USPS: The IRS has announced new limits for 2025 TSP contributions
The Internal Revenue Service recently announced the new contribution limits for the retirement savings plan, also known as the TSP.
Tag: IRS
USPS: TSP contribution cap to rise next year
December 14, 2023 The Internal Revenue Service recently announced the 2024 contribution limits for the Thrift Savings Plan, or TSP. Postal Service employees can contribute up to $23,000 in 2024, an increase of $500 from this year. Employees over the age of 50 can take advantage of the TSP catch-up option if they wish and…
USPS: Tax deadline extended to May 17
The Internal Revenue Service (IRS) will extend this year’s federal income tax filing deadline from April 15 to May 17 to give people more time to navigate challenges presented by the coronavirus pandemic. Taxpayers can also delay payment of any money owed the agency until May 17. Those who need more time to submit their…
USPS: Tips to avoid scams at tax time
If you’ve received a text message or email from the Internal Revenue Service (IRS) about your taxes, there’s a good chance it was a scammer trying to con you out of your tax refund. Tax scams become pervasive as April 15, the deadline to file federal taxes, nears. Scammers, impersonating IRS representatives, use phishing (email),…
USPS: Employees urged to do paycheck checkup
USPS and the Internal Revenue Service are encouraging employees to conduct a paycheck checkup to determine whether they need to update their tax withholding for 2020. Updating federal withholding is especially important for employees who had an unexpectedly high tax bill or a penalty this year. Similarly, employees who have had a major life change…
USPS elects not to implement payroll tax deferrals
The Postal Service is providing employees with information about an optional deferral of payroll taxes for workers. President Donald Trump recently issued a memorandum instructing Treasury Secretary Steven Mnuchin to allow employers to defer the collection of the employee portion of Social Security payroll tax between Sept. 1 and Dec. 31. This would not constitute…
NALC HQ: Frequently asked IRS questions
NALC Secretary-Treasurer Nicole Rhine addresses a few frequently asked IRS-related questions in her column in The Postal Record. She also encourages branch officers to download a free copy of the NALC Branch Officer’s Guide to Finance and Administration. Frequently asked IRS questions
USPS: Tax filing deadline approaches
The Postal Service is ready for Tax Day this week. As the coronavirus pandemic took hold during the spring, the federal government postponed the traditional April 15 filing deadline until July 15. Taxpayers must file or seek an extension by the new deadline or face a penalty. The IRS is expecting about 150 million returns…