Most people will not need to do anything to receive the “Economic Impact Payment to Taxpayers.” The IRS is sent out a one-time payment to individuals and families to help replace lost wages in the short term.
The IRS announced on March 21, 2020 that the 2019 federal tax filing deadline is extended from April 15 to July 15, 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.
What steps can you take before December 31 to reduce your income tax liability?
Tax reform dominated the airwaves in October but before it could tackle tax reform, Congress needed to successfully pass a budget. By a narrow margin the budget passed on October 26th and Republicans immediately turned to drafting a new tax plan.
Because of the sensitive tax laws that come with a Traditional IRA it is very important that you know the rules and protect your IRA for yourself and your family.