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IRS Announces 2014 Pension Plan Limitations

CLG Professional Services
December 26, 2013
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The Internal Revenue Service has announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2014. Some pension limitations such as those governing 401(k) plans and IRAs will remain unchanged because the increase in the Consumer Price Index did not meet the statutory thresholds for their adjustment. However, other pension plan limitations will increase...

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IRS Warns of Pervasive Telephone Scam

CLG Professional Services
December 26, 2013
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The Internal Revenue Service has warned consumers about a sophisticated phone scam targeting taxpayers, including recent immigrants, throughout the country. Victims are told they owe money to the IRS and it must be paid promptly through a pre-loaded debit card or wire transfer. If the victim refuses to cooperate, they are then threatened with arrest, deportation or suspension of a business or driver’s license. In many cases,...

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2014 Tax Season to Open Jan. 31; e-file and Free File Can Speed Refunds

CLG Professional Services
December 26, 2013
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The Internal Revenue Service announced on December 18, 2013 plans to open the 2014 filing season on Jan. 31 and encouraged taxpayers to use e-file or Free File as the fastest way to receive refunds. The new opening date for individuals to file their 2013 tax returns will allow the IRS adequate time to program and test its tax processing systems. The annual process for updating IRS systems saw significant delays in October...

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