Tax Filing Season Statistics Announced
The Department of the Treasury issued $317,692,000,000 in tax refunds during the first 10.5 months of 2020, with the average refund totaling $2,535. Schreiber Accounting and Advisory can help you get your maximum tax refund possible with comprehensive tax compliance and tax planning services.
IRS Employee Plan Compliance Resolution System (EPCRS)
If you make mistakes in your retirement plan, you can use the EPCRS to fix the mistakes and avoid the consequences of your plan being disqualified.
There are three ways to correct mistakes under EPCRS:
2021 Plan Sponsor’s Desk Reference Now Available
Does your company sponsor a 401(k) or 403(b) retirement plan? The 2021 Plan Sponsor's Desk Reference is full of information relevant to HR, accounting, and finance professionals responsible for administering these plans.
Pandemic Relief for Retirement Plans
Many of the relaxed retirement plan rules provided for in the CARES Act that was passed in March 2020 expired at the end of the year. As the future of the pandemic is uncertain, so too is the outlook for retirement plan relief.
2021 IRS Limits for Retirement Plans
The IRS places limits on how much you can contribute to various retirement and pension accounts. The Secretary of the Treasury annually adjusts these limits for cost-of-living increases. The new limits went into effect January 1, 2021. Here is a summary of some of the most common limits.