01.11.24 IRS Tax Penalty News / Vanguard’s Target Date Funds

The Clark Howard Podcast

Clark Howard

Investing, Entrepreneurship, Business

4.6 • 4.9K Ratings

🗓️ 11 January 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

The IRS has been in the news for waiving penalties from prior tax years AND people are getting surprise tax bills. That has brought about a slew of companies advertising tax debt relief. Know what applies to you, and why you shouldn’t take the bait for “debt relief”. Also in the news, the lawsuit against Vanguard over its target date funds is moving through the courts. Know what role TDFs play in your portfolio and where they should NEVER be placed. Tax Penalty Changes: Segment 1 Ask Clark: Segment 2 Vanguard’s Target Date Funds: Segment 3 Ask Clark: Segment 4 Mentioned on the show: [The Washington Post] IRS is waiving $1B in penalties. Beware of tax debt relief companies. IRS Zaps Nearly $1 Billion in Penalties for Taxpayers - The Wall Street Journal. Surprise Bill Coming to Those Who Underpay Taxes When Should You Get an Accountant To Do Your Taxes? How to Freeze Your Child's Credit Should You Make Your Child an Authorized User on Your Credit Card? Is Pet Insurance Worth It? What You Need To Know Before You Buy How To Create a Will Online Living Will and Durable Power of Attorney: Frequently Asked Questions Clark Howard's 5-Point Annual Checklist You Should Follow Lawsuit Over Vanguard’s Target-Date Funds Can Proceed, Judge Rules Target Date Funds: Clark's Favorite Retirement Investment Frequently Asked Questions on Gift Taxes What Is a Roth 401(k) and How Does It Work? Best Budgeting Apps in 2024: Our Top 5 Clark.com resources Episode transcripts Community.Clark.com Clark.com daily money newsletter Consumer Action Center Free Helpline: 636-492-5275 Learn more about your ad choices: megaphone.fm/adchoices Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:22.0	lower case. That Shopify dot code eK slash special offer.
0:25.7	It's my pleasure to welcome you here to the Clark Howard show our missions to serve you and
0:36.5	empower you so you make better financial decisions in your life.
0:42.4	In today's episode, the IRS has been much in the news the last couple of weeks.
0:48.0	One, for offering you a deal on taxes you owe and two charging you more money on taxes you owe.
0:59.6	It completely confused people so I'm going to explain both to you and how they work and also tell
1:05.8	you about scamsters among our midst about taxes you may owe. So also in the news, there's been a lawsuit against Vanguard over its target retirement
1:19.0	funds, target date funds, whatever you want to call them. It's been moving through the
1:22.4	courts and we've had a number of funds, whatever you want to call them. It's been moving through the courts.
1:23.2	And we've had a number of very angry people
1:27.1	we've heard from about how Vanguard messed up on this.
1:32.1	I wish I could go testify against Vanguard even though they're one of my
1:35.3	favorite children, but I want to explain when it's appropriate to buy a target retirement
1:41.5	fund or target date fund where you work and when it's not.
1:46.7	So let's talk IRS.
	...

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