Returning Value Blog

The IRS recently released the 2026 inflation-adjusted amounts for Health Savings Accounts (HSAs).Employees will be able to save a modest amount more in their HSAs next year.

The Biden administration’s fiscal year 2023 budget blueprint, released on March 28, consists of a mix of familiar proposals and brand-new initiatives that reflect the President’s policy objectives. The proposals are described in more detail in the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals, commonly referred to as the “Green Book,” that was released with the budget, and include the President’s now-familiar calls for increasing the top corporate tax rate to 28% and the top individual rate to 39.6%.

The U.S. House of Representatives, in the late hours of Friday, November 5, 2021, passed H.R. 3684, the “Infrastructure Investment and Jobs Act,” in a 228 to 206 bipartisan vote. The Senate had approved the same version of the bill, which is now ready for the president’s signature, on August 10, 2021.

The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for 2021). Wages and self-employment income above this threshold aren’t subject to Social Security tax.

The tax reform bill approved by Congress will take effect January 1, 2018, and your paycheck will be affected, but at this point, you may have to wait until February to see the change.

On December 22, President Trump signed the Tax Cuts and Jobs Act bill into law.  The bill will impact virtually every individual and business on a level not seen in over 30 years. We have attached a summary of the key provisions. 

November 2, 2017, the House Ways and Means Committee Chairman, Kevin Brady, introduced a draft tax reform bill titled "Tax Cuts and Jobs Act." This proposed bill would overhaul the federal tax code with a majority of the provisions effective starting in 2018. Below is a brief summary of some of the proposed legislation.

On September 22, 2016, the Internal Revenue Service and its Security Summit partners issued an alert to taxpayers and tax professionals to be on guard against fake emails purporting to contain an IRS tax bill related to the Affordable Care Act.

In most cases if you make retail sales of tangible personal property or lodging accommodations, you must collect and remit the applicable tax associated with that transaction. However, there are three types of customers that are tax-exempt: