Naming grandchildren as beneficiaries of traditional IRAs used to be a popular estate-planning strategy. Grandchildren had their lifetimes to empty an inherited IRA, which also let them stretch out income-tax payments on the assets. NO LONGER Under 2020 required...
Taxes
IRS provides initial guidance to employers setting up emergency savings accounts for their employees
The Internal Revenue Service issued initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans and are designed...
The Taxpayer Bill of Rights protects all taxpayers year-round
The Taxpayer Bill of Rights is the 10 rights all taxpayers have any time they interact with the IRS. These rights cover a wide range of topics and issues, and they explain what taxpayers can expect if they need to work with the IRS on a tax matter. This includes when...