IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017

WASHINGTON — The Internal Revenue Service today announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. Highlights of changes for 2017 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs, and to claim the saver’s…

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Be aware of tax scammers

BUFFALO, N.Y. (WIVB) – Scammers seem to be getting more creative in using fear of the Taxman as a weapon to steal from taxpayers. The mere mention of the Internal Revenue Service is enough to evoke fear in many Americans, so using the IRS as a ruse to steal someone’s hard earned money can be…

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IRS Now Accepting ITIN Renewal Applications; Taxpayers Encouraged to Act Soon to Avoid Processing Delays in 2017

Note of Clarification: If taxpayers submit a tax return with an expired ITIN, they will experience a delay in processing and certain credits such as the Child Tax Credit and the American Opportunity Tax Credit may not be allowed unless the ITIN is renewed. Taxpayers are not, however, prohibited from filing a tax return. (Added…

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