In July 2025, the Internal Revenue Service (IRS) announced that it plans to retire its FIRE system in tax year 2026 (i.e., the 2027 tax filing season). The FIRE system will be replaced by IRIS, which will be the only intake system allowed for information returns for the 2027 filing season.
Read MoreLong-term care insurance is purchased by individuals who anticipate future expenses for long-term care, either home-based, or provided in a licensed nursing facility. As the U.S. population ages, the probability that such care may be needed is increasing, as is its cost.
Read MoreThe One Big Beautiful Bill Act (OBBBA), passed by Congress on July 3, 2025, introduces several significant changes aimed at enhancing retirement savings options and financial security for individuals. Here are the key provisions that retirement savers should be aware of.
Read MoreOne primary reason individuals contribute to a Traditional IRA is for the tax deduction. But deduction eligibility is different than contribution eligibility, and individuals who do not qualify for a deduction can still contribute to a Traditional IRA.
Read MoreWithholding elections for nonperiodic distributions are now made on the new IRS Form W-4R.
Read MoreThe IRS in Notice 2022-55 has issued the inflation-adjusted retirement savings limitations for the coming year. Those who follow these annual announcements will note some significant year-over-year increases from the 2022 amounts.
Read MoreThe Social Security Administration has announced the 2023 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices. One of these includes the Social Security taxable wage base (TWB), which identifies the maximum amount of an individual’s annual earnings that are subject to withholding for Social Security-administered benefits.
Read MoreAs your clients prepare their tax returns, you may find yourself receiving a barrage of tax reporting questions. Hopefully, here are the answers to some of your challenging questions during tax season.
Read MoreSeveral bills with provisions that would alter tax-advantaged savings arrangements have been introduced. If these provisions are approved, they represent important priorities for the House and Senate lawmakers responsible for their drafting and introduction.
Read MoreThe IRS announced that the filing deadline for 2021 tax returns or requests for extension is April 18, 2022, for most taxpayers.
Read MoreThe IRS released the 2022 IRA and retirement savings plan limitations in early November. Most limitations will increase for 2022.
Read MoreThe IRS officially extended the deadline for individuals to file their federal tax returns and make IRA, HSA, and ESA contributions with Notice 2021-21. This notice also gives financial organizations until June 30, 2021, to file and furnish Form 5498 series forms.
Read MoreWhat 2021 will bring is yet to be determined. There is optimism, however, that one or more retirement or health savings-focused bills could be enacted in 2021. Several that were introduced during the past two years will likely be re-introduced in the 117th Congress.
Read MoreThe IRS released the 2021 IRA and retirement savings plan limitations in late October. Several limitations will increase for 2021.
Read MoreIRS Notice 2020-50 provides greater clarity of the CARES Act provisions pertaining to coronavirus-related distributions and plan loan relief.
Read MoreDoes a Roth IRA owner have to wait five years before taking a Roth IRA distribution? What are the five-year waiting periods as they apply to Roth IRA distributions and how do they differ?
Read MoreThe IRS and Department of Labor released tax relief guidance for victims of the severe storms and flooding events in Iowa, Nebraska, and Alabama.
Read MoreEffective consumer education on the part of employers, employee benefit providers, and financial organizations can lead to a better overall understanding of HSAs and, ultimately, an increase in HSA assets.
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