Archive for the Tax Documents Category

IRS: Coronavirus-related paid leave & tax credits

Treasury, IRS and Labor announce plan to implement Coronavirus-related paid leave for workers and tax credits for small and midsize businesses to swiftly recover the cost of providing Coronavirus-related leave IR-2020-57, March 20, 2020 WASHINGTON — Today the U.S. Treasury Department, Internal Revenue Service (IRS), and the

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IRS Notice: Taxpayer Relief during Pandemic

Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic Notice 2020-17; Payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency. The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments

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IRS Notice: Update on increased gift/tax exclusion

Final regulations confirm: Making large gifts now won’t harm estates after 2025 IR-2019-189, November 22, 2019 WASHINGTON — The Treasury Department and the Internal Revenue Service today final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018

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401(k) limit changes from the IRS

From the IRS: 401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500 WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in

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Small business deduction info from the IRS

From the IRS: Small business owners should find out if they can benefit from claiming this deduction The home office deduction can help small business owners save money on their taxes. Taxpayers can take this deduction when they file their taxes if they use a portion of

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