Retirement benefits

New reports indicate 497 high-income taxpayers had over $150 million in their individual retirement accounts, and nearly 25,000 taxpayers had aggregate IRA account balances of $5 million or more.

A new TIGTA report warns, however, that many didn’t follow the rules and could face potential tax penalties.

Pulling the costs directly out of clients’ IRAs can blunt the sting, but it shrinks the pot of tax-deferred retirement assets.

Heirs of IRAs and 401(k)s won't need to take annual distributions before cashing out within a decade of receiving the plans, the agency says.

A Biden proposal to change the tax deduction for contributions to a tax credit could have serious implications.

Your clients may have heard conflicting advice — they must change their IRA beneficiaries, spend down their IRA as soon as possible, dismantle their trust, or immediately convert their traditional IRA to a Roth IRA, Sophia Duffy writes.

One major difference between past audits and those of today are they are now being almost completely performed in a remote environment.

Our panel of experts have identified these 12 credits, deductions and more as worth particular attention this year.

What Congress, clients and others did this year, and how it will impact next year.

The Internal Revenue Service is beefing up its controls to safeguard against improper self-employed retirement deductions, according to a new report.