How to Fill Out the Federal W-4

Coloff DigitalContent Library

The Federal W-4, Employee’s Withholding Certificate, changed significantly in 2020. Many of us have not had to fill one out for years, but employers may start requiring these forms to be filled out soon. What does this mean for you? The new W-4 was created with a new withholding calculation meant to more accurately calculate the tax to withhold on …

IRS issues guidance on new retirement catch-up contribution rules

DK Arndt StaffContent Library

In December 2022, President Biden signed the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act. Among other things, the sweeping new law made some significant changes to so-called catch-up contributions, with implications for both employers and employees. With the new catch-up provisions scheduled to kick in after 2023, many retirement plan sponsors have been struggling to institute the necessary processes …

The IRS warns businesses about ERTC scams

DK Arndt StaffContent Library

The airwaves and internet are inundated these days with advertisements claiming that businesses are missing out on the lucrative Employee Retention Tax Credit (ERTC). While some employers do indeed remain eligible if they meet certain criteria, the IRS continues to caution businesses about third-party scams related to the credit. While there’s nothing wrong with claiming credits you’re entitled to, those that …

IRS provides transitional relief for RMDs and inherited IRAs

DK Arndt StaffContent Library

The IRS has issued new guidance providing transitional relief related to recent legislative changes to the age at which taxpayers must begin taking required minimum distributions (RMDs) from retirement accounts. The guidance in IRS Notice 2023-54 also extends relief already granted to taxpayers covered by the so-called “10-year rule” for inherited IRAs and other defined contribution plans. The need for RMD relief …

Virtual currency lands in the IRS’s crosshairs

DK Arndt StaffContent Library

While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act, enacted in 2022, allocated $80 billion to the IRS, with much of it …

Virtual currency lands in the IRS’s crosshairs

DK Arndt StaffContent Library

While the value of virtual currency continues to fluctuate, the IRS’s interest in it has only increased. In 2021, for example, the agency launched Operation Hidden Treasure to root out taxpayers who don’t report income from cryptocurrency transactions on their federal income tax returns. Moreover, the Inflation Reduction Act, enacted in 2022, allocated $80 billion to the IRS, with much of it …