516-749-4985
Tax News and Updates
***REPORTING OF BENEFICIAL OWNERSHIP INFORMATION***
Beginning January 1, 2024, certain types of corporations, LLCs, and other similar entities created in or registered in the United States must report information about their "beneficial owners" to the Department of the Treasury's Financial Crimes Enforcement Network (FinCEN). We have sent several emails regarding the requirements. As noted previously, we will not be able to prepare this document for you. Please refer to the links below regarding additional information on this reporting requirement.
​
IRS TAX WITHHOLDING ESTIMATOR & 2025 W-4
Improved Tax Withholding Estimator helps workers target the refund they want; shows how to fill out new 2025 W-4
https://www.irs.gov/pub/irs-pdf/fw4.pdf?1736746289
Upload the new 2025 w-4 form to update your employee withholdings. Tap on "Read More"
2025 BASIC LIMIT ON ELECTIVE DEFERRALS
The elective salary deferral limit, also known as the 402(g) includes all pre-tax and Roth elective deferrals made to any 403(b), 401(k), SIMPLE IRA, and SARSEP plans in a calendar year.
The 2025 salary deferral limit is $23,500 or 100% of the employee's compensation, whichever is less.
A participant of age 50 or older can make additional age-based catch-up deferral contributions, beyond these limits, of up to $7,500 in 2025 – unchanged from 2024.
The employee's total elective deferrals to all plans combined cannot exceed the annual deferral limit.
2025 Standard MIleage Rate-IRS
The standard mileage rate for transportation or travel expenses is 70 cents per mile for all miles of business use (business standard mileage rate).
The medical and moving mileage rates are now 21 cents per mile.
Charitable mileage rates remain unchanged at 14 cents per mile.