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COVID-19 has had an unprecedented economic impact – especially on small business owners. Watch this video to find out steps to help keep your business afloat during COVID-19. Learn what is needed to take a pragmatic view of what has happened and what steps you may be willing and able to take to bounce back. …
The CARES Act waived required minimum distributions (RMDs) from IRAs and employer plans such as 401(k)s for 2020. However, the CARES Act was not passed until March 27, 2020. And many individuals had already taken their RMD for 2020. Some of these retirees would not have taken the distributions if they would have known about …
The government has begun sending out some of the stimulus payments by debit card. These cards are mailed in plain white envelopes, which some people have thrown away, thinking it was junk mail. Watch the video to learn more.
The Internal Revenue Service is mailing all recipients of Economic Impact Payments an IRS Notice 1444. The IRS Notice 1444 provides taxpayers key information about their payment including: the amount of their payment, how the payment was made, and how to report any payment that wasn’t received. If you’ve already received your economic impact payment, you’ve …
Due to COVID, the IRS changed the tax deadline to July 15, 2020. This was an automatic 3 month extension to file 2019 tax returns and pay the 2019 tax. This is among other tax actions normally due on April 15. Now that July 15th is approaching, please realize it’s not just the deadline for …
The global COVID-19 pandemic has presented significant challenges for American citizens. From both a health standpoint and a financial perspective. Individuals are looking for ways to reduce the financial impact of layoffs experienced since the shutdown of the economy. In an effort to relieve some of this burden, the IRS introduced the People First Initiative on March …
As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities. Specifically for those who have traditional IRA accounts. These range from IRA conversions, to retirees making larger-than-normal IRA withdrawals. Also the decision whether to take advantage of the required minimum distribution (RMD) suspension for 2020. Let’s look at …
The ongoing COVID-19 pandemic has created significant challenges for small and large businesses alike around the world. However, there are also some positive changes taking place. These new post-pandemic trends and behaviors may end up being better for small business everywhere. In fact, there are a few core trends that are major opportunities. Opportunities just …
It is very common to discover that an item of income was overlooked on a tax return. Perhaps a deduction was not claimed, or an amended tax document was received after the tax return was already filed. Regardless of the results (a tax penalty or a refund), if you overlook something on a prior tax …
