IRS prodded to work more on closing tax gap

IRS prodded to work more on closing tax gap

Nov 30, 2022 | News to Note

From Accounting Today — By Michael Cohn — The Internal Revenue Service (IRS) is being pushed by the Government Accountability Office to do more to close the $428 billion annual tax gap by using the extra $80 billion it’s getting over 10 years from Congress to...
Probes sought of whether Trump used IRS against critics

Probes sought of whether Trump used IRS against critics

Nov 16, 2022 | News to Note

From Accounting Today — By Michael Cohn — Democrats on the tax-writing House and Ways Means Committee are asking the Justice Department and the Treasury Inspector General for Tax Administration to investigate former President Donald Trump’s attempt to enlist the...
Tax breaks after 50 you can’t afford to miss

Tax breaks after 50 you can’t afford to miss

Nov 2, 2022 | News to Note

From AARP — If you’re 50 or older, there is one benefit to reaching this milestone that you may be overlooking: tax breaks aimed right at you. Now you can contribute more to your Roth or traditional individual retirement account (IRA), to your employer-sponsored plan...
IRS increases allowed 401(k) contribution limits for 2023

IRS increases allowed 401(k) contribution limits for 2023

Oct 26, 2022 | News to Note

From CNN Business — By Jeanne Sahadi — The IRS this month announced record increases in contribution limits to 401(k) and other tax-deferred retirement plans for 2023. Starting next year, you will be allowed to contribute up to $22,500 into your 401(k), 403(b), most...
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