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…

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…

Ideas for Retirement Savings Reform

On 1/28/16, the Senate Finance Committee held a hearing on –Helping Americans Prepare for Retirement: Increasing Access, Participation and Coverage in Retirement Savings Plans.  This isn’t the first time for this topic.  There were a few hearings on this in 2014. I’m not sure if anything is driving the renewed attention to this topic now. …