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. [...]
Despite recent tax law changes, there still is no place like home from a tax perspective. Following are five key tax breaks associated with home ownership. Sale of principal residence: As long as you meet certain requirements, you can exclude from federal income tax up to $250,000 of gain for single filers and $500,000 for [...]
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 [...]
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 [...]
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 [...]
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 [...]
Many people have been asked this question: If I lost my job due to COVID-19, do I have to pay federal income tax on unemployment benefits? The answer, at least for now, is “yes.” The Coronavirus Aid, Relief and Economic Security (CARES) Act authorizes extra unemployment benefits of $600 a week from April 5, 2020 [...]
Below is our understanding of the appropriate ways to be in touch with the Internal Revenue Service (IRS) as of right now. All of this information is as of today, and with all of this type of information, it can change at a moment's notice. The practitioner’s hotline (that's the one we would call on [...]
As part of an update to a prior COVID-19 filing and payment changes, the IRS has now pushed back the second quarter will now also be due on July 15, 2020. So to summarize, all returns that were initially due between April 1, 2020 and before July 15, 2020 are now due on July [...]
The new stimulus bill that was signed on Friday, March 27, 2020, known as the CARES Act is a massive and far ranging $2+ TRILLION bill, so it is probably best for us to break it down by sections or likely impacted group. This Act may be cited as the “Coronavirus Aid, Relief, and [...]