The IRS has announced additional annual inflation adjustments for more than 50 tax provisions for 2016, including the tax rate schedules and other tax changes.

Some retirement policy reform plans have called for capping the amount that could be contributed pretax to retirement accounts. A Republican plan put forward in 2014, for example, would have disallowed contributions to traditional IRAs and removed income limits on Roth IRA contributions.

We are going to run a three-part series of articles written by Wealth Management. Com. Several legislative changes are on the horizon that will impact everything we know about retirement planning.

The fourth quarter is often make-or-break time in sports. Likewise, tax-cutting steps you take in the last three months of the year can transform a financial plan into a bona fide winner.

For decades, the IRS used the same application, Form 1023, for all nonprofits seeking Section 501 (c)(3) tax-exempt status. Although, the IRS had a lower application fee ($400 instead of $800) for small nonprofits with annual gross income of less than $10,000, there wasn’t a simpler application process for the small organizations.

When a person reaches age 70.5, and they have an IRA account, they must start taking Required Minimum Distributions (RMD) annually.