When life gives you lemons, make lemonade. The Coronavirus (COVID-19) outbreak is causing havoc in the global markets and the U.S. economy. However, there's an upside for long-term investors: Low market values may provide a tax-smart opportunity to convert your traditional IRA to a Roth IRA. Here are some factors to consider before you execute a Roth conversion in 2020.
The Coronavirus (COVID-19) pandemic is causing economic hardship for many people and businesses in the United States. A key provision of the new law allows tax-favored treatment for people who take so-called Coronavirus-related distributions from tax-favored retirement accounts. Here's the story.
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. For more details, click here.
The U.S. Treasury Department has extended the April 15, 2020, federal gift tax filing and payment deadline to July 15, 2020 to provide relief for taxpayers adversely affected by the Coronavirus (COVID-19) pandemic. In case you missed this important update, click here.
The Internal Revenue Service urges taxpayers to be on the lookout for a surge of calls and email phishing attempts about the Coronavirus- (COVID-19). These contacts can lead to tax-related fraud and identity theft.
This article only explains some of the relief available to businesses. Additional relief is provided to individuals. Be aware that other rules and limits may apply to the tax breaks described here. Contact us if you have questions about your situation.
Scam artists know how anxious business owners are during the current Coronavirus (COVID-19) crisis. The last thing your business needs right now is to suffer additional financial losses. Keep an eye out for these scams.
Do you have questions regarding the new Paycheck Protection Program? This is a just a brief overview of one section of the CARES Act. We will continue to share additional details on other provisions of the CARES Act that are relevant to you and your business in the coming days and weeks.
After extensive negotiations between the U.S. House of Representatives, the U.S. Senate and the White House, an agreement has been reached on a massive stimulus bill to address the financial and health care crisis resulting from the Coronavirus (COVID-19) pandemic. We will share additional details on the provisions that are likely most relevant to you or your business in the coming days.
Congress passed and the president signed into law the Families First Coronavirus Response Act on March 18. The law allows employees time to care for themselves or loved ones and includes provisions for new tax credits to offset employers’ costs. However, the immediate need to pay employees on leave may still be difficult for organizations struggling with revenue losses.
If you have time to read about some non-medical, but important matters related to the health crisis, here is a summary of IRS action already taken and federal tax legislation already enacted to ease tax compliance burdens and economic pain caused by COVID-19.
Whether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March 18, the Families First Coronavirus Response Act was signed into law to provide American workers affected by the pandemic with extended sick and family leave benefits.
Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the Coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources are limited. If this describes your company, click here to learn more.