News

The IRS provided interim guidance to employers that provide matching retirement plan contributions based on student loan payments, a new benefit courtesy of a 2022 law.

A 58-year-old client came to financial planner Michael Kitces' office seeking a plan that would allow him to retire at age 65 with $1 million.

The IRS on Thursday issued final regulations (T.D. 10001) that update the rules for required minimum distributions (RMDs) from qualified plans; Sec. 403(b) annuity contracts, custodial accounts, and retirement income accounts; individual retirement accounts and annuities (IRAs); and certain eligible deferred compensation plans.

As part of continuing compliance efforts under the Inflation Reduction Act, the Internal Revenue Service today announced the agency has surpassed the $1 billion mark in collections from high-wealth taxpayers with past-due taxes.

Traditionally, the challenge in using a 529 plan to save for higher education expenses has been figuring out how much to save to cover the beneficiary's college costs without overshooting and saving more in the 529 plan than is actually needed.

The amount of time that identity theft victims have to wait for tax refunds has increased as the Internal Revenue Service has shifted priorities, with some victims waiting nearly two years.

The tax benefits of private placement variable annuities for wealthy clients are drawing scrutiny and calls for a federal crackdown — but they're not going away anytime soon.

The maximum contribution amounts for a health savings account (HSA) and certain related benchmarks will be slightly higher next year, but the increases are not as steep as those last year.

CPA financial planners need to talk with high-net-worth clients now about the idea of shifting ownership of millions of dollars in assets before the estate and gift tax basic exclusion is essentially cut in half on Jan. 1, 2026, Bob Keebler, CPA/PFS, said in an AICPA Personal Financial Planning (PFP) Section webcast.

The Internal Revenue Service reminds taxpayers that May kicks off the season of disaster preparation with National Wildfire Awareness Month and National Hurricane Preparedness Week, May 5-11.

When many in the workforce daydream about retirement, the idyllic images that flood their minds sometimes get drowned out by fears of the unknown.

Mark Boughton, commissioner of the state Department of Revenue Services, described a new effort to formulate CT's first-ever long-term tax strategy recently at a forum in Hartford sponsored by the Yankee Institute.

The AICPA released an expanded plan Thursday focused on boosting the profession's talent pipeline. The detailed plan features input from a significant set of stakeholders and calls for those stakeholders to work together to increase the number of accounting graduates and the number of graduates who obtain CPA licensure.

Looking back over a tumultuous year, we learned the value of cool heads and steady hands. After dealing with the ups and downs of the pandemic, the economy, the election and political and civil unrest, I marked some broader lessons we can glean and implement in our financial planning for 2021.