Effective July 1, 2020, employees who work in the District of Columbia more than 50% of the time and whose wages are subject to DC unemployment tax are eligible for paid family leave.
If you took a required minimum distribution (RMD) from your retirement account in 2020, you now have until August 31, 2020 to return the money without incurring any tax consequences. This new guidance was issued by the IRS on June 23 and corrects previous legislation that excluded retirees who took RMDs prior to the passing of the CARES Act in March.
Subscribe to our blog, and we'll send articles straight to your inbox when they're published.
All of us are adapting to a new way of life as the world struggles to deal with the COVID-19 crisis. To mitigate the consequences of stay-at-home orders, federal and state agencies have created various programs to assist small businesses dealing with losses of revenues and to sustain employees who have lost their jobs in industries where shelter-in-place orders exist. Following are a few tax planning opportunities that stem from the Coronavirus Aid, Relief, and Economic Security (CARES) Act and other recent legislative acts to consider.
COVID-19 sent the economy into a tailspin. Looking ahead, what can investors expect in the future?
The unfortunate reality of COVID-19 is forcing us to face those “what if” scenarios no one likes to think about. Now is a critical time to take a second look at your estate plan to make sure your personal financial house is in good order. While no one gets excited about estate planning, your family will be glad you prepared.
Small business owners will be relieved to hear that a new $484 billion relief bill has been signed into law by President Trump. This replenishes the Paycheck Protection Program (PPP), which was quickly depleted just two weeks after the program was funded as part of the CARES Act in late March. This is promising news for business owners who have been patiently waiting for additional funds to be made available through the PPP.