The IRS published the 2025 limits for several types of benefits that have maximums subject to annual change. You can find the full list of the new amounts in the IRS Revenue Procedure 2024-40. The most commonly asked about limits are below and are applicable to taxable...
The first step in this process is to analyze the type and tax status of your retirement savings. For this purpose, divide your accounts into three categories: Taxed Later: Traditional IRAs, 403(b), and 401(k)s are types of savings accounts that give you a tax deduction at...
It may be important for victims of a disaster to reconstruct their tax and financial records to help prove and document their losses so they can get federal assistance or insurance reimbursement. Below are some tips to help people reconstruct important records they may need...
Crowdfunding contributions may be includible in the gross income of the person receiving them depending on the facts and circumstances. The crowdfunding website or its payment processor may be required to report distributions of money raised if the amount distributed meets certain reporting thresholds. Here are...
WASHINGTON — The Internal Revenue Service announced that the agency is opening a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the Employee Retention Credit. Third-party payers report and pay clients’ federal employment taxes under the third-party payer’s Employer Identification...
On September 6, 2024, the IRS announced, in Revenue Procedure 2024-35, that the Affordable Care Act (ACA) affordability threshold will be 9.02%, increased from 8.39% in 2024, for plan years beginning in calendar year 2025 (after December 31, 2024). Under the ACA’s employer shared responsibility provision (play...
The Secure 2.0 Act allows for features in employer retirement plans to encourage their use. The changes are designed to encourage employees to contribute to 401(k) or 403(b) plans, allowing you to offer small financial incentives to employees. If employers use a little financial motivation, it’s...
Fringe benefits may be available to everyone in the company or may be used as incentives for meeting certain goals. They may be paid or given in the form of an achievement award. They are always considered compensation for services beyond employees’ normal rates of...
The clock is ticking for small businesses considering a Safe Harbor 401(k) plan. But there’s still time to start in 2024. If you’re considering enhancing your company’s retirement benefits, a Safe Harbor 401(k) plan is an excellent option. These plans offer a range of administrative,...
WASHINGTON — In the wake of the devastating hurricanes that have ravaged Florida and the Southeast in recent weeks, the Internal Revenue Service reassured hurricane victims that it stands ready to provide the tax-related assistance they need to recover from these storms. IRS.gov has a variety...