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Issued proposed regulations on enrollment for 401(k) and 403(b) plans

The Department of the Treasury and the Internal Revenue Service today issued proposed regulationsaddressing certain SECURE 2.0 Act provisions, including a provision generally requiring newly-established 401(k) and 403(b) plans to automatically…
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IRS offers top tips to make tax time easier

The Internal Revenue Service today provided taxpayers with six tips to make filing their 2024 tax return easier. Most of the information below is also available on the IRS.gov Let us help you page. Taxpayers should follow these handy suggestions…
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IRS urges many retirees to make required withdrawals

WASHINGTON — The Internal Revenue Service today reminded those aged 73 and older of the deadline to take required minimum distributions from individual retirement arrangements (IRAs) and other retirement plans, and highlighted updates introduced…
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IRS announces special payments going this month to 1 million taxpayers

WASHINGTON — As part of continuing efforts to help taxpayers, the Internal Revenue Service today announced plans to issue automatic payments later this month to eligible people who did not claim the Recovery Rebate Credit on their 2021 tax…
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Get Ready for tax season with key updates, essential tips

WASHINGTON — With the 2025 filing season quickly approaching, the Internal Revenue Service encouraged taxpayers to take key steps now to prepare for filing their 2024 federal income tax returns next year. The IRS continues to improve taxpayer…
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IRS increases the standard mileage rate for business use in 2025

WASHINGTON — The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain…
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Form 1099-K threshold is $5,000 for calendar year 2024

The Internal Revenue Service today issued Notice 2024-85 PDF providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024…
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Many businesses must report beneficial ownership information

The Internal Revenue Service will sponsor a free one-hour webinar designed to help the many businesses that must report their beneficial ownership information to the Treasury Department’s Financial Crimes Enforcement Network. Because this…
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Interest rates decrease for the first quarter of 2025

The Internal Revenue Service today announced that interest rates will decrease for the calendar quarter beginning Jan. 1, 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is…