Individual Tax

/Individual Tax

Three New Tax Breaks for Charitable Donors

By |2020-08-18T15:01:32+00:00August 18th, 2020|Corporate & Partnership Tax, Estate & Trust, Individual Tax, News & Events, Press Releases|

The Coronavirus Aid, Relief and Economic Security (CARES) Act encourages taxpayers to contribute to worthy charitable causes during this unprecedented health crisis. Accordingly, here are three key tax breaks in the new law for individual and corporate donors in 2020. 1. Deduction for non-itemizers: Normally, you may write off contributions to charitable organizations, subject [...]

CARES ACT – Student Loan Relief

By |2020-08-17T14:18:01+00:00August 17th, 2020|Individual Tax, News & Events, Press Releases|

The new Coronavirus Aid, Relief, and Economic Security (CARES) Act includes two key provisions providing relief to taxpayers with student loan debt. One provision applies to Direct Loans, Perkins Loans and Federal Family Education Loan (FFEL) obligations owned by the U.S. Department of Education; the other expands the benefits of a fringe benefit plan for employees. [...]

You have until August 31 to reverse your 2020 RMD

By |2020-08-11T14:17:38+00:00August 11th, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

We hope by now you probably know that the CARES Act, passed in March, enables taxpayers with a required minimum distribution (RMD) due in 2020 to skip the payment this year. But did you know that you can roll your funds back into your retirement account if you have already taken your RMD this year? You [...]

Tax Ramifications in the Gig Economy

By |2020-07-02T19:06:56+00:00July 7th, 2020|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Do you pick up riders in your car, rent out a spare room in your summer home or perform various other services for customers? If so, you are likely participating in the “gig economy” that is rapidly growing in popularity around the country. For many people, this is a good way to earn extra money [...]

FAQs on Retirement Plan Loans

By |2020-07-01T14:39:24+00:00July 3rd, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

During these trying times, employees may be forced to take out loans from their 401(k) plans to meet certain financial obligations. Fortunately, the Coronavirus Aid, Relief and Economic Security (CARES) Act provides some relief for borrowers. Following are the answers to several frequently asked questions (FAQs) about retirement plan loans. What are the limits for [...]

New Law Plays With the Kiddie Tax

By |2020-07-02T18:59:33+00:00July 2nd, 2020|Individual Tax, News & Events, Press Releases|

The new retirement planning law passed by Congress late last year—the Setting Every Community Up for Retirement Enhancement (SECURE) Act—includes a tax provision that has nothing to do with your golden years. Accordingly, the way the “kiddie tax” is calculated reverts to the method used before the Tax Cuts and Jobs Act (TCJA) of 2017 [...]