Drake Software blog for tax pros, covering tax, IRS news, and more
The IRS is increasing maximum contribution amounts for 401(k) plans in 2024. Learn more about these changes and how to advise your clients on today’s blog by Bob Williams.…
Read more about Retirement Contribution Amounts Increased for 2024
With tax season in full swing, the Internal Revenue Service wants taxpayers to be sure they’re not overlooking ways they could lessen their tax liabilities. To take advantage of one method, though, taxpayers have to be fairly quick, because there’s a deadline to meet.…
Taxpayers are getting more time to meet some tax deadlines that would normally fall on April 15, such as making IRA contributions and filling certain claims for a refund.…
There are a lot of things vying for our attention these days: the coronavirus, vaccine opportunities, new Economic Impact Payments—all worthy topics. But when it comes to taxes, recent changes to retirement plan rules also shouldn’t go unnoticed.…
Read more about Don’t Overlook Recent Changes to Retirement Plans
Taxpayers trying to plan their 2021 deductible retirement plan contributions will be happy to learn that the Internal Revenue Service this week published Notice 2020-79.…
Read more about IRS Announces 2021 Income Ranges for IRA, Saver’s Credit Eligibility, and More
The Internal Revenue Service has released cost-of-living adjustments for tax year 2020 covering dollar limitations for pension plans and other retirement-related items.…
According to the most recent Internal Revenue Service “Tax Time Guide,” clients can still contribute money to their 2016 Individual Retirement Account (IRA). The IRS-issued reminder also noted that…
Read more about Still Want to Make a 2016 IRA Contribution? You Can
The newest IRS guide, "Still Time to Contribute to an IRA for 2014," briefly covers some differences between traditional and Roth IRAs, including how much taxpayers may contribute to their respective…
Read more about IRS Discusses IRAs in Newest "Tax Time Guide"
