Browsing Tag
Internal Revenue Service (IRS)
98 posts
The Internal Revenue Service (IRS) is the U.S. federal agency responsible for administering and enforcing tax laws. It collects taxes, processes tax returns, issues refunds, and ensures compliance with federal tax obligations. Operating under the Department of the Treasury, the IRS also provides taxpayer assistance, develops regulations, and combats tax fraud.
2024 401(k) Contribution Limit: Milliman Forecasts Modest Increase
Based on current inflation data, Milliman’s latest 2024 IRS limits forecast predicts a $500 increase while official 2024 limits are expected to be announced in October
HSA Contribution Limits Get Biggest-Ever Boost for 2024
IRS releases new inflation-adjusted amounts for health savings accounts
IRS Reminds Retirees of April 1 RMD Deadline
While RMDs are generally made by the end of the year, the April 1 deadline only applies to retirees receiving their first RMD
A Boon for the 403b: IRS Expands Tax-Favored Approval Process
As of June 2023, the IRS will allow 403b plans to use the same individually designed retirement plan determination letter program used by 401ks
2023 401(k) Contribution Limits Released: Big COLA Increase for Savers
The announcement comes as lawmakers and other government agencies grapple with historically high inflation
IRS Extends SECURE, CARES Act Amendment Deadlines
Unexpected “gift” means retirement plan sponsors now have until the end of 2025 to amend plans taking advantage of benefit changes allowed by the bills
2023 401(k) Contribution Limits: ‘Unprecedented’ Increase Projected
Mercer is projecting a record $2,000 bump in the IRS qualified retirement plan contribution limit thanks to this year’s high inflation rate
Major 2023 401(k) Contribution Limit Jump Predicted
Thanks to inflation, estimates in Milliman's “2023 IRS Limits Forecast – May” show significant increases in IRS contribution limits for retirement plans are likely
IRS Announces ‘Pre-Audit’ Retirement Plan Pilot Program
The IRS will determine whether to issue a closing letter or to conduct a limited or full scope audit
Inflation Sparks Big Jump in 2023 HSA Contribution Limits
IRS releases next year’s health savings account contribution limits, showing a roughly 5.5% increase over 2022 limits