IRS News
How To Lower RMDs In Retirement – Forbes Advisor
Retirement plans offer a host of benefits, from lower taxes to automated saving. But Uncle Sam makes you pay for these benefits, eventually, by requiring you withdraw money from your account whether you need it or not.
When you turn 72, required minimum distributions (RMDs) begin for most tax-advantaged retirement plans. In year one, they usually amount to around 3.6% of your account balance, then increase to an average of about 6.5% of your balance. If you skip an RMD, you could be on the hook for an Internal Revenue Service (IRS) penalty equal to 50% of that year’s RMD amount.
Most retirees make RMDs a key part of their retirement paycheck, but if you’d prefer not to withdraw and spend your retirement funds, you have a few options.
forbes.com
News
Republicans press IRS on backlog of over 11M unprocessed 2019 tax returns
Republicans members of the House Ways and Means Committee wrote a letter to the IRS this week regarding millions of tax returns that have yet to be processed from last year, even though the current tax season is underway.
foxbusiness.com
Practitioners Anticipate Tax Filing Season Wins And Woes
Phyllis Jo Kubey, a solo practitioner based in New York City, and Ryan L. Losi, executive vice president at PIASCIK, discuss the 2021 tax season and the unique challenges posed by the COVID-19 pandemic.
forbes.com
Home Sweet Tax Home
Although few in the United States are unfamiliar with the term “commuter,” it is less likely so with “road warrior,” a term applied to business owners and employees whose activities require a great deal of interstate or international travel. Yet there is another class of business owners and employees who cannot be properly classified as commuters or road warriors.
forbes.com
Tax season tips: When will your refund arrive?
Many taxpayers rely on their refunds each year for financial necessities and due to the damage wrought by the coronavirus pandemic the cash could be even more essential in 2021.
foxbusiness.com
What is the best way to tackle credit card debt?
U.S. consumers are making headway with their credit card debt, but there's still a long way to go to becoming debt-free.
foxbusiness.com
Coinbase is a decentralized company, with no headquarters | by Coinbase | Feb, 2021 | The Coinbase Blog
Where is Coinbase headquartered?
If you had asked us a year ago, the answer would have been San Francisco. But almost nine months into becoming a remote-first company, and now with 52% of our employees having joined us in a post-office world, that answer no longer feels right. After we can safely return to in-person work, about 95% of our employees will still have the option to work at home, in an office, or a mix — whatever works best for them. We now have employees, many who originally worked in San Francisco, all over the country and world. Since January 2020, nearly 250 employees have relocated worldwide, and more than 150 have left San Francisco, representing about 21% of our global and 29% of our San Francisco workforce during that time.
coinbase.com
New PPP changes attempt to ease smallest businesses' access
The administration of President Joe Biden announced Monday that it would institute a two-week period starting Wednesday during which only businesses with fewer than 20 employees will be able to apply for Paycheck Protection Program (PPP) loans.
journalofaccountancy.com