News - WXC Corporation

Important Reminder: W-4 Form Updates

Employees and employers are reminded of the importance of keeping the W-4 Form up to date whenever there are changes in an employee’s personal or tax-related information. The W-4 Form is used to determine the correct amount of federal income…

Individual, Taxes

Updates to Questions and Answers about the Premium Tax Credit

What is the Premium Tax Credit? (updated Dec. 23, 2025) The Premium Tax Credit is a refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through…

Individual, Taxes

Guidance on new tax benefits for health savings account

The Department of the Treasury and the Internal Revenue Service today issued Notice 2026-05 PDF providing guidance on new tax benefits for Health Savings Account participants under the One, Big, Beautiful Bill. These changes expand HSA eligibility,…

Company, Taxes

IRS sets 2026 business standard mileage rate

The Internal Revenue Service today announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent,…

News, Taxes

IRS provide penalty relief for tax year 2025

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance providing penalty relief to employers and other payors for tax year 2025 regarding new information reporting requirements for cash tips and…

Taxes

Treasury, IRS issue guidance on tax benefit for lenders

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance for a new tax benefit for certain lenders that make loans secured by rural or agricultural real property. Notice 2025-71 PDF provides interim…

Taxes

Interest rates remain the same for the first quarter of 2026

WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2026. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded…

Individual, News

401(k) and IRA limit increases

WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025. The IRS today also issued technical guidance regarding…