This fact sheet provides answers to frequently asked questions (FAQs) related to educational assistance programs under section 127 of the Internal Revenue Code (Code) (a section 127 educational assistance program). These FAQs are being issued to provide general information to taxpayers and tax professionals as expeditiously...
A pooled employer plan is a defined contribution plan, like a 401(k), that multiple employers can participate in. A PEP outsources many fiduciary responsibilities along with plan management and administrative functions to a third-party pooled plan provider. PEPs were introduced via the SECURE Act of 2019....
The Internal Revenue Service reminds businesses that starting in tax year 2023 changes under the SECURE 2.0 Act may affect the amounts they need to report on their Forms W-2. The SECURE 2.0 Act allows for additional features in various employer retirement plans to encourage use...
Taxpayers and tax professionals should remain alert and aware of these common tax scams, schemes and cons to avoid losing money, personal information or client data. Social media: Fraudulent form filing and bad advice Social media can circulate inaccurate or misleading tax information, and the IRS...
The IRS reminds taxpayers that IRS.gov has resources and tools to help small businesses understand and meet their tax responsibilities. Bookmark these webpages Small Business and Self-Employed Tax Center: Resources for small businesses with assets under $10 million and for taxpayers who file these forms: Form...
Just as you allocate assets to a combination of stocks, bonds, cash, and other investments, you may want to consider allocating retirement assets among tax-deferred, tax-free, and taxable accounts for a potentially greater retirement income. FIRST TAKE ADVANTAGE OF TAX DEFERRAL Like many Americans, you probably...
Parents paying for school-age children’s day camp this summer may be eligible for the federal child and dependent care tax credit (CDCC). Note that it’s available only for the expense of day camp, not overnight camp. But there is more to it. WHO QUALIFIES? The CDCC...
Once people complete and file their tax return, many of them eagerly await any refund they may be owed. Knowing fact from fiction can help manage expectations as they wait for their money. Myth: Calling the IRS, a tax software provider or a tax professional...
WASHINGTON The IRS encourages taxpayers to use the IRS Tax Withholding Estimator to ensure they’re withholding the correct amount of tax from their pay in 2024. This digital tool provides workers, self-employed individuals and retirees with wage income a user-friendly resource to effectively adjust the amount of...
Are you thinking of an IRA rollover? Getting these three rules right is critical if you want to avoid a big tax bill. THE 60-DAY RULE Your rollover must be completed within 60 days of withdrawal, or it’ll be taxable. You’ll also get hit with a...