by Editorial Staff | May 29, 2024 | Employee benefit plans, IRS, Latest News
On May 24th, 2024, the Internal Revenue Service (IRS) released a revenue procedure regarding Health Savings Accounts (HSA) contribution limits. Specifically, Rev. Proc. 2024-25 provides 2025 HSA limits adjusted for inflation. Additionally, the IRS’s revenue procedure...
by Editorial Staff | Jan 23, 2024 | IRS, Latest News, Treasury Department
On January 16th, 2024, the Treasury Department and Internal Revenue Service (IRS) released information regarding digital asset transactions for employers. In summary, the IRS released Announcement 2024-4, informing businesses about updates to the reporting of digital...
by Editorial Staff | Nov 7, 2023 | IRA, IRS, Latest News, Retirement Plans
On November 1st, 2023, the Internal Revenue Service (IRS) unveiled updated retirement contribution limits for retirement plans beginning in 2024. In summary, the agency stated that these adjustments are part of its commitment to help Americans secure their financial...
by PC Editorial Staff | Aug 29, 2023 | IRS, Latest News, SECURE 2.0
This month, the Internal Revenue Service (IRS) announced it will allow a two-year transitional period for employers to implement a Roth catch-up requirement under the SECURE 2.0 Act of 2022 (SECURE 2.0 Act). Specifically, the requirement states that participants with...
by PC Editorial Staff | Aug 1, 2023 | cybersecurity, Federal Labor Law, IRS, Latest News
As the Internal Revenue Service (IRS) recently eliminated its backlog of Employee Retention Credit claims, it announced new procedures to deal with Employee Retention Credit scams and fraudulent submissions. Moving forward, the IRS will ramp up compliance work to...
by PC Editorial Staff | Jun 7, 2023 | IRS, Jobs, Small Business Administration
This month, the U.S. Small Business Administration (SBA) completed its second required five-year review of its small business size standards. Briefly, these size standards determine a business’s eligibility for all SBA small business loan programs. In order to qualify...
