by DunlapSLK | Apr 16, 2020 | COVID-19 Legislative Update, Resources For Individual Taxpayers
The Coronavirus Aid, Relief and Economic Security (CARES) Act waives all required minimum distribution (RMD) requirements for tax-qualified defined contribution plans including IRAs for the calendar year 2020. The 2020 RMD waiver applies to individuals who have...
by DunlapSLK | Apr 16, 2020 | COVID-19 Legislative Update, Resources For Individual Taxpayers
An announcement from Governor Wolf’s office on April 10 stated “The Pennsylvania Department of Labor & Industry (L&I) is implementing new federal unemployment compensation benefits provided by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The...
by DunlapSLK | Apr 14, 2020 | COVID-19 Legislative Update, Resources For Employers
A few weeks ago President Trump signed into action the Families First Coronavirus Response Act (FFCRA), which includes the Emergency Paid Sick Leave Act (herein referred to as “sick leave”) and the Emergency Family and Medical Leave Expansion Act (herein referred to...
by DunlapSLK | Apr 7, 2020 | COVID-19 Legislative Update, Resources For Employers
As part of an expanded Economic Injury Disaster Loan (EIDL) Program, the U.S. Small Business Administration (SBA) will provide a $10,000 loan advance to anyone applying for EIDL which is subject to loan forgiveness reduction under the Paycheck Protection Program...
by DunlapSLK | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Individual Taxpayers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has made available over $300 billion for direct cash payments to most U.S. individuals and families. The rebate will consist of $1,200 per individual ($2,400 for joint filers), plus $500 per child....
by DunlapSLK | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Individual Taxpayers
If you take money out of a qualified retirement plan before age 59 1/2, you not only pay income tax on the distribution, but generally there is a 10% penalty as well. There are several exceptions to the penalty and the CARES Act adds a new one, allowing a taxpayer to...
