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1000 Matching News Items
1.
IRS Disaster Relief Notice NE-2024-12, for Taxpayers Impacted by Severe Storms, Straight-Line Winds, and Tornadoes in Nebraska
Internal Revenue Service [IRS]
May 17, 2024
Internal Revenue Service [IRS]
May 17, 2024
"[I]ndividuals and businesses in Nebraska that were affected by severe storms, straight-line winds, and tornadoes that began on April 25, 2024 ... now have until September 3, 2024, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Douglas and Washington counties qualify for tax relief."
2.
IRS Disaster Relief Notice OH-2024-01, for Taxpayers Impacted by Tornadoes in Ohio
Internal Revenue Service [IRS]
May 16, 2024
Internal Revenue Service [IRS]
May 16, 2024
"[I]ndividuals and businesses in Ohio that were affected by tornadoes that began on March 14, 2024 ... now have until Sept. 3, 2024, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Auglaize, Crawford, Darke, Delaware, Hancock, Licking, Logan, Mercer, Miami, Richland and Union counties qualify for tax relief."
3.
Text of IRS Notice 2024-40: Weighted Average Interest Rates, Yield Curves, and Segment Rates for May 2024 (PDF)
Internal Revenue Service [IRS]
May 15, 2024
Internal Revenue Service [IRS]
May 15, 2024
"This notice provides guidance on the corporate bond monthly yield curve, the corresponding spot segment rates ... and the 24-month average segment rates ... [as well as] the interest rate on 30-year Treasury securities ... as in effect for plan years beginning before 2008 and the 30-year Treasury weighted average rate[.]"
4.
Text of IRS Notice 2024-42: Updated Static Mortality Tables for Defined Benefit Pension Plans for 2025 (PDF)
Internal Revenue Service [IRS]
May 15, 2024
Internal Revenue Service [IRS]
May 15, 2024
"This notice specifies updated static mortality tables to be used for defined benefit pension plans under Section 430(h)(3)(A) of the Internal Revenue Code and Section 303(h)(3)(A) of [ERISA]. These updated static mortality tables ... apply for purposes of calculating the funding target and other items for valuation dates occurring during the 2025 calendar year. This notice also includes a modified unisex version of the mortality tables for use in determining minimum present value ... for distributions with annuity starting dates that occur during stability periods beginning in the 2025 calendar year."
5.
Text of 2024 IRS Publication 15-B: Employer's Tax Guide to Fringe Benefits (PDF)
Internal Revenue Service [IRS]
May 14, 2024
Internal Revenue Service [IRS]
May 14, 2024
35 pages; May 2, 2024. "What's New ... [1] The business mileage rate for 2024 is 67 cents per mile.... [2] For 2024, the monthly exclusion for qualified parking is $315 and the monthly exclusion for commuter highway vehicle transportation and transit passes is $315.... [3] For plan years beginning in 2024, a cafeteria plan may not allow an employee to request salary reduction contributions for a health FSA in excess of $3,200."
6.
Text of IRS Rev Proc 2024-25: 2025 Inflation-Adjusted Amounts for HSAs, HDHPs and Excepted Benefit HRAs (PDF)
Internal Revenue Service [IRS]
May 9, 2024
Internal Revenue Service [IRS]
May 9, 2024
"For calendar year 2025, the annual limitation on deductions under Section 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan is $4,300 ... [and] for an individual with family coverage under a high deductible health plan is $8,550. ... For calendar year 2025, a 'high deductible health plan' is defined under Section 223(c)(2)(A) as a health plan with an annual deductible that is not less than $1,650 for self-only coverage or $3,300 for family coverage, and for which the annual out-of-pocket expenses (deductibles, co-payments, and other amounts, but not premiums) do not exceed $8,300 for self-only coverage or $16,600 for family coverage. .... For plan years beginning in 2025, the maximum amount that may be made newly available for the plan year for an excepted benefit HRA under Section 54.9831-1(c)(3)(viii) is $2,150. "
7.
IRS Disaster Relief Announcement OK-2024-01, for Taxpayers Impacted by Severe Storms in Oklahoma
Internal Revenue Service [IRS]
May 6, 2024
Internal Revenue Service [IRS]
May 6, 2024
"[IRS announced] tax relief for individuals and businesses in Oklahoma that were affected by severe storms, straight-line winds, tornadoes, and flooding that began on April 25, 2024. These taxpayers now have until September 3, 2024, to file various federal individual and business tax returns and make tax payments.... [I]ndividuals and households that reside or have a business in Carter, Hughes, Love, and Murray counties qualify for tax relief."
8.
IRS Publication 5709: How to Create a Written Information Security Plan for Data Safety (PDF)
Internal Revenue Service [IRS]
May 5, 2024
Internal Revenue Service [IRS]
May 5, 2024
"Having a [written information security plan (WISP)] protects businesses and clients while providing a blueprint of action in the event of a security incident. In addition, a WISP can help if other events occur that can seriously disrupt a tax professional's ability to conduct normal business, including fire, flood, tornado, earthquake and theft. The Security Summit developed a plain language sample plan that tax pros can use for guidance in making their own WISP. The sample plan is available on the IRS website]."
9.
IRS Fact Sheet 2024-19: FAQs About Disaster Relief Distributions from Retirement Plans and IRAs Under the SECURE 2.0 Act of 2022
Internal Revenue Service [IRS]
May 3, 2024
Internal Revenue Service [IRS]
May 3, 2024
"This fact sheet issues frequently asked questions about SECURE 2.0 Act of 2022 (SECURE 2.0) that provides for special rules for distributions from retirement plans and individual retirement arrangements (IRAs) and for retirement plan loans, for certain individuals impacted by federally declared major disasters.... [These FAQs] will not be relied on or used by the IRS to resolve a case.... [A] taxpayer who reasonably and in good faith relies on these FAQs will not be subject to a penalty that provides a reasonable cause standard for relief, including a negligence penalty or other accuracy-related penalty, to the extent that reliance results in an underpayment of tax.'
18 Q&As divided into [1] General information; [2] Taxation and reporting of qualified disaster recovery distributions; [3] Repayment of qualified distributions taken for the purpose of purchasing or constructing a principal residence in a qualified disaster area; and [4] Loans from certain qualified plans.
10.
IRS Fact Sheet 2024-18: SECURE 2.0 Act Changes Affect How Businesses Complete Forms W-2
Internal Revenue Service [IRS]
May 2, 2024
Internal Revenue Service [IRS]
May 2, 2024
"The SECURE 2.0 Act allows for additional features in various employer retirement plans to encourage use of these plans. The provisions potentially affecting Forms W-2 (including Forms W-2AS, W-2GU and W-2VI) are: [1] De minimis financial incentives ... [2] Roth Savings Incentive Match Plan for Employees (SIMPLE) and Roth Simplified Employee Pension (SEP) Individual Retirement Arrangements (IRAs) ... and [3] Optional treatment of employer nonelective or matching contributions as Roth contributions."
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