Treasury and IRS Expand Program for Approving Certain Retirement Plans
The U.S. Treasury Department and IRS recently announced the expansion of one of their programs for approving retirement plans.
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Tennessee Department of Revenue Expands Farm Equipment and Machinery Exemption
The Tennessee Department of Revenue recently issued Important Notice #22-14, expanding the farm equipment and machinery sales and use tax exemption.
View MoreIRS Sets April 18 as Tax Deadline for 2023
The IRS recently announced that the deadline to file and pay federal income taxes or request an automatic six-month extension will be Tuesday, April 18, 2023.
View MoreIRS Offers New Process for Anonymous Reporting of Employee Retention Credit Mills
The IRS recently revealed it is offering a new way to submit anonymous reports regarding third-party vendors promoting improper claims for the employee retention credit that was implemented in response to the COVID-19 pandemic.
View MoreIRS Pilots Program To Improve Practitioner Priority Service® Line
The IRS has launched a pilot program utilizing speech recognition on its Practitioner Priority Service® (PPS) phone line.
View MoreIRS Issues 2023 Retirement Account Inflation Adjustments
The IRS recently announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022.
View MoreIRS Announces Inflation Adjustments for Tax Year 2023
The IRS recently released Revenue Procedure 2022-38, announcing the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.
View MoreSocial Security Wage Base, COLA Set for 2023
The Social Security Administration recently announced that individual taxable earnings of up to $160,200 annually will be subject to the old age, survivors and disability insurance tax in 2023.
View MoreIRS Issues Final Regulations To Revise Premium Tax Credit’s Affordability Test
The IRS recently issued final regulations T.D. 9968, modifying the affordability test for employer-sponsored minimum essential coverage for the Sec. 36B premium tax credit to take into consideration the cost of covering an employee's family members.
View MoreIRS Issues Ruling on 10-Year RMD Rule
The IRS and Treasury Department recently issued Notice 2022-53, waiving the 50% penalty on missed 2021 and 2022 required minimum distributions for inherited retirement accounts within the 10-year payout rule.
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