Of a Certain Age? You May Need to Withdraw Money From a Retirement Account

After saving for retirement for years, when you turn 70 ½ years old, the Internal Revenue Service requires that people start taking their RMD (required minimum distribution) out of their retirement accounts which could be an IRA or 401(k). If you fail to take an RMD you may face a steep penalty. For the complete NYT article, follow our link. Read More. Of a Certain Age? You May Need to Withdraw Money From a Retirement Account By Ann Carrns | The New York Times You may be thinking about holiday gifts and New Year’s resolutions. But if you’re old enough Continue Reading

IRS Now Allows Private Debt Collectors to Dun Taxpayers

In a move that could be confusing to seniors who are vulnerable to scams, the IRS will begin using private debt collection agencies to collect past-due taxes. The new program will begin in April 2017.Authorized by a law Congress passed in December 2015, the IRS may now contract with private debt collectors to collect certain debts. The private collection agencies can work on accounts in which the taxpayer owes money, but the IRS is no longer actively working on the account, perhaps because the account is older or the IRS does not have resources to continue pursuing it. Historically, scammers Continue Reading