Posts Tagged ‘COVID’
Major Changes to Retirement Plans Due to COVID-19
In the recent update, the IRS reminds Qualified individuals affected by COVID-19 that they may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren’t subject to the 10% additional tax that generally applies to distributions made before reaching age…
Read MoreECONOMIC IMPACT PAYMENTS INFORMATION
The IRS has reported that millions of Americans have already received their Economic Impact Payments (Payments) authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Internal Revenue Service (IRS) continues to calculate and automatically send the Payments to most eligible individuals, however some may have to provide additional information to the IRS to…
Read MoreWHAT ABOUT MY RETIREMENT ACCOUNT?
Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, provides for special distribution options and rollover rules for retirement plans and IRAs and expands permissible loans from certain retirement plans. We have had many questions from our clients about how the CARES act might impact their…
Read MoreAM I ELIGIBLE FOR THE STIMULUS PAYMENT IF I AM LIVING ABROAD?
With clients around the world, we have had many questions about how the recent Economic Stimulus Payments might apply to those clients who are not currently living in the US and those who are not US citizens. We have put together the answers to some of the most common questions: Q: As a US Citizen…
Read MoreADDITIONAL FUNDING ANNOUNCED
On April 27, 2020 the Small Business Association (SBA) will resume accepting applications through the Payroll Protection Program. This additional funding to the new COVID-19 relief package will allow for an additional $310-million in funds for the program which offers forgivable, 1% interest loans for eligible companies with a maximum of 500 employees. The Paycheck…
Read MorePEOPLE FIRST INITIATIVE
To help taxpayers facing challenges due to COVID-19, the Internal Revenue Service (IRS) has announced a sweeping series of steps to assist taxpayers by providing relief on a variety of issues ranging from easing payment guidelines to postponing compliance actions. “The new IRS People First Initiative provides immediate relief to help people facing uncertainty over…
Read MoreBE AWARE OF SCAMS
While the tax filing deadline may have been extended, scammers are hard are hard at work. Thousands of individuals have lost millions of dollars AND their personal information to tax scams. Taxpayers should be on the lookout for IRS impersonation calls, texts and email phishing attempts about the coronavirus or COVID-19 Economic Impact Payments. These…
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