Internal Revenue Service shows improvement in compliant pension plans
The Internal Revenue Service is continuing to tweak its procedures and how it handles the tax code while it continues to battle the war on income taxes and those who attempt to defraud the federal government.
The Internal Revenue Service is continuing to tweak its procedures and how it handles the tax code while it continues to battle the war on income taxes and those who attempt to defraud the federal government.
The IRS has recently announced plans to improve how it selects non-compliant retirement plans to examine for fraudulent activity, reports Tax-News.com, citing a report released by the Treasury Inspector General for Tax Administration.
“In these tough economic times, it is even more important that the IRS ensure that retirement plans comply with all applicable statutes and regulations to provide plan participants with greater assurance that promised benefits will be available upon retirement,” said J. Russell George of the TIGTA.
The TIGTA reviewed how the IRS identifies non-compliant pensions and found that its methods have improved over the years, according to the new source.
According to the Lowtax International Pensions Report, those curious about retirement provisions should consider a few things such as when and where to retire and the amount of income expected for retirement.
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