In 2014, the federal government will forgo an estimated $17.45 billion in tax revenue from IRAs, which Congress created to ensure equitable tax treatment for those not covered by employer-sponsored retirement plans. Congress limited annual contributions to IRAs to prevent the tax-favored accumulation of unduly large balances. But concerns have been raised about whether the tax incentives encourage new or additional saving. Congress is reexamining retirement tax incentives as part of tax reform. This book describes IRA balances in terms of reported FMV aggregated by taxpayers; examines how IRA balances can become large; and assesses how IRS ensures that taxpayers comply with IRA tax laws.
- ISBN10 1634821769
- ISBN13 9781634821766
- Publish Date 1 April 2015
- Publish Status Active
- Publish Country US
- Imprint Nova Science Publishers Inc
- Format Hardcover
- Pages 111
- Language English