For retirement plan in 2020, the SECURE Act and the CARES Act have created some changes. Required minimum distribution (RMDs): Taking required minimum Distributions (RMDs) rises from 70 ½ to 72, at the beginning age, under the SECURE Act. Keep in mind that after 2019, who turned 70 ½ this change only applies to account...
Hear that? It’s the sound of millions of taxpayers cheering across the country: the Internal Revenue Service (IRS) has announced the open of the tax filing season. That date is February 12, 2021. If you want to get your refund as fast as possible, the IRS recommends that you e-file your tax return and use direct deposit...
With the convergence of multiple layers of tax legislation and IRS guidance since 2017, this year’s filing season has the potential to confuse tax preparers as well as the clients they serve. Even for those who follow legislation day in and day out, things can get complicated. For example, the Paycheck Protection Program was initially...
As part of funding legislation for the federal government, President Trump signed a law of Setting Every Community Up for Retirement Enhancement (SECURE) Act on December 20, 2019. The law has many provisions relating to financial planning, especially retirement planning with IRAs and employer-sponsored plans. Among the provisions the most attracting is the curtailing of...
Copyright by Accu-Tax, Inc. All Rights Reserved.
Copyright by Accu-Tax, Inc. All Rights Reserved.
