WASHINGTON — The Department of the Treasury and the Internal Revenue Service issued guidance providing penalty relief to employers and other payors for tax year 2025 regarding new information reporting requirements for cash tips and qualified overtime compensation...
WASHINGTON — The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025. The IRS today also issued technical guidance regarding all cost‑of‑living adjustments...
Planning for retirement may seem daunting, but it’s important to start early. Individual retirement accounts provide tax incentives for people to make investments towards their financial future. IRAs let earnings grow tax deferred. Individuals pay taxes on investment...