Employee benefits

Rollover relief for required minimum distributions

The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.

IRS permits remote signatures for plan loan consents

In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.

HSA contribution limits increase for 2021

The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.

Final rules determine maximum vehicle values

The IRS finalized the rules for maximum vehicle values under the cents-per-mile valuation rule and the fleet-average valuation rule after the law known as the Tax Cuts and Jobs Act increased those values to $50,000, adjusted for inflation.

IRS issues 2020 standard mileage rates

On the last day of 2019, the IRS issued the standard mileage rates for 2020 for business, charitable, medical, or moving expense purposes, as well as other deduction amounts.

Where to find January’s flipbook issue

Starting this month, all Association magazines — the Journal of Accountancy, The Tax Adviser, and FM magazine (coming in February) — are completely digital. Read more about the change and get tips on how to access the new flipbook digital issues.

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Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.