Are you eligible to take money out of your 401(k) due to COVID-19?
The Internal Revenue Service’s official guidance on Covid-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify for special tax relief. Newly eligible: those who’ve had a job offer rescinded or a job start date delayed due ... Read More
Need to file an amended tax return? If so, it just got easier to do.
Need to file an amended tax return? Typically, about 3 million amended returns are filed by taxpayers each year. Most tax professionals expect that number to be higher due to the pandemic as taxpayers hope to change elections affecting dependents and refunds. This year, that process just got easier.... Read More
IRS Tax Return and Quarterly Estimates Extension Explained
As you may know, the IRS has extended the individual tax return filing deadline to July 15, 2020. The IRS has also extended the filing deadline for your 1st & 2nd quarter estimates normally due on April 15, 2020 and June 15, 2020 until July 15, 2020 While New York State & City and New Jers... Read More
Six reasons your $1,200 check may not be in the mail
Coronavirus stimulus checks have started being deposited into bank accounts, and paper checks have begun going out. If you’re waiting for the money the Coronavirus Aid, Relief and Economic Security Act, or CARES Act, provides, you may be frustrated if your payment hasn’t yet arrived. For... Read More
How safe is your money in a savings account?
With the COVID-19 pandemic wreaking havoc throughout the global economy, you may well wonder whether a bank savings account is still the safest place to keep your money. The answer is yes. In fact, bank savings accounts are much safer than a wad of cash in your wallet, an envelope in your desk drawe... Read More