In this week’s Wednesday episode (September 15, 2021) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather delivers a "State of the IRS" report. In essence, the IRS is currently broken. Many taxpayers have been complaining about receiving numerous IRS notices but not having any access to IRS employees. In fact, the IRS is currently only [...]
This article was published by the IRS. There are cost‑of‑living adjustments that may affect a taxpayer's pension plan and other retirement-related savings this year. People should familiarize themselves with these adjustments, so they aren't caught off guard. Here are some highlights of the 2021 changes: The income ranges for these actions all increased for 2021: Determining [...]
This article was published by the IRS. The Internal Revenue Service provided a reminder today that the Coronavirus Aid, Relief, and Economic Security (CARES) Act can help eligible taxpayers in need by providing favorable tax treatment for withdrawals from retirement plans and IRAs and allowing certain retirement plans to offer expanded loan options. Can I get [...]
This article was published by the IRS. The Internal Revenue Service has announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021. Highlights of changes for 2021 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and [...]
This article was published by the IRS. Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren't subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a [...]
