The U.S. Senate and House of Representatives passed an emergency $900 billion COVID-19 relief bill which the President signed into law December 27, 2020. Highlights include: Additional 2020 recovery rebates for individuals. The provision provides a refundable tax credit in the amount of $600 per eligible family member. The credit is $600 per taxpayer ($1,200 […]
Required Minimum Distributions (Rmds) Now Begin At Age 72 Many taxpayers are working longer and will no longer be required to withdraw assets from IRAs and 401(k)s at age 70½. RMDs now begin at age 72 for individuals who turn 70½ in the calendar year 2020. SECUREAct NEW for calendar year 2020, are provisions included […]
Spend A Little Time Each Week To Prepare For The April 15, 2021 Filing Deadline Most of the needed tax records to prepare your tax return will show up in the mail or online in January 2021. Collecting all your tax related documents is important so that we report a complete and accurate return. The […]
Emergency Cash Grants for College Students Impacted by Coronavirus Outbreak US Secretary of Education Betsy DeVos has announced more than $6 billion will be distributed immediately to colleges and universities to provide direct emergency cash grants to college students whose lives and educations have been disrupted by the coronavirus outbreak. First wave of CARES Act […]
Individual Provisions Coronavirus Aid, Relief and Economic Security (CARES) Act. In response to the economic harm that the COVID19 virus has caused, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act of 2020. The Act provides an estimated $2 trillion in assistance, including almost $500 billion in individual rebate checks. Another $500 billion […]
