Highlights of the American Rescue Plan Act of 2021
The latest economic stimulus bill was recently signed by President Biden, with stimulus payments hitting bank accounts as soon as this weekend. Called the American Rescue Plan Act of 2021…
Retiring soon? Recent law changes may have an impact on your retirement savings
If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently…
New Law Includes Favorable Changes for Individuals
The massive COVID-19 relief bill signed by President Trump on December 27, 2020, contains a variety of tax breaks and authorizes direct payments to eligible individuals. The law is titled…
Employee or Independent Contractor? The Rules May Be Getting Simpler
From an employer perspective, using independent contractors provides greater flexibility in managing variable demands for particular services. And, frequently, those services can be obtained more economically because independent contractors don't…
IRS Issues Guidance on COVID-19 Distributions from Retirement Plans
The IRS recently issued guidance related to coronavirus-related distributions allowed under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Notice 2020-50 and Notice 2020-51 apply to qualified individuals, employers and…
What qualifies as a “coronavirus-related distribution” from a retirement plan?
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So…
There’s Still Time to Make a Deductible IRA Contribution for 2019
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax…
Hiring independent contractors? Make sure they’re properly classified
As a result of the coronavirus (COVID-19) crisis, your business may be using independent contractors to keep costs low. But you should be careful that these workers are properly classified…
Still Have Questions about the FFRCA?
You aren’t alone. Many questions still exist surrounding the regulations and required calculations of the Families First Coronavirus Response Act (FFCRA) which was signed into law by President Trump on…
Employers Can Make Deductible Disaster Relief Payments to Employees
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…