401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
https://www.irs.gov/newsroom/401k-limit-increases-to-23500-for-2025-ira-limit-remains-7000
IRS releases tax inflation adjustments for tax year 2025
https://www.irs.gov/newsroom/irs-releases-tax-inflation-adjustments-for-tax-year-2025
Social Security Wage Base, COLA Set for 2025
The Social Security Administration (SSA) recently announced that individual taxable earnings of up to $176,100 annually will be subject to Social Security tax in 2025. The updated amount is an increase from $168,600 in 2024. This amount is the wage base limit that applies to earnings subject to the 6.2% OASDI tax (old age, survivors […]
Important Notice #24-09: Tax Filing Extensions – Hurricane Helene
https://www.tn.gov/content/dam/tn/revenue/documents/notices/fae/24-09fe.pdf
Tennessee Department of Revenue To Accept Schedule G Refund Claims Until Dec. 2
After thorough review, the Tennessee Department of Revenue has decided to accept Schedule G refund claims until Monday, Dec. 2. The department has updated its Schedule G refund webpage to announce this new deadline, as well as added a banner in TNTAP to alert taxpayers. In addition, the department is planning to send reminder letters to taxpayers […]
IRS provides relief for Helene; various deadlines postponed to May 1, 2025; part or all of 7 states qualify
https://www.irs.gov/newsroom/irs-provides-relief-for-helene-various-deadlines-postponed-to-may-1-2025-part-or-all-of-7-states-qualify
IRS announces new relief for taxpayers affected by terrorist attacks in Israel: 2023 and 2024 returns and payments are now due Sept. 30, 2025; other relief available
https://www.irs.gov/newsroom/irs-announces-new-relief-for-taxpayers-affected-by-terrorist-attacks-in-israel-2023-and-2024-returns-and-payments-are-now-due-sept-30-2025-other-relief-available
IRS opens new process for payroll companies, third-party payers to help clients resolve incorrect claims for the Employee Retention Credit
https://www.irs.gov/newsroom/irs-opens-new-process-for-payroll-companies-third-party-payers-to-help-clients-resolve-incorrect-claims-for-the-employee-retention-credit
IRS provides an update to frequently asked questions for the Premium Tax Credit
https://www.irs.gov/newsroom/irs-provides-an-update-to-frequently-asked-questions-for-the-premium-tax-credit
IRS Issues Final Regulations on Consistent-Basis and Basis-Reporting Rules
The IRS recently issued final regulations T.D. 9991 on the statutory requirement that the basis of property acquired from a decedent be consistent with the basis reported on the estate tax return, finalizing regulations proposed eight years ago (REG-127923-15). The final regulations dealing with the statutory consistent-basis requirement impact recipients of property acquired from a decedent if […]