COVID-19 UpdatesBeware of Scams Tied to COVID-19 Economic Impact PaymentsPublished on May 14th, 2020The Internal Revenue Service (IRS) is warning you to be on the lookout for a surge of calls and email phishing attempts related to COVID-19. They will come in the form of emails, text messages, websites, and social media attempts that request money or personal information. It can come in many forms The IRS says […] IMPORTANT UPDATE – PPP Loan ProgramPublished on May 13th, 2020Today (May 13, 2020) the Department of the Treasury updated their Frequently Asked Questions regarding the Paycheck Protection Program. FAQ #46 has been added to the existing FAQ’s to help clarify the potential audit risk for PPP borrowers. The PPP loan application requires that the borrower certify in good faith, among other assertions, that “current […] Review IRA Beneficiaries NowPublished on May 13th, 2020Lost in the media storm during the coronavirus pandemic is a law change enacted in late 2019 that eliminates an IRA withdrawal technique known as the stretch IRA. Here is what you need to know. Time to review beneficiaries It is important to review your retirement and legal documents. Key among this review should be […] Get Your Money: Ensure You Receive a Stimulus PaymentPublished on May 7th, 2020The IRS has two websites to help with stimulus payments: One for non-tax filers to register to receive their economic impact payment and a new “Get My Payment” tool. Background As a response to the COVID-19 pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is […] Answers to Common COVID-19 Unemployment QuestionsPublished on May 6th, 2020The recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act provides individuals and businesses significant financial relief from the financial strain caused by the coronavirus epidemic. Here is a snapshot of the unemployment benefits section of the bill and how it affects individuals and businesses. Who qualifies to receive unemployment benefits? In addition to […] |
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