Drake Software blog for tax pros, covering tax, IRS news, and more
Taxpayers trying to plan their 2021 deductible retirement plan contributions will be happy to learn that the Internal Revenue Service this week published Notice 2020-79.…
Read more about IRS Announces 2021 Income Ranges for IRA, Saver’s Credit Eligibility, and More
IRA owners, beneficiaries and workplace retirement plan participants who got a Required Minimum Distribution (RMD) this year have until Aug. 31 to rollover or repay the distribution in order to avoid being taxed on the payments.…
Read more about Aug. 31 is the Deadline to Return Distributions to Retirement Accounts
Taxpayers can dip into Coronavirus Aid, Relief, and Economic Security Act-specified retirement accounts without suffering a penalty, according to an Internal Revenue Service press release published yesterday. This reminder comes just days after the $600 unemployment benefits included in that legislation expired.…
Read more about CARES Act Allows Penalty-Free Withdrawals from Some Retirement Plans
The Internal Revenue Service has released cost-of-living adjustments for tax year 2020 covering dollar limitations for pension plans and other retirement-related items.…
