding the treatment of unemployment benefits under the 2021 Consolidated Appropriations Act and the monthly child tax credit under the American Rescue Plan of 2021 (ARPA).
HUD’s Office of Public and Indian Housing (PIH) and HUD’s Office of Community Planning and Development (CPD) recently clarified that public housing agencies (PHAs) and the Housing Opportunities for Persons with AIDS (HOPWA) program will exclude the $400 per week unemployment benefit...
The Social Security Administration recently announced that the Social Security and Supplemental Security Income (SSI) benefits will increase 1.3 percent in 2021. The 1.3 percent cost-of-living adjustment (COLA) will begin with benefits payable to more than 64 million Social Security...
Since the Coronavirus Aid, Relief, and Economic Security (CARES) Act was enacted in March, millions of unemployed workers have claimed unemployment benefits that were more generous than they normally would’ve received, including those who would’ve received no benefits at all. The...
Senior citizens who apply to or already live at your site may have income from certain types of retirement plans. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for a temporary waiver of required minimum distributions (RMDs) that would otherwise be payable in 2020 for...
Recently, the Federal Reserve Bank cut its benchmark federal funds rate by 1 percent in an effort to stimulate the economy as it takes a major hit from the coronavirus pandemic. The decrease was the central bank’s second emergency rate cut in a month.
