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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,…
WXC Corporation Doral Miami
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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,…
WXC Corporation Doral Miami
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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…
WXC Corporation Miami Doral

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…
WXC Corporation Miami Doral

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…
WXC Corporation Doral Miami
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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…
WXC Corporation Miami Doral
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Form 1099-K threshold limit reverts to $20,000

WASHINGTON — The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2025-08 PDF regarding the dollar threshold for filing Form 1099-K under the One, Big, Beautiful Bill. The OBBB retroactively reinstated the…
WXC Corporation Doral Miami
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Penalty relief for remittance transfer providers who fail to deposit excise tax

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued guidance providing deposit penalty relief for the first three quarters of 2026 to remittance transfer providers. Notice 2025-55 PDF provides relief in…
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Transition relief for 2025 for businesses reporting car loan interest

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today provided transitional guidance for businesses required to report car loan interest under the One, Big, Beautiful Bill. Notice 2025-57 PDF provides penalty relief…