Jul 17, 2020 | COVID-19, Personal Tax
According to the IRS, qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren’t subject to the...
May 20, 2020 | COVID-19, IRS, Personal Tax
If you received an Economic Impact Payment (aka: federal stimulus check) in error, you should return the payment as described below: If the payment was a paper check: Write “Void” in the endorsement section on the back of the check. Mail the voided...
May 18, 2020 | Corporate Tax, COVID-19, Personal Tax
Note: each county appears to have their own new due date! Belmont (from July 20, 2020 to August 21, 2020) Cuyahoga (from July 20, 2020 to August 13, 2020) Delaware (from July 20, 2020 to August 20, 2020) Franklin (from July 20, 2020 to August 5, 2020) Geauga (from...
May 11, 2020 | COVID-19, Personal Tax, Tax Planning
2020 is a unique year as far as required minimum distributions (RMDs) are concerned. The CARES Act has suspended the requirement for most 2020 IRA distributions–including some 2019 distributions that you might have personally elected to delay until 2020. For our...
Apr 21, 2020 | COVID-19, IRS, Personal Tax
We are still receiving questions from a number of our clients in regards to the Economic Impact Payments (EIP). Here is a recap of the qualifiers, a helpful flow chart (below) and useful links for more information. Who Qualifies? Individuals with an adjusted gross...
Apr 13, 2020 | COVID-19, IRS, Personal Tax
Late last week the federal government extended the due date for the 2020 second quarter estimated tax payment from June 15 to July 15. This means that individual tax returns, as well as individual first quarter and second quarter estimated tax payments are now all due...
