Congress has enacted many tax law changes this year affecting qualified plans and IRAs. While the SECURE Act has created more permanent changes, the CARES Act brings some temporary relief to individuals affected by the Covid-19 pandemic. One area that has seen a lot of change recently is required … [Read more...] about COVID-19 Changes to IRA Rules Provide Opportunities
The CARES Act Makes Changes to Charitable Giving
The CARES Act has implemented a variety of measures to help individuals and businesses get through these difficult times. The CARES Act also includes provisions designed to encourage courage charitable support and giving. These provisions not only benefit charities, they also benefit those who are … [Read more...] about The CARES Act Makes Changes to Charitable Giving
IMPORTANT: Clarification on Tax Return Due Dates
The IRS has clarified which returns can be filed July 15. Only corporate and individual returns due April 15 can be filed on July 15. If your return is due May 15 or June 15, you need to file for an extension of time. Illinois corporate and individual income tax returns due April 15 can be … [Read more...] about IMPORTANT: Clarification on Tax Return Due Dates
Estate Planning and Coronavirus: What You Need To Do
The spread of COVID-19, also known as the Corona Virus, is impacting our everyday lives as we know it. Social distancing, working from home and limited supplies are just some of the side effects of this pandemic. Another problem can arise if an individual has not updated their estate plans, or … [Read more...] about Estate Planning and Coronavirus: What You Need To Do
Say Goodbye to the Stretch IRA
What was a stretch IRA? Prior to January 1, 2020 rules allowed an IRA account holder to name a spouse as primary beneficiary and children as the contingent beneficiary. After the account owner’s death, the spouse and then the children could take distributions over their respective life … [Read more...] about Say Goodbye to the Stretch IRA
