Retirement
Tax Favored ABLE Accounts For Special Needs Children
Congress recently introduced a new type of account for young, disabled individuals. This is a summary of how these accounts work.
Taxes
Stay informed on tax rules and implications affecting federal employees and retirees, including guidance on taxes for FERS and CSRS annuities, Social Security taxation, TSP withdrawals, and retirement income planning. Explore updates on IRS regulations, withholding rules, state tax considerations, and policy changes that influence how federal retirement benefits are taxed. Find clear explanations and practical insights to help federal employees understand how different income sources are treated and how tax changes may impact their financial planning.
Pay & Benefits
Legislation Introduced to Block Bonuses for Tax Delinquent Federal Workers
Senators Richard Burr (R-NC) and Senator Joe Manchin (D-WV) have introduced legislation that would withhold bonuses from federal employees who are delinquent on their taxes or have engaged…
Q&A
I Can’t Find a Qualified Financial Advisor. Now What?
My wife and I have looked throughout our home town and can’t find even one financial advisor that specializes in working with federal employees. At the same time,…
Retirement
Managing Income and Investments After Retirement
You might think that retirement planning is what you do while you are working, and it stops once you retire. The author says that nothing could be further…
Q&A
What Happens to My Retirement Contributions if I Die Soon After I Retire?
If I were to pass away after only being retired a couple of years, I will have only had taxes excluded on a portion of my pension. If…
Retirement
House Passes Bill Exempting Some Federal Employees From Retirement Plan Withdrawal Penalty
The House has passed legislation that would allow Federal law enforcement officers, firefighters, and air traffic controllers to make penalty-free withdrawals from governmental plans after age 50.
Federal Workforce News
IG Report on Tax Evading IRS Employees
An article from the Associated Press cited a report released this week which said that nearly 1,600 IRS employees willfully evaded taxes over a 10 year period. What…
Federal Workforce News
Report: IRS Deliberately Cut Customer Service Funding
A new report from the House Ways and Means Committee says that the IRS deliberately cut funding to taxpayer services, resulting in increased wait times for customers, more…
Federal Workforce News
How Much Did the President and Vice President Pay in Taxes in 2014?
The president and vice president have released their tax returns for 2014 showing their total incomes and effective tax rates.
Agency News
Legislation Introduced to Abolish the IRS
As the new Congress convened this week, one Congressman made his traditional introduction of legislation that would abolish the IRS in lieu of a national consumption tax.