The IRS on May 31, 2019, unveiled a revised, new draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. An earlier version of the new Form W-4 was released in June of 2018. New Draft 2020 Form W-4 The new, revised 2020 Form W-4, still very much in draft stages, becomes effective on January […]
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Leave a Comment (0) →An individual was personally liable for a company’s unpaid sales and use tax liabilities because he was listed as president, secretary and treasurer of the company on its application for a seller’s permit and had electronically filed its sales tax returns. In this matter, after the company terminated its operations, the California Department of Tax […]
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Leave a Comment (0) →According to an article recently written by Frank Sommerville and published by Church Law and Tax, the IRS has begun initiating church exams to test for compliance with the Affordable Care Act (ACA). Though the total number of audits promised is likely to only affect a small percentage of churches, the news should prompt all […]
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Leave a Comment (0) →The IRS has released the 2020 inflation-adjusted amounts for health savings accounts under Code Sec. 223. For calendar year 2020, the annual limitation on deductions under Code Sec. 223(b)(2) for an individual with self-only coverage under a high-deductible plan is $3,550 ($7,100 for an individual with family coverage). A “high-deductible health plan” is defined in […]
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