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Insights from the Fastlane

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Michael DiSabatino of Sharp CFO™ shares expert insights to help you unlock your business's full potential by delivering proven strategies for maximizing tax savings, streamlining operations, and driving sustainable growth.

The information provided on this site is for general informational purposes only and should not be construed as professional financial, tax, or legal advice. For advice tailored to your specific situation, we recommend consulting with a qualified professional.

Oops. An IRA Contribution Error

 Oops. An IRA Contribution Error 

In a recent review of IRS practices, The Treasury Inspector General of Tax Administration (TIGTA) released a new report on the problem of excess contributions into IRA accounts. The report recommends better taxpayer education and:

“Identifying a more complete and accurate universe of individuals who potentially made excess contributions from which to select potentially productive cases.”

“Potentially productive cases” means selection for an IRS audit. Given this renewed focus on the problem of contributing too much into IRAs, here is what you need to know...

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