For private corporations and their employees, IRS provides initial guidance on new tax benefit for stock options and restricted stock units

The Internal Revenue Service today issued Notice 2018-97 offering guidance on a recent tax law change that allows qualified employees of privately-held corporations to defer paying income tax, for up to five years, on the value of qualified stock options and restricted stock units (RSUs) granted to them by their employers. The tax law change was included…

Private Debt Collection

The Internal Revenue Service began a new private collection program of certain overdue federal tax debts selecting four contractors to implement it. The new program, authorized under a federal law enacted by Congress, enables these designated contractors to collect, on the government’s behalf, outstanding inactive tax receivables. Authorized under a federal law enacted by Congress…

401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.  The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of Changes for 2019 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the…