PLANNING FOR TOMORROW Archive

  • 401(k) contribution limit increases to $19,000 for 2019; IRA limit increases to $6,000

    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 2019.  The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of Changes for 2019 The contribution limit […]

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  • Three steps charities applying for tax-exempt status need to take

    Before applying for tax-exempt status, a charitable organization must determine whether it is a trust, corporation or association. After that, there are three additional steps to take: 1. Gather organization documents Each application for exemption – except Form 1023-EZ – must be accompanied by an exact copy of […]

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  • Tax reform affects ABLE accounts, saver’s credit, 529 rollovers

    The Tax Cuts and Jobs Act made several changes to ABLE accounts. ABLE accounts were created by The Achieving a Better Life Experience Act of 2014. They are authorized tax-advantaged section 529A accounts to help disabled people pay for qualified disability-related expenses. Here are changes […]

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  • Info for charities applying for tax-exempt status: determining type of organization

    Before applying for tax-exempt status, a charitable organization should determine if it’s one of the following: Trust A trust is formed under state law. An organization should review the law in the state where it is organized. For a trust to qualify as a 501(c)(3) tax-exempt organization, its […]

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  • Here’s what taxpayers do when they have to file a new W-4

    The IRS reminds taxpayers to look into whether they need to adjust their paycheck withholding. Taxpayers who do need to adjust their withholding should submit a new Form W-4, Employee’s Withholding Allowance Certificate to their employers. Taxpayers can use the updated Withholding Calculator on IRS.gov to do a […]

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  • IRS offers guidance on recent 529 education savings plan changes

    WASHINGTON — The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. Notice 2018-58, addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) […]

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