IRA stands for “individual retirement account.” There are two basic types – Roth and Traditional. Each has some similarities and also some differences that may make one more advantageous than the other depending on your situation. First, some similarities. Both types allow for investment into tax-saving accounts for retirement purposes. Both have contribution deadlines that fall at the same time as tax return filing deadlines. Neither has an age restriction for how old you ha

The Internal Revenue Source (IRS) is a federal agency. Specifically, it is a bureau within the Department of the Treasury. Interestingly, the IRS was first created in 1862 when President Lincoln signed a law to help pay for Civil War expenses incurred by the federal government. Of course, the IRS of 1862 was of a much different form than the one we are familiar with today. The current IRS was created by the secretary of the Treasury. This was permitted by Congress in Section

As previously discussed in our tax blog, the IRS is a federal agency. The rules that federal agencies create often go through a process called “notice and comment” that allows for public participation in the rulemaking process. One reason for this procedure is that, because agencies and agency members are not elected, there needs to be a method under which they are still held accountable to the general public. Notice of proposed IRS rules will be published on the Federal Regi

On September 30, the federal government’s “fiscal year” will come to an end, and a new one will commence the following day on October 1. This fiscal year always begins and ends on these same dates. The important economic impact of the federal government’s fiscal year is that it contains the start and end dates of each federal budget. Every year on October 1, the government must have a new budget in place or continue to enact “resolutions” to keep the federal government operat