A recent audit by the Treasury Inspector General for Tax Administration (TIGTA) has identified nearly 639,000 taxpayers with IRAs worth $40.4 billion who may not have taken required minimum distributions (RMDs) from IRAs [...]
President Obama has signed into law H.R. 1295, the Trade Preferences Extension Act, which contains a provision that sharply increases the tiered penalties for certain information returns and payee statements required to be filed [...]
Baby Boomers are retiring in droves—with the age 65-and-over population expected to double by 2030—and most of them have little or no retirement savings. Among households ages 55 and older, 52 percent have [...]
by: Todd Berghuis Long ago, in distant elementary and junior high school days, some of the most galvanizing words on the playground or in the neighborhood were heard in the battle cry “Fight…fight..” Brawls [...]
Representative Joseph Crowley (D-NY), Vice Chairman of the House Democratic Caucus, has proposed a new retirement plan that would mandate both employer and employee contributions. Rep. Crowley unveiled the proposed new retirement plan in a [...]
The Treasury Inspector General for Tax Administration (TIGTA) has recommended a number of actions that can be taken to further improve the strategy for addressing excess IRA contributions. Using information from tax year 2011 Forms [...]
Illinois has become the first state in the nation to adopt an automatic enrollment IRA program. The intent of this program is to provide a retirement savings option for private-sector employees who do not have [...]
The Obama administration has proposed changes to education and retirement savings tax incentives—changes that would repeal Coverdell education savings accounts (ESAs), limit the tax deductibility of retirement savings plan contributions, and prohibit Roth IRA [...]
In the waning hours of the lame-duck session, the House and Senate passed the Tax Increase Prevention Act of 2014 to retroactively extend a host of temporary tax provisions that expired at the end of [...]
The U.S. Government Accountability Office (GAO) has provided Congress with a report on IRA balances that shows that a small number of taxpayers have accumulated very large IRA balances. The GAO’s report found [...]
The IRS is changing its position on the one-per-12-month IRA rollover rule starting in 2015—further limiting the number of rollovers an individual may make—and creating a potential tax trap for the unwary that [...]
Just days before adjourning to return to their home states to campaign for the November mid-term elections, the Senate Finance Committee held a hearing on retirement savings and tax reform. The meeting comes on the [...]
Retirement tax incentives are set to cost the Treasury nearly $700 billion over the next five years, second only to the cost of the exclusion for employer-provided health insurance. The latest cost estimates are jaw-dropping—[...]
In the 10 years since health savings accounts (HSAs) first became available, HSA ownership has grown considerably. According to the annual census by America’s Health Insurance Plans (AHIP), as of January 2014, 17.4 [...]
The U.S. Supreme Court has ruled that funds held in inherited IRAs are not “retirement funds” exempt from the debtor’s bankruptcy estate under federal law. The Court’s unanimous decision in Clark v. [...]
