2020 Inflation Adjustments for HSAs ReleasedThe IRS has released the 2020 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2020, the annual limitation on deductions under Code Sec. 2...
IRS Unveils New Draft 2020 Form W-4The IRS on May 31 unveiled a new preliminary draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. Although an earlier version of the Form W-4 had been released last June, Tr...
2019 Foreign Housing Expense Limitations ReleasedThe IRS has provided the adjustments to the limitation on foreign housing expenses for specific locations for tax year 2019. Generally, a qualified individual whose entire tax year is within the appli...
IRS Revises EIN Application ProcessAs part of its ongoing security review, the IRS is revising the application process for obtaining an employer identification number (EIN). Starting May 13, 2019, only individuals with social security ...
AL - Apprenticeship credit increased and extendedAlabama revised the income tax credit for employing an apprentice for at least seven months of the prior tax year. The changes to the credit include:increasing the credit from $1,000 to $1,250 per app...
SC - Guidance provided on tax holidaySouth Carolina’s sales tax holiday takes place from August 2 through August 4, 2019.Tax-exempt ItemsItems exempt during the tax holiday include: school supplies, clothing and clothing accessorie...
TN - Interest rate increasedThe interest rate on all taxes collected or administered by the Tennessee Department of Revenue is increased from 8.75% to 9.5% effective July 1, 2019 through June 30, 2020. The interest rate on insta...
