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How Much Salary Can You Defer if You’re Eligible for More than One Retirement Plan?

Issued guidance regarding proposed procedural changes. Notices also request public comment with respect to the administration of the tax laws. The provided materials relate specifically to tax-exempt bonds.

Section 1411 of the IRS Code imposes the Net Investment Income Tax (NIIT). Find answers to questions about how the code may affect your taxes.

Exempt Organization Revenue Procedures

Brief descriptions of recent major additions to tax stats are shown here.

Exempt organizations revenue rulings for the years 1979-1954.

April 6, 2023 — The Commissioner speaks on the release of the IRS Strategic Operating Plan.

Aug. 16, 2024 — Dozens of organizations across the nation’s tax industry as well as state tax agencies have endorsed the Coalition Against Scam and Scheme Threats or CASST cooperative approach.

IRC Section 4945(g) states Subsection (d)(3) shouldn’t apply to an individual grant awarded on an objective and nondiscriminatory basis pursuant to a procedure approved in advance by the Secretary, if it is demonstrated to the satisfaction of the Secretary that the grant constitutes a scholarship or fellowship grant, the grant constitutes a prize or award or the purpose of the grant is to achieve a specific objective, produce a report or other similar product, or improve or enhance a literary, artistic, musical, scientific, teaching, or other similar capacity, skill, or talent of the grantee.

IR-2023-35, March 1, 2023 — The Internal Revenue Service reminds taxpayers of their reporting and potential tax obligations on income from the gig economy and service industry, transactions from digital assets, and foreign sources or holding certain foreign assets.