In our July issue, an error crept in regarding IRA limits in the article, “Sidestep tax trap on future IRA conversions.” The normal contribution limit for all IRAs for 2007 is $4,000; $5,000 if you’re age 50 or older. We incorrectly stated the limits as $5,000; $6,000 if age 50 or older. The higher limits apply to 2008 rather than 2007.
If you handle payroll compliance, beware: As other tax revenue sources dry up, the IRS is hiring 700 new revenue agents whose only job will be to hunt down payroll-law violations. That means intense new scrutiny of your W-2s, 1099s, 1095s and other payroll tax reporting compliance....Click here to find out more.