IRS W-4 procedures: New hire withholding in 2020 vs. 2019 Handling forms with missing info & more The wait is over: The IRS has released the final version of the New Form W-4 – and it’s also cleared up some confusion about tricky situations that may arise with the form. In a recent IRS Payroll [...]
IRS announces late filing penalties for tax returns You already know the importance of filing key tax returns on time with the IRS. But, there’s another factor to keep in mind: Late filing penalties can get costly. In Revenue Procedure 2019-44, the IRS lists the new timely filing penalties for returns such as Forms W-2, [...]
Legal, banking holidays for 2020: Start marking your calendars: You’ll need to know when legal and banking holidays happen, just in case they impact pay cycles or tax deadlines. Also keep in mind: 2020 is a leap year, which means there will an extra day in February that could add an additional payday to your [...]
IRS releases 2020 contribution limits for FSAs and other popular perks New Maximum pretax amounts for payroll deductions In 2020, salary contribution limits are rising for several popular benefits that employers offer their workers. The IRS recently announced the cost-of-living adjustments to these limits in Revenue Procedure 2019-44. Getting up to speed For 2020, employees [...]
2020 retirement plans: Key IRS numbers Payroll must know Find out how much workers can contribute As employees start updating their benefits for next year, take note: The IRS has released the 2020 contribution limits for 401(k)s and other qualified retirement plans, along with additional key numbers. Here’s a look at the most important info [...]
