2015 pension contribution limits set

The IRS in News Release IR-2014-99 announced 2015 limitations and adjusted gross income (AGI) phaseout ranges for retirement plan contributions:

  • Secs. 401(k), 403(b), and most 457 plan deferrals: $18,000; catch-up contribution for employees age 50 and over: $6,000.
  • Individual retirement arrangement (IRA): $5,500; catch-up contribution: $1,000.
  • AGI phaseout for traditional IRA contributions if covered by workplace retirement plan: single and head of household, $61,000–$71,000; married filing jointly, contributor covered by workplace plan, $98,000–$118,000; contributor not covered by workplace plan but spouse is covered, $183,000–$193,000.
  • AGI phaseout for Roth IRA contributions: single and head of household: $116,000–$131,000; married filing jointly: $183,000–$193,000.


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Tips for first-year auditors

For a new auditor, the first busy season can be an exciting time and a fantastic opportunity for professional growth. Here are suggestions for new auditors and those who nurture their development.