IRS cracking down on retirement account mistakes
It’s been reported that in 2006 and 2007, the IRS left nearly $300 million in uncollected tax dollars on the table because it failed to follow up on individuals’ retirement account withdrawal and contribution mistakes. But in the future, account holders may not be so lucky.
The IRS is expected to issue a report to the Treasury by Oct. 15 on how to crack down on IRA account holders who make contribution and withdrawal errors, reported The Wall Street Journal...
Source - HR Morning