IRS Announces 401(k) Limit Increases to $20,500

This article was published by the IRS. The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS has also issued technical guidance regarding all of the cost‑of‑living adjustments affecting dollar limitations for pension plans and [...]

Small Business Advertising and Marketing Costs May Be Tax Deductible

This article was published by the IRS. The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include expenses for advertising and marketing. Here are some details about this valuable tax deduction that can help small businesses save money on their taxes. Advertising and [...]

COVID Relief: IRS Helps Employers Wanting to Rehire Retirees or Retain Employees after Retirement Age

This article was published by the IRS.  To help address COVID-related labor shortages, the Internal Revenue Service is reminding employers that they generally will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan's normal [...]

IRS Reminds Employers of Penalty Relief Related to Claims for the Employee Retention Credit

This article was published by the IRS. The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the amount of a retroactively claimed employee retention tax credit (ERTC), [...]

2023 IRS Cryptocurrency Reporting Requirements

Under the broker information reporting rules, brokers must report transactions in securities to both the IRS and the investor. These transactions must be reported on Form 1099-B. Legislation enacted in 2021 extends these broker information reporting rules to cryptocurrency exchanges, custodians, or platforms (e.g., Coinbase, Gemini, or Binance), and to digital assets such as cryptocurrency (e.g., [...]

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