This article was published by the IRS. The Internal Revenue Service has released guidance through Notice 2020-50 to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. This includes expanding the categories of individuals eligible for these types of distributions [...]
If you are past the age of 50 and stressed about your retirement savings, you don't have to worry. The following tools will help you maximize your retirement even at your current age. If you are 50 or over, you are eligible to take advantage of catch-up provisions in the tax code. For example, if you [...]
In this week’s Monday episode (June 22, 2020) of the Town of Plymouth’s “COVID-19 Daily Update,” Heather reported that the IRS approved some relief last week. If you were 70 1/2 in 2019 and were required to take distributions from a retirement plan like a 401(k) or IRA, the question has been what would happen if [...]
In this week's Wednesday episode (April 8, 2020) of the Town of Plymouth's "COVID-19 Daily Update," Heather Cozby addressed the gap between the government programs being set up and the current lack of cash flow. She discussed the status of the Economic Stimulus Payments and Payroll Protection Program, as well as unemployment benefits and Economic Disaster [...]
The following article was published by the IRS. Tax questions can pop up any time of the year. When people need answers, they should start with Interactive Tax Assistant on IRS.gov. It’s a tool that provides answers to a many tax law questions. The taxpayer enters answers to a series of questions and the tool gives them a [...]
