Uncertainty is pervasive these days. However, we are all familiar with Benjamin Franklin’s quote, “…nothing can be said to be certain, except death and taxes.” With the 2017 tax law changes in the Tax Cuts and Jobs Act (TCJA), the amount of assets that someone can leave to his/her heirs without incurring estate tax increased significantly.
The CARES Act: Relief for Retirement Plan Participants
On March 27, 2020 Congress overwhelmingly passed, and the President signed, the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
In what has become an all too typical scenario, a new source of money creates a new opportunity for scammers to cheat people. Due to the COVID-19 pandemic, malicious scammers are on the rise. A recent opportunity arises from the Economic Impact Payments to be distributed from the IRS to eligible individuals.
It is hard to believe that the first case of COVID-19 in the U.S. occurred less than three months ago, on January 20, 2020. While the world was aware of a new virus in China identified earlier in the month, it is unlikely anyone expected to be where we are today.
No one has been immune to the impact of COVID-19. At MRA, we are available to provide you with financial guidance and support through these unprecedented times. In addition to our financial relationship, we want to be sure you know how much we value our personal relationship with each of you. Please take care of yourselves and your loved ones.
Within days of deferring the tax payment deadline from April 15th to July 15th, the IRS issued Notice 2020-18 which also defers the tax filing deadline from April 15, 2020 to July 15, 2020.