The OBBBA repeals taxes on tips and overtime, increases the maximum amount employees may exclude from taxable income for dependent care benefits, and makes other key payroll changes.
The IRS has released its 2025 cost-of-living adjustments (COLAs) to benefits and contributions to qualified retirement and deferred contribution plans.
The Employee Retention Credit Voluntary Disclosure Program (ERC-VDP) allows employers that erroneously received and cashed an ERC refund check to settle their liability with the IRS if they pay back 80% of the ERC.
The IRS has opened a new program through which employers that mistakenly claimed the Employee Retention Credit (ERC) on Form 941-X can withdraw their claims without incurring penalties or interest.