But…as incredible as it may seem there is some good news to report!
The Internal Revenue Service recently announced increases to the amount that individuals can contribute to their 401(K) and IRAs.
For individuals who participate in 401(k), 403(b), most 457 plan or the federal government’s Thrift Savings Plan the contribution limit has increased to $22,500 (up from $20,500). For individuals with IRAs the limit on annual contributions has increased to $6,500 (up from $6,000).
One thing that all real estate loans have in common, regardless of the type of property or size of the loan, is that the lender will be represented by an attorney. Knowing what the lender’s attorney does, the limits of their responsibility to the borrower and how best to coordinate with them will go a long way towards ensuring a smooth loan closing. This month Long Island real estate attorney Joseph Beige is joined by Christopher Delisle, Esq. of Puleo Delisle, PLLC to discuss the lender’s attorney role and tips for making your next loan closing an enjoyable one.
Discussing the role of the Lender's Attorney
The Internal Revenue Service announced today that the agency is seeing a tremendous increase in text message-based scams aimed at taxpayers. IRS Commissioner Chuck Rettig referred to this increase as “phishing on an industrial scale” and warned that thousands of taxpayers may be at risk of receiving these scam messages.
The IRS isn’t forgetting about those who have already been assessed a penalty and paid it either.
These newly hired Revenue Agents will specialize in performing individual and business tax return audits and will be assigned to the agency’s Small Business Self Employed (SB/SE) division. Here the Revenue Agents will use their knowledge of accounting and tax law to tax to audit returns, determine liability for both individual and business taxpayers including small corporations, partnerships, and fiduciaries. The Revenue Agents will also be responsible for identifying potential fraud, tax schemes and abusive tax shelters.