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IRS Announces 2013 Pension Plan Limitations; Taxpayers May Contribute Up to $17,500 to Their 401(k) Plans in 2013
*Reprinted from the IRS website IR-2012-77, Oct. 18, 2012 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 2013. In general, many of the pension plan limitations will change for 2013 because the increase in the cost-of-living index met the statutory…
Read MoreCap Gains Tax Precludes Farmers from Passing Torch
WASHINGTON, D.C., September 20, 2012 – The American Farm Bureau Federation today urged Congress to reform the capital gains tax because of its detriment to young and beginning farmers. In a statement submitted to the House Ways and Means and Senate Finance Committees’ joint hearing on tax reform, AFBF said the cumbersome tax makes it…
Read MoreNational Taxpayer Advocate Identifies Challenges and Issues for Upcoming Year
WASHINGTON — National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will focus on during the upcoming fiscal year. The report expresses particular concern about the taxpayer impact of expired and expiring tax provisions, the rise in tax fraud and tax-related identity…
Read MoreWhat Does the Supreme Court Ruling on the Health-Care Reform Law Mean for You?
On June 28, 2012, the U.S. Supreme Court ruled, in a landmark decision, that the Patient Protection and Affordable Care Act (ACA), including the provision that most Americans carry health insurance or pay a penalty, is constitutional. The ACA, signed into law in 2010, made sweeping reforms to health-care coverage in the United States. Many…
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