IRS

Executive Action Defers Payroll Taxes

On Saturday, August 8, President Trump signed a memorandum deferring the deadline for payroll taxes that employers deduct from employee paychecks and submit to the IRS. The order defers employees’ obligation to pay a 6.2% Social Security tax per paycheck and defers these taxes from September 1 through December 31, 2020. Treasury Secretary Steven Mnuchin …

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Health Savings Account limits for 2013

The Internal Revenue Service announced the new HSA contribution limits for 2013. The HSA contribution limits for 2013 will be: Individuals – $3,250* Families – $6,45o* *A participant over 55 years of age is allowed to contribute an additional $1,000. In order to contribute to an HSA, you must have a qualified High Deductible Health …

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