Drake Software blog for tax pros, covering tax, IRS news, and more
Taxpayers, no matter their age, may be able to claim a deduction on their 2020 tax returns for contributions to their Individual Retirement Arrangement (IRA) if they make them by April 15.…
Read more about Taxpayers Can Still Get Credit for IRA Contributions on 2020 Returns
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
Guidance issued by the Internal Revenue Service shows tax reform legislation that took effect in 2018 pushes the caps on contributions to higher levels in 2019.…
Read more about Tax Reform Expands Retirement Contribution Limits
The Internal Revenue Service last week issued a Tax Tip outlining how the Tax Cuts and Jobs Act (TCJA) will affect section 529A ABLE accounts.…
