by Anne Angera | Apr 16, 2020 | COVID-19 Tax Update, Resources For Individual Taxpayers
The IRS launched a new tool on their website to help non-filers register for Economic Impact Payments. According to the IRS individuals who should be using this tool are eligible U.S. citizens or permanent residents who: Had gross income that did not exceed $12,200...
by Anne Angera | 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 Anne Angera | 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...
by Anne Angera | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Individual Taxpayers
Charitable contributions have been itemized deductions for individual taxpayers. However, due to the high standard deductions, only 8% of taxpayers itemized. If a taxpayer was in that 8% they got a benefit from charitable contributions, if they were in the other 92%...
by Anne Angera | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Employers, Resources For Individual Taxpayers
As a general rule, if someone pays a debt on your behalf, you have taxable income. As part of the CARES Act, an employer can pay up to $5,250 in 2020 of an employee’s student loan obligation on a tax-free basis. Note, however, that this provision modifies existing...
by Anne Angera | Apr 2, 2020 | COVID-19 Legislative Update, Resources For Individual Taxpayers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act expands unemployment benefits in four ways: Self-employed individuals and subcontracted individuals are now covered. In addition to state benefits that would normally be received the Federal government...
