Each year, millions of Americans make donations to charitable organizations and receive something in return – a tax break. However, the 2017 Tax Cuts and Jobs Act curbed this tax advantage because it reduced the number of people eligible to claim a charitable deduction by raising the standard deduction. For 2020, the standard deduction is…
The CARES Act stimulus package substantially relaxed the rules around certain retirement account loan and distribution requirements, but with much confusion. As a result, the IRS recently put out a FAQ document to address the COVID-19 rule relaxation around IRA and 401(k) loans and distributions. This important information should come as welcome news for the…
Due to the unprecedented effects of COVID-19, the line between our professional and personal lives has blurred. Trying to take care of job responsibilities from home requires new ways of navigating. Here are 6 ideas to help you become more productive while working at home – and stay grounded in these uncertain times. Dress for…
Since the escalation of COVID-19 cases, malicious activity from cybercriminals is also on the rise. Hackers are taking advantage of the coronavirus fear to carry out attacks. This is done by creating websites that claim to have cures for the virus or by spreading emails that contain links to malware. Consider this research by Check…
So many checks and even more questions! There is a lot of confusion out there over the details surrounding the coronavirus stimulus checks, so below we’ve compiled a list of frequently asked questions and answers. How much will the check be for? Each adult will receive $1,200; if you filed as married jointly, you’ll get…
The COVID-19 pandemic has seen a rise in remote working. Even organizations that have always been against it have their employees working from home. With some areas experiencing complete lockdowns, this means you find yourself in an unfamiliar work environment. Remote working means that you have to work outside a traditional office environment. Although some…
Dear Client: We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In addition to the summary…
U.S. Government Provides Relief to Individuals, Businesses in Midst of COVID-19 Crisis On March 27, President Donald Trump signed into law a historic $2 trillion stimulus package designed to provide economic relief to individuals and businesses affected by the coronavirus pandemic. Our aim in this alert is to give a brief overview of both the…
All California taxpayers now have until July 15, 2020, to both file their 2019 California tax returns and make certain payments. On March 18th, The Franchise Tax Board (FTB) announced updated special tax relief for California taxpayers due to the COVID-19 pandemic. FTB is postponing until July 15 the filing and payment deadlines for all…
At the end of 2019, Congress passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act as part of a year-end appropriations package. This bill is designed to address specific issues related to retirement savings plans in an effort to help Americans save more for retirement. Retirement Plan Contributions People are living longer, and…
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