Tag: IRS
Tax Deductions for Tips, Overtime Under One Big, Beautiful Bill Act
Known as the One Big, Beautiful Bill Act, H.R. 1 brought numerous federal law changes, mainly to federal tax law, when it was signed on…
2025 IRS Business Mileage Rate Increases
On December 19, 2024, the Internal Revenue Service released the 2025 optional standard mileage rates, which are used to calculate the deductible costs of operating…
IRS Announces 2024 Mileage Rates
On December 14, the Internal Revenue Service (IRS) announced a slight increase in the 2024 optional standard mileage rates for business use (as this rate…
2024 HSA, FSA, Retirement Plan Contribution Limits Announced
In addition to all the new 2024 employment laws, employers should be aware that the Internal Revenue Service (IRS) has released the 2024 annual inflation…
Health Savings Account (HSA) Limits Increase for 2024
In 2024, the Health Savings Account (HSA) limits, which are indexed for inflation every year, will increase, per the Internal Revenue Service (IRS). HSAs are…
2023 IRS Mileage Rates Announced
On December 29, 2022, the Internal Revenue Service issued the 2023 optional standard mileage rates, which are used to calculate the deductible costs of operating…
