2020 Public Announcements
COVID-19
Presidential Memorandums on Deferring Employee Social Security Tax and Student Loan Relief Extension
IRS Releases Revised Form 941 for COVID-19 Related Tax Relief
The U.S. Department of Education (ED) has announced relief for student loan borrowers in light of the COVID-19 national emergency [News Release, 3-25-20].
Coronavirus-related paid leave for workers and tax credits for small and midsize businesses
American Payroll Association's Hot Topic COVID-19 page
2020 IRS LIMIT ANNOUNCEMENTS:
SOCIAL SECURITY LIMIT: $137,700
401K MAXIMUM: $19,500 - Total Comp = $285,000
401K CATCH-UP: $6,500 for a total of $26,000
BUSINESS MILEAGE: 57.5 cents
MOVING/MEDICAL: 17 cents
CHARITABLE: 14 cents
HEALTH SAVINGS ACCOUNT: $3,550 FOR INDIVIDUAL AND $7,100 FOR FAMILY
HEALTH SAVINGS ACCOUNT CATCH-UP: $1,000
HEALTH CARE FLEXIBLE SPENDING ACCOUNT LIMIT: $2,750
DEPENDENT CARE FLEXIBLE SPENDING ACCOUNT LIMIT: $5,000 FOR MARRIED JOINT RETURNS AND $2,500 FOR MARRIED FILING SEPARATE RETURNS
TRANSIT PASSES: $270 PER MONTH
TRANSIT PARKING: $270 PER MONTH
ADOPTION ASSISTANCE: $14,300
