Annual contribution limits for retirement savings accounts for 2016 and 2017, as established by the IRS, are listed below. Please keep in mind that contributions to Traditional IRAs, Roth IRAs,…
Since 1961, an employer was permitted to reimburse an employee for some or all of the premium expenses incurred for an employee’s individual health insurance plan and exclude that payment…
Annuities are complicated products that often cause much confusion for annuity owners, let alone their beneficiaries. There can be significant tax consequences associated with the inheritance of an annuity held…
$37,461.22. That is the dollar amount our team at Schanel & Associates has saved taxpayers this year in IRS penalties through penalty abatement requests. While we were happy to help…
The IRS recently issued a bulletin warning taxpayers to be on the lookout for scam artists impersonating the IRS. These scammers have been resorting to increasingly aggressive scare tactics, such as threatening…
The IRS recently identified a few common errors seen in one of the most popular retirement plans used by small businesses — the SEP plan. General Rules for SEPs With…