Remember that there are no mandatory RMDs – “Required Minimum Distributions” — for the 2020 tax year, which is a Covid19-related reprieve. This applies to all IRAs, including Beneficiary IRAs. In another change, the 2019 tax year is the last one for which the age 70½ is the magic age for starting RMDs – the age has been increased to…
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Estate Planning for Pets
Planning for Our Beloved Pets When We Die How do we make sure our beloved animals are taken care? In reviewing clients’ wills, I’ve seen many that are so well thought out that they include their current pets and any pets they might have in the future. Several famous cases, including Leona Helmsley, Michael Jackson, Doris Duke, and Alexander McQueen,…
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New Guidance on PPP Loan Forgiveness: Partnerships and S and C Corps
There’s new information on the Paycheck Protection Program (PPP) loan for partnerships and S or C corporations. Entity-specific PPP loan forgiveness rules now apply to you as an owner-worker in the business. The government puts you, as owner-worker, in a separate “owner-employee” category to limit your business’s PPP benefits. The rules do not apply to regular rank-and-file employees, only owner-employees….
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New Guidance on PPP Forgiveness: Self-Employed
Government Clarifies PPP Loan Forgiveness for the Self-Employed We now have more clarity on the Paycheck Protection Program (PPP) loan forgiveness for the self-employed with no employees. The new law “Paycheck Protection Program Flexibility Act of 2020” creates a 24-week period for spending your PPP loan proceeds. If you obtained your loan proceeds before June 5, you can elect to…
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IRA Limits and Deadlines — for 2019 and 2020
The deadline is approaching! July 15 is the new April 15 for the 2019 tax year, because of COVID19. The maximum amount you can contribute to a traditional IRA or a Roth IRA for 2019 and for 2020 is $6,000 (or 100% of your earned income, if less). The maximum catch-up contribution for those age 50 or older is $1,000…
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