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Click on the links below to jump to each section in this article: Retirement Contributions Limits Announced for 2022 Small Business: Deducting Startup Costs Reminder: Deferred Payroll Taxes Due in December Important Information About Charitable Giving This Year Tax Credit for Hiring Long-Term Unemployed Workers Retirement Contributions Limits Announced for 2022 Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2022 are as follows: 401(k), 403(b), 457 plans, and Thrift Savings Plan. Contribution limits for employees who participate in 401(k), 403(b), most 457 plans, and the federal government's Thrift Savings Plan is increased to $20,500, up from $19,500. The catch-up contribution limit for employees aged 50 and over remains...

Click on the links below to jump to each section in this article: IRS Charges Fee for Estate Closing Letters Shared Custody and Advance Child Tax Credit Payments Tips To Avoid Fraud and Scams After a Disaster Deferred Tax on Gains From Forced Sales of Livestock Advertising and Marketing Costs May Be Tax Deductible IRS Charges Fee for Estate Closing Letters Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax return. This closing letter is formally referred to as IRS Letter 627. Background By law, federal agencies are required to charge a user fee to cover the cost of providing certain services to the public that confer a special benefit to the recipient. Moreover, agencies must review these fees every two...