COVID-19 has presented unique opportunities for charitable giving for the 2020 tax year, which has been addressed in the new Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the new guidelines, which apply to the 2020 tax year only, taxpayers can donate 100 percent of their adjusted gross income to charity and have it […]
Tax
Failure to File: Covid-19 Update
Due to Covid-19, the IRS extended the tax return filing and payment deadline to July 15, 2020. If you are unable to file your return by this date, you may request an extension which will give you until October 15, 2020 to submit your tax return. However, an extension only gives you extra time to […]
Paycheck Protection Loan Forgiveness
When the CARES Act was signed into law, it created the Paycheck Protection Program (PPP), which is a new loan designed to help small businesses pay employee wages and other critical expenses. Proceeds from this loan can be forgiven if certain criteria are met. Once the PPP proceeds are deposited to your account, the original […]
How the New Tax Law, CARES, Impacts Individuals
IRS and Congress have given individuals a number of ways to build up their cash reserves and/or pay less in taxes. Here are a few opportunities for taxpayers. Stimulus checks from the IRS Many of you received stimulus checks in the last month as a result of new laws designed to help you weather the […]
Inherited IRAs and the SECURE Act of 2019
At the end of 2019, the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) was signed into law, modifying RMD (required minimum distribution) rules for inherited IRAs and retirement accounts. Under the SECURE Act, inherited IRAs and retirement accounts must be distributed and taxed within 10 years of the original owner’s death. Prior […]