Mark the Calendar: Important Backup Withholding Deadlines

This article was published by the IRS. Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines. What is backup withholding? The person or business paying the taxpayer doesn't generally withhold taxes from certain payments. They don't do this because it's assumed the [...]

Most Retirees Must Take Required Minimum Distributions by Dec. 31

This article was published by the IRS. The Internal Revenue Service is reminding retirement plan participants and individual retirement account owners that payments, called required minimum distributions, must usually be taken by December 31. Required minimum distributions (RMDs) generally are minimum amounts that retirement plan account owners must withdraw annually starting with the year they reach [...]

Looking Ahead: How the American Rescue Plan Affects 2021 Taxes, Part 1

This article was published by the IRS. This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual's 2021 taxes. Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying [...]

Tax Resources for Military Members, Veterans and Their Families

This article was published by the IRS. The IRS has a variety of resources to help members of the military, veterans, and their families navigate the unique and sometimes complex circumstances that come with filing taxes while in the military. Here's a list of some of the resources these taxpayers may find helpful: Tax Information for [...]

Town of Plymouth’s “COVID-19 Daily Update” – September 15, 2021

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 [...]

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