2020 Income Tax Planning in Light of COVID-19

Posted By Jordon Rosen, CPA, MST, AEP In light of the pandemic, many individuals could see a dramatic shift in various sources of income, such as wages, self-employment income, interest, dividends, capital gains, retirement plan distributions and rentals. This session looks at how those income sources could impact your overall tax picture and offers timely suggestions for planning for the … Continued

The Need for Estate Planning

Posted By Jordon Rosen, CPA, MSP, AEP With the basic exclusion amount over $11.5 million and growing, along with the availability to port a married decedent’s unused exclusion, most individuals will not have a federal or state estate tax liability. For this and other reasons, many Americans are wrongfully thinking there is no longer the need for estate planning. This … Continued

SECURE Act: Changes to IRA Contributions and Retirement Plan Distributions

Posted By Jordon Rosen, CPA, MST, AEP The SECURE Act made several positive changes including expanding the availability of being able to contribute to an IRA beyond age 70 ½ and increasing the age to 72 for when individuals have to begin taking retirement plan distributions. The Act, with certain exceptions, does away with the “stretch IRA” and replaces it … Continued

COVID-19 Rules for Hardship Distributions and Loans

Posted By Jordon Rosen, CPA, MST, AEP In light of the COVID-19 pandemic, Congress passed the CARES Act which provides qualified individuals the ability to take hardship distributions from their IRA or employer plan during 2020 and either report the income over a 3-year period or repay the distributions within 3 years and avoid paying any tax. The Act also … Continued

COVID-19 Update: Additional Payroll Protection Loan Funds to be Made Available

Posted By Jordon Rosen, CPA, AEP Yesterday, the Senate passed amendments to the Payroll Protection Program (PPP), economic disaster loans, and emergency grants section of the CARES Act. It is expected to be passed by the House and signed by the President later this week. Although he bill does not contain provisions for additional stimulus checks or tax breaks, it … Continued

COVID-19 Update: Paycheck Protection Provisions of the CARES Act

Posted By Jordon Rosen, CPA, AEP Paycheck Protection Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know After much debate, Congress passed the Coronavirus Aid, Relief and Economic Security Act (the CARES Act) with a price tag of roughly $2.2 billion! We covered Individual Taxpayer Provisions and … Continued