by | Dec 18, 2020 | Tax Tips and News
The Internal Revenue Service has issued Revenue Ruling 2021-01, which lays out the prescribed rates for various income tax purposes. The ruling includes rates including those for applicable federal interest rates, adjusted applicable federal interest rates, the...
by | Dec 16, 2020 | Tax Tips and News
The Internal Revenue Service has issued Notice 2020-86, addressing certain parts of the SECURE Act that affect safe harbor plans—including safe harbor 401(k) plans and some 403(b) plans. The SECURE Act—also known as the Setting Every Community Up for Retirement...
by | Dec 12, 2020 | Tax Tips and News
Final regulations have been issued on the deduction for qualified transportation fringe and commuting expense. The new regulations were issued by the Internal Revenue Service and the Treasury Department to bring the tax code into line with changes made by the Tax Cuts...
by | Dec 10, 2020 | Tax Tips and News
The tax-filing season will be upon us before we know it, so the Internal Revenue Service is urging taxpayers to take actions now to help ensure they can file timely and accurate returns in 2021. Things to consider The IRS says there are some areas that taxpayers...
by | Dec 9, 2020 | Tax Tips and News
While it seems our world is on the edge of big changes for the coming year, the IRS is keeping some things status-quo for now. The Internal Revenue Service says interest rates will be the same for the calendar quarter that starts Jan. 1, 2021. Those rates will be: 3%...
by | Dec 8, 2020 | Tax Tips and News
The Internal Revenue Service is giving employers a friendly nudge to remind them that their Forms W-2 and other wage statements have to be filed by Feb. 1, 2021, to avoid penalties. Making the deadline will also help the IRS prevent fraud. A 2015 law made Jan. 31 the...
