IRS

The agency will send several dozens agents to make at least 800 face-to-face visits in February and March of this year.

Relief comes as a result of the short notice firms were originally given to comply with the Secure Act, the agency says.

Retirement savers stand to gain more by investing their money instead of taking an interest-free reimbursement.

Along with other decisions, dating the amount of money they need to withdraw would help them in retirement planning and spending.

Failing to pay taxes on side-gig earnings and keeping faulty records of business-related expenses must avoided to prevent an excessive tax burden.

This rise of the so-called grey divorce has created a number of uncommon and complex issues for retirement accounts.

The agency recently estimated a gap of $381 billion in unpaid tax from 2011-‘13, which equates to roughly 14.2% never being submitted.

The Secure Act was designed to expand retirement savers’ options but it has subsequently all-but-eliminated the stretch IRA for beneficiaries. It's on advisors to make clients aware of the major change.

Knowledgeably navigating 401(k) and IRA movements can have a massive impact on tax burdens — and the client relationship.

"Keep records and watch the statute of limitations. The usual IRS statute of limitations is three years after you file your tax return," an expert writes.