IRS
A Timely Benefit for Low and Moderate Earners: The Savor's Match
In December 2022, the SECURE 2.0 Act addressed the Saver’s Credit shortcomings with a program called the Saver's Match, a vehicle scheduled to largely replace the Saver's Credit.
The "Mysterious" $90 Deposit
Millions of Americans have noticed a pleasant surprise in their checking accounts this week. The surprise is a one-time $90 payment from the Internal Revenue Service, reflecting money redirected from the Medicare Improvement Fund, created by Congress in 2008 to improve Medicare's fee-for-service program, that was never used.
IRS National Consumer Protection Week
According to the Internal Revenue Service (IRS) Criminal Investigation branch, the agency identified over $4.5 billion in tax-related fraud in fiscal year 2025. A lot of personal information is exchanged during tax season, making it a “gold mine” for hackers.…
The contribution limits are increasing
Social Security is a federal government program funded through payroll taxes that provides a basic level of retirement income. However, Social Security is only designed to replace about 40 percent of your pre-retirement income, not all of it. Over 70…
New 2026 IRS Rules which may affect your retirement
With each changing year, the IRS updates its rules, and those which affect retirement are among them. Such is the case for year 2026, where the IRS has issued new rules which may help you save more for your retirement.…
New Chief Executive Officer of the IRS
The current Social Security Administration Commissioner, Frank Bisignano, will now also be working with the Internal Revenue Service (IRS). A new position has been created, and he will also be the chief executive officer of the IRS. He will report…
RMDs by year-end deadline
The IRS recently published a reminder for those aged 73 and older of the deadline to take required minimum distributions (RMDs) from individual retirement arrangements (IRAs) and other retirement plans. The SECURE 2.0 Act raised the age at which account…
Considering Income Tax Rates in Retirement
Many of us have looked to retirement as a time when we become free–well, more free–of the federal income tax burden we carried during our working years. For many retirees, that is the case, But for higher earners and those…
Tomorrow is World Elder Abuse Awareness Day (WEAAD)
A recent post on IRS Newswire focused attention on the rising threat of impersonation scams targeted at older adults by scammers pretending to be government officials and attempting to obtain sensitive, personal information including social numbers. The details of this…
2025 contribution limits for HSAs
The IRS has announced the 2025 contribution limits for Health Savings Accounts (HSA), Health Reimbursement Arrangements (HRA), and High Deductible Health Plans (HDHP). The inflation-adjusted annual limit amounts for 2025 are smaller if you compare them to the largest-ever increase…