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New guidance on required minimum distributions reporting provides relief for financial institutions that due to a change to the RMD start date rules made by the SECURE 2.0 Act, may have incorrectly provided RMD statements to IRA owners who turn 72 in 2023.
Become familiar with this hybrid type of pension plan and its advantages for the right businesses.
Final regulations provide an automatic extension of time for providers of minimum essential coverage to furnish statements to individuals regarding their coverage.
The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.
Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.
Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine.
Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.
The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.
Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.
The regulations governing required minimum distributions from retirement plans would be updated to reflect various recent statutory changes under proposed regulations released on Wednesday.
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
The IRS provides guidelines to employers for showing these wages on Form W-2.
Private tax debt collection contracts awarded ... New per diem travel rates ... Regs. authorize collection of excess sick and family leave credits
Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.
Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.
The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.
Learn about the important role some CPAs play in the success of the IRS’s certified professional employer organizations program.
The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.
SPONSORED REPORT
Get Clients Ready for Tax SeasonThis comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.
