The Internal Revenue Service (IRS) is promoting awareness of the Earned Income Tax Credit (EITC) for taxpayers with disabilities and parents of children with disabilities
It would take a much longer post than this to cover all of the IRS changes and updates for the tax year, which is why payroll tax filing compliance requires a large degree of due diligence for businesses. However, some changes and new items warrant special note.
Among the key changes for tax year 2018 is the increase of the contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. The limit has been raised from $18,000 to $18,500 for 2018.