401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000

The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.  The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of Changes for 2019 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the…

Can You Opt Out Of Big IRS Offshore Penalties?

Undisclosed foreign accounts or income can trigger significant civil penalties. They can even carry potential criminal penalties. Since 2009, many U.S. persons with foreign accounts and income have come within the IRS’s enormous offshore enforcement efforts. Not everyone has entered the IRS Offshore Voluntary Disclosure Program (OVDP). Still, it can be the safest move, and the only…