PPC’s Five-Minute Tax Briefing

Five-Minute Tax Briefing

Five-Minute Tax Briefing

Proposed Regulations Would Limit Deductibility of Covered Employee Compensation Over $1 Million: The IRS has issued Prop. Reg. 1.162-33, which would amend guidance under IRC Sec. 162(m) on the definition of “covered employees” to include the five highest paid employees in a publicly held corporation for the tax year. Effective 12/31/2026, the American Rescue Plan Act of 2021 (ARPA, …

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Five-Minute Tax Briefing – No. 2023-22

Item for Thursday, November 2, 2023 IRS Releases 2024 Qualified Retirement Plan Amounts: The IRS has released cost-of-living adjustments affecting pension plans and other retirement-related items for tax year 2024. Some of the limits applicable to pension and other retirement plans have increased. For instance, the elective deferral limit for employees participating in 401(k), 403(b), and …

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Five-Minute Tax Briefing – October 31, 2023

Item for Wednesday, October 18, 2023 Further Tax Relief for California Storm Victims: The IRS has announced further tax relief for individuals and businesses in 55 California counties impacted by severe winter storms, flooding, landslides, and mudslides over a period of several months. The IRS had previously postponed tax deadlines for qualifying taxpayers until 10/16/23. Affected …

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