Personal Tax

Personal Tax impacts everyone. Let Vernoia, Enterline + Brewer, CPA LLC help you navigate and plan.

Unemployment Compensation Is Taxable

With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year.

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.

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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