IRS Allowed $74 Million in Excess Social Security Tax Refunds, Watchdog Finds

Government Executive | March 19, 2019

IRS Allowed $74 Million in Excess Social Security Tax Refunds, Watchdog Finds
The Internal Revenue Service used detection tools as it processed more than 1.5 million tax returns in a recent year claiming a combined $3.1 billion in over-withheld Social Security taxes. But there were mistakes in as much as $74 million of those claims of excess employer withholding, according to a March 15 report by the Treasury Inspector General for Tax Administration.

Spotlight

A reduction in concessional contribution caps, the lowering of the Division 293 tax threshold,capping tax-free assets in retirement and a non-concessional contributions cap of $100,000 p.a. starting 1 July 2017 are just some of the changes that were in the Budget announcements this year to impact superannuation.These changes may impact your SMSF and retirement planning and require you to reassess your existing strategies or contemplate new ones.

Spotlight

A reduction in concessional contribution caps, the lowering of the Division 293 tax threshold,capping tax-free assets in retirement and a non-concessional contributions cap of $100,000 p.a. starting 1 July 2017 are just some of the changes that were in the Budget announcements this year to impact superannuation.These changes may impact your SMSF and retirement planning and require you to reassess your existing strategies or contemplate new ones.

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