Tag: IRS
2021 IRS Mileage Rates
On December 22, 2020, the Internal Revenue Service (IRS) issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an…
401(k) Contribution Limits Stay the Same in 2021
The Internal Revenue Service (IRS) has released guidance on cost-of-living increases to the income ranges for determining individual retirement account (IRA) and Roth IRA contribution eligibility, and…
Cafeteria Plans, FSAs, Dependent Care Assistance Programs More Flexible Due to COVID-19
The Internal Revenue Service (IRS) released new guidance, Notice 2020-29, providing increased flexibility for individuals participating in section 125 cafeteria plans, health flexible spending arrangements…
Reminder: Properly Document FFCRA Leave to Claim Tax Credits
Employers are becoming familiar with the new Families First Coronavirus Response Act (FFCRA), which provides new COVID-19-related federal emergency paid sick leave and emergency family…
New Form W-4, Tax Withholding Method
In December 2019, the IRS released its new Form W-4, Employee’s Withholding Certificate for 2020. Prompted by the 2017 Tax Cuts and Jobs Act, the…
IRS Announces 2020 Health Savings Account Limits
The Internal Revenue Service (IRS) announced the annual limits for Health Savings Accounts (HSAs) for 2020. HSAs are pre-tax accounts available to individuals covered under…
Direct Deposit Scam Targets Payroll, HR
Payroll and HR departments are now popular targets for criminals. They could inadvertently give criminals access to an employee’s paycheck without the employee knowing and…
IRS Releases Common 2019 Tax Scams to Be Aware Of
To help businesses and taxpayers prepare for the federal tax filing deadline next month, the U.S. Internal Revenue Service (IRS) is releasing information on 12…
