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 Posts CARES Act FAQ for Retirement Plans
If you’ve got questions about the CARES Act, the IRS is here to help (wait, what?) Here are some of the answers to the more common inquiries:
Senators Introduce New Bill to Allow PPP Loan Tax Deductions
The IRS is stirring anger. The beloved revenue-gathering arm of the United States government issued guidance last week…
ARA Wants 401(k) Safe Harbor, Distribution, Reporting Relief
The American Retirement Association is taking a multipronged approach to retirement plan relief in the face of the Coronavirus…
IRS Delays Tax-Filing Deadline to Help Cope with Coronavirus: Updated
Clarification: Per CNBC. The Treasury is giving taxpayers a 90-day extension on paying taxes owed from 2019, but…
HSAs Can Be Used for COVID-19 Testing and Treatment: IRS
COVID-19 testing and treatment are now considered qualifying expenses for health savings accounts (HSA), the IRS said Wednesday.…
IRS Provides Relief for SECURE Act RMD Changes
There’s a bit of confusion over the age extension for required minimum distributions (RMD) contained in the recently…
Treasury Department Proposes Longer RMD Age Calculations
Longer lifespans have the Treasury Department rethinking RMD calculations. The government body proposed revisions to the age that…
IRS Bumps 2020 401(k) Contribution Limit to $19,500
The IRS announced Wednesday that the 2020 401(k) contribution limit will increase by $500, to $19,500 and the catch-up limit will also increase by $500.
Help Form the Open MEPs Rule: IRS Seeking Input for Dec. 11 Hearing
If you have something to say about the IRS proposed rule on Multiple Employer Plans, speak soon or…
Adopted as Proposed: IRS Finalizes 401k Hardship Distribution Regulations
401k participants who experience “an immediate and heavy financial need” will be allowed to access funds from their…