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…
Generous employers who want to provide financial assistance to struggling employees have an option thanks to Internal Revenue Code Section 139, which allows employers to make non-taxable qualified disaster relief payments to employees who are impacted by the coronavirus. The…
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to giving people access to health care treatments, the new law will provide roughly $2 trillion in much-needed financial relief to individuals,…
On March 27th, President Trump signed into law the 2020 CARES Act, which provides several provisions that are extremely relevant to small and mid-sized businesses. Two of the most significant provisions – 1) the Paycheck Protection loan program and related…
The coronavirus (COVID-19) pandemic has already had widespread effects on the U.S. economy. Demand for many goods and services has stalled. Unemployment claims have skyrocketed. And many schools and businesses are operating online — if at all. Life has changed dramatically…
As you may have heard, there are significant changes to tax filing and payment deadlines. Federal The Internal Revenue Service (IRS) recently issued guidance allowing all taxpayers (this includes individuals, estates, trusts and corporations) to defer payment of federal income…
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one,…
