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Impact of IRA Funding Reduction on IRS Operations Expected to be Limited in the Near Term

Bailey Scarano Blog / By

The recent reduction in funding allocated to the Internal Revenue Service (IRS) under the Inflation Reduction Act of 2022 is not anticipated to have significant immediate consequences for the agency’s plans, according to an IRS official. Although over $21 billion of the allocated funds was rescinded or repurposed, leaving approximately $60 billion remaining, the IRS […]

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2023 Inflation Adjustments for Pension Plans & Retirement Accounts

Bailey Scarano Blog, Tax & Money Tips / By

The IRS recently released the 2023 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions. In general, many of the pension plan limitations will change for 2022 because the increase in the cost-of-living index due to inflation met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. 

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