IRS
The Internal Revenue Service (IRS) is the revenue service of the U.S. federal government. It is responsible for collecting U.S. federal taxes and for administering the Internal Revenue Code, the main body of U.S. federal statutory tax law. It is an agency of the U.S. Department of the Treasury and is led by the commissioner of internal revenue, who is appointed to a five-year term by the president of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act.
Beyond's analysis on IRS
- — IRS lets workers aged 73+ delay RMDs from a current employer’s 401(k) but not from rolled‑over IRAs
- — The IRS offers an undisclosed remedy to alleviate tax penalties for retirees who missed the September 15 filing deadline
- — Strategic 401(k) consolidation can eliminate tax liabilities through direct custodian payments
- — A farmer’s decision to borrow against corn rather than sell it, coupled with a specific tax election, treats the loan as farm income for Social Security purposes
- — The case highlights how gambling winnings and losses interact with tax reporting, potentially increasing compliance burdens for individuals and tax‑advisory firms
- — Investor locks in $90 k of losses via a one‑week fund swap during the 2022 crash and has deferred capital‑gains tax ever since
- — Pre‑65 401(k) to Roth conversion can yield six‑figure tax savings for retirees
- — IRS questions whether $50,000 in rodeo winnings is a hobby or a business after the winner filed for Social Security benefits
- — A retiree’s Roth conversion erased his taxable IRA balance, leaving the IRS with nothing to tax at age 73
- — Using HSAs alongside 401(k)s can create tax‑free retirement growth
- — A tax rule allowing up to $400,000 in employer stock within a 401(k) could enable retirees to save as much as $65,000 through net unrealized appreciation (NUA) strategies
- — IRS grants a 10‑year window to empty inherited IRAs, highlighting three ETFs that can help investors meet the deadline
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