Month: June 2020

SECURE Act: Lifetime Income Stream Disclosure

The Setting Every Community Up for Retirement Enhancement (SECURE) Act requires 401(k) and other account-based plans to disclose the lifetime income stream employees can expect at retirement. Most employees under save, so this information should be a wake-up call for them. More diligent savers can learn if they are on the right track.

Keep Economic Impact Payment Notice with Tax Records

People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received.

Gig Economy Tips Taxpayers Should Remember

The gig economy, also called sharing or access economy, is an activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of the most popular.

Taxpayers Affected by COVID-19 Who Take Distributions or Loans From Retirement Plans

The Internal Revenue Service released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans.  This includes expanding the categories of individuals eligible for these types of distributions and loans (referred to as “qualified individuals”) and providing …

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Social Security Benefits May Be Taxable

Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don’t include supplemental security income payments, which aren’t taxable.

July 15 Tax Payment Deadline Approaching

As the 2019 tax filing and payment deadline approaches, the IRS reminds taxpayers and businesses that 2019 income tax liabilities as well as postponed April 15 and June 15, 2020 estimated tax payments are due July 15, 2020.  This postponement provided temporary tax relief in response to the COVID 19 pandemic.

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