The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act delivers good news to individuals and businesses, including valuable tax-relief measures. Some of that tax relief is retroactive. These provisions can affect 2018 and 2019 returns that have already been…
If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the…
At long last, Congress passed legislation to correct a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which was signed into law on March 27,…
The coronavirus (COVID-19) pandemic has shut down many sectors of the U.S. economy, causing widespread job losses. Over 10 million Americans applied for unemployment benefits in March, according to the U.S. Department of Labor. And far more claims are expected in…
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not…
Last week, the IRS provided updated guidance (in Notice 2020-23) on several extended deadlines including: The extension to July 15, 2020 for all federal individual or business income tax filings and estimated payments. The notice expanded relief to apply to…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides roughly $2 trillion of much-needed financial relief to individuals and businesses in response to the coronavirus (COVID-19) pandemic. One CARES Act provision temporarily relaxes the Tax Cuts and Jobs Act…
As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March…
If you are feeling confused about the CARES Act, Payroll Protection Program and other recently released legislation, you’re not alone. In this article, we are addressing a few of the most commonly asked questions we’re hearing from clients along with…
A QCD is a direct transfer of funds from your IRA custodian to a qualified charity. QCDs are not taxable and can be counted toward satisfying your required minimum distribution (RMD) for the year, so long as certain requirements are…