The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans has increased to $23,000 for the tax year 2024 (up from $22,500 for 2023).
The catch-up contribution limit for employees aged 50 and over who participate in these plans will remain at $7,500 for 2024.
Starting with tax year 2023, if your business has 10 or more W2s and/or 1099s to prepare, you must file them electronically with the IRS.
The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans will increase to $20,500 for the tax year 2022 (up from $19,500 in 2021 and 2020).
The catch-up contribution limit for employees aged 50 and over who participate in these plans remains unchanged at $6,500.
The IRS will start accepting personal income tax returns on Monday, January 27th.
The deadline to file your 2019 tax return and pay any tax owed is Wednesday, April 15th.
The IRS continues to encourage taxpayers to file their returns electronically and choose direct deposit for faster receipt of refunds.
The beginning of a new year is a great time for employees to review their withholding and determine if any adjustments are necessary.
The IRS has released the 2020 Form W4 which has been redesigned to reduce complexity and increase the accurateness of the withholding system.
The 2020 W4 form should be used by new hires and any employees making withholding changes in 2020.
The IRS has announced the contribution limit for employees who participate in a 401K, 403B and most 457 plans will increase to $19,500 for the tax year 2020 (up from $19,000 in 2019).
The catch-up contribution limit for employees aged 50 and over who participate in these plans will increase to $6,500 (up from $6,000 in 2019).
This online tool by the IRS allows taxpayers to check the status of their refund anytime.
Taxpayers can start checking on the status of their return within 24 hours after the IRS received their e-filed return, or four weeks after they mail a paper return.
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