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IRS Releases 2025 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts, Rev. Proc. 2024-40; IR-2024-273
The IRS has released the annual inflation adjustments for 2025 for the income tax rate tables, plus more than 60 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year ...

Social Security Wage Cap and Benefit Amounts Increase for 2025, SSA Press Release: Social Security Announces 2.5 Percent Benefit Increase for 2025; Social Security Fact Sheet: 2025 Social Security Changes
For 2025, the Social Security wage cap will be $176,100, and social security and Supplemental Security Income (SSI) benefits will increase by 2.5 percent. These changes reflect cost-of-living adjustme...

Taxpayers Impacted by Terrorist Attacks in Israel Granted Tax Relief, Notice 2024-72; IR-2024-252
The IRS announced tax relief for certain individuals and businesses affected by terrorist attacks in the State of Israel throughout 2023 and 2024. The Treasury and IRS may provide additional relief in...

IRS Expands List of Preventive Care Benefits for HDHP, Notice 2024-75
The IRS has expanded the list of preventive care benefits permitted to be provided by a high deductible health plan (HDHP) under Code Sec. 223(c)(2)(C) without a deductible, or with a deductible bel...

Applicable Terminal Charge and SIFL Rates for Determining Value of Noncommercial Flights on Employer-Provided Aircraft Issued, Rev. Rul. 2024-20
The IRS has released the applicable terminal charge and the Standard Industry Fare Level (SIFL) mileage rate for determining the value of noncommercial flights on employer-provided aircraft in effect ...

Drought-Stricken Areas for Involuntary Sale of Livestock Tax Relief Identified, Notice 2024-70; IR-2024-248
The IRS identified drought-stricken areas where tax relief is available to taxpayers that sold or exchanged livestock because of drought. The relief extends the deadlines for taxpayers to replace the ...

IRS Deploys Employees to Aid FEMA’s Efforts to Help Hurricane Helene Victims, IR-2024-255
The IRS has taken special steps to provide more than 500 employees to help with the Federal Emergency Management Agency’s (FEMA) disaster relief call lines and sending IRS Criminal Investigation (IR...

IRS Issues Guidance on Long-Term, Part-Time Employees in 403(b) Plans, Notice 2024-73; IR-2024-257
The IRS provided guidance addressing long-term, part-time employee eligibility rules under Code Sec. 403(b)(12)(D), which apply to certain 403(b) plans beginning in 2025. The IRS also announced a del...

Tax Gap Slightly Shrinks, IRS Reports, IR-2024-262
The Internal Revenue Service is estimated a slight decrease in the estimated tax gap for tax year 2022. According to Tax Gap Projections for Tax Year 2022 report, the IRS is projecting the net tax ga...

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