Tax Filing Information for Coronavirus Distributions

In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation included a provision that allowed qualified retirement plan participants and IRA account holders to take penalty-free early distributions totaling no more than $100,000 between January 1 and December 31, 2020. If you took advantage of this measure, here’s what you need to know for tax filing. Continue reading “Tax Filing Information for Coronavirus Distributions”

COVID-19 and the Importance of Disability Income Insurance

The prospect of being unable to work due to an illness or injury may seem remote to many of us, particularly during our younger working years. However, the COVID-19 pandemic has increased the chances of getting sick and not being able to work for an extended period, making disability income insurance (DI) more important than ever, regardless of your age.

Health insurance may pay for some of the medical expenses related to your illness, but it won’t cover your lost wages if you can’t work. And while many employers offer some form of sick leave, it may not last long enough to cover the length of time you can’t work. Disability income insurance pays a portion of your salary if you are unable to work due to an injury or illness. But will DI cover you if you can’t work due to COVID-19?  Continue reading “COVID-19 and the Importance of Disability Income Insurance”

 Stay on Top of “Stay At Home” – A List of Statewide Orders, as of April 26, 2020

Because the COVID-19 situation is dynamic, with new governmental measures each day, employers should consult with counsel for the latest developments and updated guidance.

By Littler Mendelson on April 26, 2020

https://www.littler.com/publication-press/publication/stay-top-stay-home-list-statewide

Continue reading ” Stay on Top of “Stay At Home” – A List of Statewide Orders, as of April 26, 2020″

All RMDs have been waived for tax year 2020

All RMDs have been waived for tax year 2020, meaning clients will not need to take an RMD from their retirement account for this year.

If clients have already taken all or part of their RMD within the past 60 days, they can re-contribute that amount back into their retirement account, assuming the distribution qualifies for a rollover.

For more information, reach out to the custodian or advisor of the accounts.

Financial Peace of Mind in the Age of Coronavirus

Financial Peace of Mind in the Age of Coronavirus

https://www.finra.org/investors/insights/financial-peace-mind-age-coronavirus

The headlines are hard to ignore. Coronavirus (COVID-19)-related cases and deaths are increasing around the globe, supply chains have been interrupted, financial markets are experiencing historic volatility, and businesses are questioning how they will weather the storm.

When it feels like so many things are out of our control, sometimes the best thing to do is focus on the things that are. Here are five questions to ask for some financial peace of mind in the age of coronavirus.  Continue reading “Financial Peace of Mind in the Age of Coronavirus”