Articles
Study Indicates that 40 Percent of Americans Cash Out Their 401(k)s When They Switch Jobs
Episode 233 – According to a new study, a shocking 41% of people withdraw, rather than roll over, their 401(k) balances when leaving their jobs. Continue Reading Study Indicates that 40 Percent of Americans Cash Out Their 401(k)s When They Switch Jobs
Documentation of Charitable Gifts
Episode 232 – Before you try to take an income tax deduction for the charitable gifts you made during the tax year, make sure you comply with the various IRS requirements for documentation and qualification of the donation. Continue Reading Documentation of Charitable Gifts
No Step-Up in Basis for Assets in a Grantor Trust
Episode 231 – The IRS released Revenue Ruling 2023-2 stating that assets held in a grantor trust do not receive a step-up in basis upon the grantor’s death. What does that mean? Continue Reading No Step-Up in Basis for Assets in a Grantor Trust
Social Security Trustees Report 2023: Here We Go Again
Episode 228 – The new Social Security Trustees report has both good news and bad news. The question is: where do we go from here? Continue Reading Social Security Trustees Report 2023: Here We Go Again
2020 End-of-Year COVID-19 and Legislative Action
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act of 2021. Here is a brief summary of some of its provisions, including additional stimulus payments and unemployment benefits. Continue Reading 2020 End-of-Year COVID-19 and Legislative Action
Required Minimum Distributions for 2020 Revisited
Prior to the COVID-19 pandemic, the biggest news was the enactment of the SECURE (“Setting Every Community Up for Retirement Enhancement”) Act on December 20, 2019, which deeply impacted retirement plans and IRA accounts. There were several key features in this law,...
Coronavirus Stimulus Package – Modifications to the Paycheck Protection Program
On June 5, 2020, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (the “Act”) which modified several of the provisions originally enacted in the Coronavirus Aid, Relief and Economic Security (“CARES”) Act. The CARES Act...
Coronavirus Stimulus Package – Paycheck Protection Program Loan Forgiveness
The Paycheck Protection Program (“PPP”) started on April 3, 2020, and received a second round of funding on April 24 from the federal government (see our previous postings). Since that time, there has been a legislative and public outcry that many large companies,...
COVID-19 FAQs for Employee Benefit Plan Participants and Beneficiaries
The U.S. Department of Labor recently published a complete Q&A to help employee benefit plan participants and beneficiaries impacted by the COVID-19 outbreak. This provides valuable information for employees who may be losing their coverage as a result of the...
Coronavirus Stimulus Package – New Funding for Paycheck Protection Program Loans
Small-business owners who tried to apply for the Paycheck Protection Program (“PPP”) but were shut out when initial funding from the CARES Act dried up, need to submit their applications now, if they haven’t already. The PPP received new funding today when President...
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