IRS Issues Standard Mileage Rates for 2021

The Internal Revenue Service has issued the 2021 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile [...]

New Law Provides Relief for Eligible Taxpayers Who Need Funds from IRAs and Other Retirement Plans

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 [...]

Keep Economic Impact Payment Notice with Other Tax Records

This article was published by the IRS. People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn't received. For security reasons, the [...]

Town of Plymouth’s “COVID-19 Daily Update” – April 8, 2020

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 [...]

July 15, 2020 is the New Federal Tax Due Date

As part of its coronavirus response, the federal government has announced a 90-day grace period, changing the tax deadline to July 15, 2020. We are awaiting IRS regulations to be issued providing more details regarding this grace period. The U.S. Treasury will give tax filers 90 extra days to pay income taxes due on up to [...]

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