In light of the severe market disruption and economic impact of the COVID‐19 pandemic, we are monitoring the developments of the government's response and communicating with individuals, families, and, small businesses. Due to the massive stimulus package, we are going to provide narratives on parts of the legislation. Today, we want to discuss the stimulus checks being provided to individuals and families.
Before we get started, I want to throw a caveat out there. This massive piece of legislation was put together in a matter of weeks. For comparison purposes, the Tax Cut and Jobs Act ...
This is the second part in a series regarding the CARES Act. The first segment discussed the tax credit orrebate check that is being sent to qualifying individuals and families. The following is a discussion of theimpact of CARES Act on the retirement accounts.
The CARES Act focused a lot of attention on retirement accounts into 3 major areas: Coronavirus‐RelatedDistributions, Enhancements to Loans from employer‐sponsored retirement plans, and waiver of requiredminimum distributions in 2020.
Coronavirus‐Related Retirement Distributions. For those taxpayers impacted by the Coronavirus...
Before we start the discussion of the 3rd segment as it relates to charitable contributions under theCARES Act, I want to discuss the extension of the April 15th deadline.
Personal Income Tax Extensions related to COVID‐19As you have probably heard, the IRS has automatically extended the Personal Income tax filingdeadline by 90 days to July 15, 2020. This is for the filing of tax returns and the payment of incometaxes due for 2019. If you did not pay enough income tax during 2019, either through withholding orthrough estimated tax payments, there will not be a late payment penalty if th...
Caution: As I eluded to in the first segment, this interpretation of the CARES Act is a fluid situation, atbest. Based on subsequent articles, we are concerned that you may not be able to return unwantedRequired Minimum Distributions (RMDs) that were received more than 60 days ago. I have contacted ourtop three custodians in order to get their interpretation because it is their interpretation that ultimatelymatters. We will let you know as soon as we hear back.
We are now on the fourth segment in our series of discussions regarding the CARES Act. This portion ofthe Act may be the most b...
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John Krasinksi (from The Office) has created a new YouTube channel celebrating Good News
The Shows Must Go On is a YouTube channel showing full-length Broadway performances every Friday for just 48 hours.
