On May 9, 2024, the IRS announced the Health Savings Account limits for 2025. With respect to contribution limits, the limits are higher than the ones for 2024 and the required deductible and out-of-pocket maximums have...more
The Internal Revenue Service issued the 2024 optional standard mileage rates today for computing the deductible cost of operating an automobile for business, charitable, medical, or moving purposes. The most notable change...more
On November 1, 2023 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. Almost all of the limits shown below have increased from last year....more
On May 17, 2023, the IRS announced the Health Savings Account limits for 2024. With respect to contribution limits, the limits are higher than the ones for 2023 and the required deductible and out-of-pocket maximums have...more
The Internal Revenue Service issued the 2023 optional standard mileage rates today for computing the deductible cost of operating an automobile for business, charitable, medical, or moving purposes. The most notable change...more
On October 21, 2022 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. All of the limits shown below have increased (in some cases significantly) from last...more
Due to the increase in the cost of gasoline since establishing the 2022 rates last year, the Internal Revenue Service is increasing mid-year the optional standard mileage rates for computing the deductible cost of operating...more
On April 29, 2022, the IRS announced the Health Savings Account limits for 2023. With respect to contribution limits, the limits are slightly higher than the ones for 2022, and the required deductible and out of pocket...more
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2022, and the increase in rates...more
On November 4, 2021 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. The vast majority of the limits shown below have increased from last year....more
11/5/2021
/ 401k ,
403(b) Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
Highly Compensated Employees ,
IRS ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement Plan ,
Tax Planning
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2021, and the decrease in rates...more
On the evening of December 21, 2020 the House and Senate passed the Consolidated Appropriations Act, 2021 (the “Act”), a 5,593 page bill that funds the federal government for the next fiscal year and provides long anticipated...more
12/23/2020
/ Borrowers ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
IRS ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business ,
Tax Deductions ,
Tax Planning
Through the release of a Revenue Ruling and a Revenue Procedure, the IRS re-affirmed its stance that taxpayers may not deduct payments for otherwise deductible business expenses (i.e., payroll, rent, covered utility payments,...more
On August 8, 2020, President Donald Trump issued an executive order titled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The order directed the Secretary of the Treasury to use...more
9/3/2020
/ Coronavirus/COVID-19 ,
Income Taxes ,
IRS ,
New Guidance ,
Payroll Taxes ,
Presidential Memorandum ,
Social Security Taxes ,
Tax Liability ,
Trump Administration ,
U.S. Treasury ,
Wage and Hour
Way back in March, as the pandemic began to set in, Congress quickly passed the Families First Coronavirus Response Act (the Act) as part of a barrage of legislation aimed at providing relief to American workers. The Act...more
7/10/2020
/ Employer Liability Issues ,
Employment Policies ,
Infectious Diseases ,
IRS ,
New Guidance ,
Paid Leave ,
Popular ,
Reporting Requirements ,
Self-Employment Tax ,
Sick Leave ,
Tax Credits ,
Wage and Hour
In a bit of a respite from COVID-19, today the IRS announced the Health Savings Account limits for 2021. With respect to contribution limits, the limits are slightly higher than the ones for 2020. As a reminder, these...more
The Internal Revenue Service recently issued Notices 2020-29 and 2020-33, which relax some of the rules applicable to cafeteria plans in light of the COVID-19 pandemic. Notice 2020-29 will apply to the vast majority of...more
Shortly after we issued our guidance on the Families First Coronavirus Response Act (H.R. 6201) (the “FFCRA”) last week Friday, the Department of Labor and the Treasury Department jointly issued IRS Bulletin 2020-57 stating...more
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2020, and the decrease in rates...more
Please be advised that contacting Ruder Ware by e-mail does not create an attorney-client relationship. If you contact the firm by e-mail with respect to a matter where the firm does not already represent you, any information...more
11/6/2019
/ 401k ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Highly Compensated Employees ,
Individual Retirement Account (IRA) ,
IRS ,
Qualified Retirement Plans ,
Retirement Plan ,
Social Security Administration (SSA)
The Internal Revenue Service has announced the optional standard mileage rates for computing the deductible cost of operating an automobile for business, medical, and moving expenses for 2019, and the increased rates reflect...more
On November 1, 2018 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. The vast majority of the limits shown below have increased from last year....more
If it seems like the IRS just announced the 2018 limits, you are not mistaken. Just over a month ago the IRS declared a do over for the 2018 limits, see The IRS Says Never Mind - You Can Have Your Higher HSA Limit! With the...more
I previously blogged about how unusual it was for the IRS to implement a retroactive change to a previously announced limit. As you may remember, the $6,900 limit on HSA contributions for a taxpayer eligible for a family high...more
It is unusual for the IRS to implement a retroactive change to a previously announced limit (whether it be qualified plan limits or HSA limits). Especially when the change is a reduction in the amount that taxpayers can...more