IRS announces increased tax incentives for retirement savings

09/9/2009 | Journal of Accountancy online

The Internal Revenue Service has issued guidance as part of an initiative to increase taxpayers' retirement savings. The changes include making it easier for 401(k) plans to allow automatic enrollment, giving taxpayers a box to check on Form 1040 to buy savings bonds with their tax refunds, and permitting workers to contribute cash payments for unused vacation time to their 401(k) plans.

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