Tag #Tax Law

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forbes.com

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Jan 7, 19:09

Key 2025 Federal Tax Changes for Employees

The 2025 Social Security wage base is $176,100; supplemental income tax withholding is 22%; and the 401(k) contribution limit is $23,500 ($31,000 for those 50 and older).

Key 2025 Federal Tax Changes for Employees

The 2025 Social Security wage base is $176,100; supplemental income tax withholding is 22%; and the 401(k) contribution limit is $23,500 ($31,000 for those 50 and older).

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How do changes in the Social Security wage base and supplemental income tax rates impact taxpayers?

For supplemental income like bonuses, the IRS uses a flat 22% withholding rate (37% for income over $1 million). If this doesn't cover your tax liability based on your marginal tax bracket, you'll need to pay estimated taxes or adjust your W-4. The 2025 estimated tax payment due dates are April 15th, June 16th, September 15th, and January 15th, 2026.

forbes.com

🌐 85% Global Worthiness

Dec 9, 19:09

Chevron Doctrine Overruling Increases IRS Scrutiny and Tax Litigation

The Supreme Court's overturning of the Chevron Doctrine in June 2024 eliminated deference given to agency interpretations of statutes; this will increase tax litigation in 2025 as courts review agency actions and the IRS, with increased funding from the Inflation Reduction Act, enforces regulations ...

Chevron Doctrine Overruling Increases IRS Scrutiny and Tax Litigation

The Supreme Court's overturning of the Chevron Doctrine in June 2024 eliminated deference given to agency interpretations of statutes; this will increase tax litigation in 2025 as courts review agency actions and the IRS, with increased funding from the Inflation Reduction Act, enforces regulations ...

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What is the immediate impact of the Supreme Court's decision on Chevron deference on IRS guidance and tax litigation?

The Supreme Court's overturning of the Chevron Doctrine in June 2024 significantly alters the landscape of government regulation. This impacts all agencies, including the IRS, by potentially reducing the amount of regulatory guidance issued and increasing the likelihood of litigation. Taxpayers may face uncertainty due to a lack of clear IRS guidance, despite the long-term benefits of increased judicial scrutiny.

forbes.com

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Dec 14, 16:13

Retirement Account Beneficiary Errors Lead to Significant Financial Losses

Two court cases highlight significant financial losses from neglecting retirement account details; in one, a former girlfriend inherited \$754,000; in another, children lost their inheritance due to a lack of updated beneficiary information after an employer acquisition.

Retirement Account Beneficiary Errors Lead to Significant Financial Losses

Two court cases highlight significant financial losses from neglecting retirement account details; in one, a former girlfriend inherited \$754,000; in another, children lost their inheritance due to a lack of updated beneficiary information after an employer acquisition.

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What systemic changes or improvements in communication and plan administration could prevent similar situations in the future?

The future implications of these cases emphasize the crucial role of financial literacy and proactive account management. Individuals should understand the rules governing beneficiary designations, plan rollovers, and custodian actions. Employers also have a responsibility to provide clear and accessible information, though they are not legally obligated to directly remind employees of such details. Improved communication and better user interfaces for accessing account information could mitigate future instances of such losses.

Showing 37 to 39 of 39 results