The IRS has recently released two updated tax notices. PayVision Online annually provides a Payroll Highlights whereby we monitor and extract this pertinent IRS information into a handy guide and send it to our clients and contacts. The 2014 Payroll Highlights will be delivered in early January 2014.
Here are the two recent IRS announcements for a detailed review:
In 2014, Various Tax Benefits Increase Due to Inflation Adjustments
IR-2013-87, Oct. 31, 2013 — IRS announces inflation-adjusted items for tax year 2014.
IRS Announces 2014 Pension Plan Limitations; Taxpayers May Contribute up to $17,500 to their 401(k) plans in 2014
IR-2013-86, Oct. 31, 2013 — The IRS announced the dollar limits for pension plans for tax year 2014.
Contact us for more detailed information on how these 2014 adjustments may affect your Payroll. For more information on HR benefits for your employees visit our HR Answer Center, filled with multiple resources to help your organization.