Important Information Regarding Certain Virginia Tax Payment Deadlines

In Tax Bulletin 20-5 on April 27, 2020, the Virginia Department of Taxation announced an automatic waiver of Interest for Certain Income Tax Payments due between April 1, 2020 and June 1, 2020. If full payment of tax due is made on or before June 1, 2020 there is no accrual of interest. This waiver of interest applies to payments for Taxable Year 2019 … [Read more...]

Check the Status of Your Economic Impact Payment

Economic Impact Payments are being released this week to taxpayers. Some taxpayers report already receiving a deposit in their checking accounts. To see if you are eligible and to check the status of your payment go to this web portal: https://www.irs.gov/coronavirus/economic-impact-payments See the tab that says “Get My Payment” on this web portal. … [Read more...]

Fed Announces New Stimulus

As another 6.6 million Americans filed for unemployment insurance, the Federal Reserve announced an additional $2.3 Trillion of liquidity for consumers, businesses, and state and local governments this morning, April 9th. The stock market rose at the open signaling that the unemployment numbers are already baked in and investors are focused on the financial … [Read more...]

Avoid Scams related to Economic Payments!

The IRS is warning taxpayers to be vigilant about scam artists who may contact you about the government checks soon to be distributed. 1. The IRS will not call you on the phone. 2. The IRS will not send you a text message. 3. The IRS will not send you an email. 4. The IRS will not contact you on social media. Do not respond to a contact on any of … [Read more...]

Required Minimum Distributions are Waived for 2020

The CARES Act, which was signed into law on Friday, March 27, 2020, provides broad relief to IRA owners over 70 ½ who normally are required to take a minimum distribution from retirement accounts annually. The provision covers distributions from IRAs, SEP IRAs, and SIMPLE IRAs as well as 401(k), 403(b) and 457 plans.  No distribution will be required in … [Read more...]

The Stretch IRA is Dead

The SECURE Act, effective January 1, 2020, has ended the Stretch IRA for most adult non-spouse beneficiaries.  The motivation clear and simple is more Tax Revenue for Uncle Sam.  The change from Life Expectancy Distributions to the Ten Year Rule is estimated by the Congressional Research Service to bring in to the federal coffers $15.7 Billion in fiscal … [Read more...]

The Equifax Security Breach 2017

The Equifax security breach is the worst Americans have experienced not only because of the large number of people impacted, but because of the volume of personal data that was exposed to hackers.  Everyone needs to expect that he or she has been affected by this breach and take precautions now to protect himself. A credit freeze locks your credit file … [Read more...]