TIGTA Names Key Challenges Facing IRS for FY 2024

By Federal Tax Update Staff The Treasury Inspector General for Tax Administration (TIGTA) has publicly released a memorandum submitted to Treasury Secretary Janet Yellen titled “Management and Performance Challenges Facing the Internal Revenue Service for Fiscal Year 2024.” According to TIGTA, the details in the memorandum are required to be submitted for inclusion in the …

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Five-Minute Tax Briefing – No. 2023-22

Item for Thursday, November 2, 2023 IRS Releases 2024 Qualified Retirement Plan Amounts: The IRS has released cost-of-living adjustments affecting pension plans and other retirement-related items for tax year 2024. Some of the limits applicable to pension and other retirement plans have increased. For instance, the elective deferral limit for employees participating in 401(k), 403(b), and …

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Hawaii Explains Suspension of General Excise Tax for Housing Projects

by Krista A. Cohane, Esq. The Hawaii Department of Taxation has issued a tax information release regarding the governor’s proclamations related to homelessness, which suspended the general excise tax for the planning, design, financing, construction, sale or lease in Hawaii of a certified housing project for housing homeless persons. (Hawaii Tax Information Release No. 2023-06, …

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EBIA Weekly – October 26, 2023

ERISA Compliance for Health & Welfare Plans Abrogating Precedent, Fourth Circuit Narrows Equitable Remedies for Fiduciary Breach A 27-year-old who needed a heart transplant requested approval of the procedure from his employer’s self-insured health plan. After the plan denied his request and subsequent appeals, he died—shortly before an external reviewer overturned the claim denials. The …

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