FALSE ALARM with IRS REGULATIONS
Many of you have called or contacted TCTA regarding the e-update we sent out last week relating to a new Treasury Department regulation that would require public school employees to “annualize compensation” in order to avoid a tax penalty.
This issue affected other states as well, and TCTA has been in contact with the IRS, as well as numerous attorneys who represent school districts, the Texas Association of School Boards, and other parties with an interest in this issue.
In response to the many inquiries IRS was receiving, the IRS today issued a guidance letter indicating that teachers and other school employees will not be subject to a tax penalty this school year, and do not need to make an election.
Here’s a copy of the IRS letter and frequently asked questions:
New Rule Will Not Affect Teacher Salaries in Upcoming School Year
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