Overview
TIGTA Releases Report on Taxpayer Compliance with 401(k) Contribution Limits: The Treasury Inspector General for Tax Administration (TIGTA) released a report titled “Taxpayers Generally Comply With Annual Contribution Limits for 401(k) Plans; However, Additional Efforts Could Further Improve Compliance.” The report identified two areas in which compliance could be improved, specifically: 1) some plans did not prevent taxpayers from exceeding the annual limit; and 2) some taxpayers exceeded annual limits when contributing to multiple plans.
IRS to Hold Hearing on Section 168(k) Depreciation Deduction: The IRS will hold a hearing regarding the guidance on the additional first year depreciation deduction under section 168(k). The hearing will take place on Wednesday, November 28, 2018. Speakers’ outlines must be received by the IRS by Thursday, November 15, 2018.