Larry Bormel of Bormel, Grice & Huyett, was honored with the Lifetime Achievement Award by The Central Maryland Chamber of Commerce during its 6th Annual Meeting and Hall of Fame Awards on May 9, 2022. The event recognized the companies and volunteers who partner with the chamber to be the voice of businesses, create jobs,, and help members thrive. Below Larry accepts his award with Bormel, Grice & Huyett partner Raymond Plummer, CPA (left), the Chamber's President Kristi Simon, and Chairman of the Board Mike Cammarata CFP®,ChFC®, RICP® (far right.)
The IRS reminded employers and self-employed taxpayers that chose to defer paying part of their 2020 Social Security tax obligation that a payment is due on January 3, 2022. As part of the COVID relief, employers and self-employed people could choose to put off paying the employer’s share of their eligible Social Security tax liability, normally 6.2% of wages. Half of that deferral is now due on January 3, 2022, and the other half on January 3, 2023.
Beginning in December, the IRS will begin issuing Letter 6419 to recipients of the Advance Child Tax Credit. This letter will include the total amount of the advance payments taxpayers received between July and December of 2021.
What is new for Required Minimum Distributions (RMDs) in 2021? I am glad you asked. However, before we get to that, there might be a handful of diligent readers of this blog that are now asking themselves, “Hey, Blogger, what is an RMD?” Again, I am glad you asked. An RMD is an amount that must be withdrawn from a retirement account when you reach a certain age. It’s not much more complicated than that, but there are some additional things to consider which we will address later.