The 401(k) is now the most popular type of retirement plan, with many employers providing a company match when workers sock away money in their accounts. But these matches — often shorthanded as “free money” from your company— may exacerbate inequality in retirement, new research finds. About 44% of employer matches are directed toward the […]
The IRS building in Washington D.C. The IRS recently announced a major tax enforcement initiative that will increase scrutiny on high-income earners, partnerships and people with foreign bank accounts. The agency said the effort would “restore fairness to [the] tax system” by focusing on wealthy taxpayers who have seen sharp declines in audit rates over […]
‘Many engaged in tax evasion’: A new IRS plan targets high-income Americans who haven’t done this 1 simple thing in recent years — here’s what you need to know The IRS is cracking down on thousands of high-income Americans who haven’t filed their tax returns for several years — and have managed to dodge accountability […]
By David Lawder WASHINGTON (Reuters) – The Internal Revenue Service said on Thursday it will go after high-income earners who have failed to file tax returns in 125,000 cases since 2017, resurrecting a non-filer enforcement program that was idled for years by past budget cuts. The IRS said that the $80 billion in funding over […]
A senior woman comparing how much she has saved for retirement against other savers in her age group. If you’ve got more money, you’ve got more retirement options. High-income earners have substantial resources at their disposal, presenting the potential for massive gains and crushing losses. However, practical strategies and careful financial decisions can help you […]