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.
IRS Says ‘No’ to Tax Deductibility of PPP Loans
It’s the latest guidance from the Treasury Department and the IRS, which clarified last week that the tax…
2021 401(k) Contribution Limits Released: IRS
As was widely expected, 401k contribution limits will not increase in 2021, the Internal Revenue Service (IRS) announced…
IRS Deadline to Return Unwanted 2020 RMDs Fast Approaching
Time is running out for retirement account holders to roll back any unwanted required minimum distributions (RMDs) they…
IRS Reminds Seniors: No RMD in 2020
The Internal Revenue Service is reminding seniors and retirees that they are not required to take money out of…
IRS Reveals 2020 ‘Dirty Dozen’ Tax Scams
How many times have we inadvertently clicked on a link, only to realize something is amiss? The angst…
IRS Announces CARES Act RMD Relief
If a retiree took a required minimum distribution but is having second thoughts in the wake of COVID,…
IRS Expands 401k Withdrawal, Loan Eligibility Under CARES Act
The Internal Revenue Service is making it easier (again) to access 401ks for loans and withdrawals. Released Friday,…
IRS Temporarily Waives Rule for Retirement Plan Changes
The IRS is temporarily allowing retirement plan participants to forgo in-person witnessing of election changes as long as…
Once and For All: IRC and ERISA Say Cannabis 401(k) Plans Can Exist
I write to clarify and educate about the legal authority regarding how and why cannabis 401(k) plans are…
IRS Releases HSA Contribution Amount for 2021
The Internal Revenue Service released inflation-adjusted contribution limits for health savings accounts (HSA) for 2021. As in previous…