Author: Kellie Harris Page 1 of 3

RMD Rollover Deadline

It seems that summer is flying by, even in uncertain times. You can count on only a few things in life and taxes is one of them. We are fast approaching the deadline to rollover any RMDs that were taken in 2020. Below is a brief explanation of what a RMD is and how the CARES Act plays into your RMD for 2020. If you are in a position where you currently do not need the money from your IRA or 401(k), the RMD Waiver, under the CARES Act, can give you an advantage in tax planning for 2020.

IRA and 401(k) plan owners are required to take a certain amount of money out of their accounts each year beginning in the year they turn 72 (or you are taking them from age 70 ½ before the new rules).… Read More

What do I do? I shredded my stimulus debit card or it has the wrong name

Don’t throw away that debit card that just arrived in the mail — it could be your coronavirus stimulus payment.

In order to expedite the issuance of stimulus payments, the Treasury Department decided to send out to 4 million people debit cards instead of checks.  The problem is that most people were looking for a check and thought the debit card was junk mail.  The cards arrive in a plain envelope from “Money Network Cardholder Services,” according to the IRS, with the name of the issuing bank, MetaBank, N.A., on the back.  The card doesn’t show it is from the federal government but the envelope does state that it is being sent on behalf of the Treasury Department.

If you do throw the card away, you can get a replacement by calling customer service at 1-800-240-8100, according to EIPCard.com, which provides information on how to use the cards. While the cardholder agreement says it costs $0 to replace the card the first time, there is a $17 charge for priority shipping of the new card.

Read More

When Can I Expect My Economic Stimulus Paper Check?

For taxpayers who will be receiving their stimulus checks via paper check because no direct deposit information was available, below shows dates for when those payments are scheduled to be mailed by the IRS. The dates are based on the adjusted gross income (AGI) shown on the taxpayer’s 2019 tax return, if filed and processed. Otherwise, it is based on the taxpayer’s AGI shown on the 2018 tax return.

If AGI is:                        Scheduled Mailing Date
$10,000 or less              April 24, 2020
$20,000 or less              May 1, 2020
$30,000 or less              May 8, 2020
$40,000 or less              May 15, 2020
$50,000 or less              May 22, 2020
$60,000 or less              May 29, 2020
$70,000 or less              June 5, 2020
$80,000 or less              June 12, 2020
$90,000 or less              June 19, 2020
$100,000 or less            June 26, 2020
$110,000 or less             July 3, 2020
$120,000 or less            July 10, 2020
$130,000 or less            July 17, 2020
$140,000 or less            July 24, 2020
$150,000 or less            July 31, 2020
$160,000 or less            August 7, 2020
$170,000 or less            August 14, 2020
$180,000 or less            August 21, 2020
$190,000 or less            August 28, 2020
$200,000 or less           September 4, 2020
All others                         September 11, 2020

If you have questions or concerns about the stimulus, e-mail us at cares@brinkersimpson.comRead More

Webinar Recording available for May 12th PPP, Main Street Lending Program, & Employee Retention Credit Presentation & Discussion

Brinker Simpson & Company, LLC hosted a webinar Tuesday May 12th, 2020 to provide an overview and update of various financial relief resources for businesses impacted by COVID19 virus mitigation measures.

Today we covered updates on the Main Street Lending Program, the PPP and an overview and update on the Employee Retention Credit.

The webinar addresses many commonly asked questions about the PPP and the related forgiveness.

There are still major areas of uncertainty, including critical forgiveness calculation information.  The CARES Act required final guidance by April 26, 2020.  At this time, the final guidelines have not been released.  Various sources have indicated this guidance will be released this Friday May 15, 2020.… Read More

IRS Adds FAQs On COVID-19 Retirement Plan Distribution and Loan Rule Changes

IRS website: “Coronavirus-related relief for retirement plans and IRAs questions and answers” (revised May 4, 2020)

On its website, the IRS has released a series of frequently asked questions (FAQs) regarding changes made by the Coronavirus Aid, Relief, and Economic Security (CARES) Act to retirement plan distribution and loan rules.

When do I have to pay taxes on COVID-19-related distributions?

The distributions generally are included in income ratably over a three-year period, starting with the year in which you receive your distribution. For example, if you receive a $9,000 COVID-19-related distribution in 2020, you would report $3,000 in income on your federal income tax return for each of 2020, 2021, and 2022.Read More

TAX-RELATED DEADLINES EXTENDED FOR EMPLOYEE BENEFIT PLANS AND THEIR PARTICIPANTS

Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak

The IRS, together with the Employee Benefits Security Administration (EBSA), has issued guidance that extends tax-related deadlines for certain employee benefit plans, and their participants, due to the COVID-19 National Emergency.

Background. On March 13, 2020, the President declared a national emergency due to the novel coronavirus outbreak (COVID-19 National Emergency). This Presidentially declared emergency applies to every taxpayer in a U.S. state, territory or possession.

In the case of a pension or other employee benefit plan (collectively “Plans”), or any participant, beneficiary, or other person with respect to such plan (collectively “Participants”), affected by a Presidentially declared emergency, the IRS may specify a period of up to one year that may be disregarded (“Disregarded Period”) when determining the date by which Plans are required to completed any tax-related action under the Code.Read More

IRS UPDATES FAQS ABOUT “GET MY PAYMENT” ECONOMIC IMPACT PAYMENT WEBSITE/TOOL

IRS website – Get My Payment Frequently Asked Questions (updated 5/4/2020)

On its website, IRS has added to its FAQs regarding its “Get My Payment” website; that website provides information about the payment of economic impact payments (EIPs) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Background: As part of the CARES Act, IRS is making EIPs to certain taxpayers.
Tax filers with adjusted gross income up to $75,000 for individuals and up to $150,000 for married couples filing joint returns receive the full payment. For filers with income above those amounts, the payment amount is reduced by $5 for each $100 above the $75,000/$150,000 thresholds. Read More

The Foundation for Delaware County’s COVID-19 Response Fund

Please join us in supporting The Foundation for Delaware County’s COVID-19 Response Fund. If you can, please support the county’s increasing emergency needs with a gift to the Delaware County’s COVID-19 Response Fund.

With your gift, The Foundation can continue to help fund area nonprofits and improve the well-being of our residents in Delaware County. Delaware County’s COVID-19 Response Fund provides support for increased demand at food pantries, homelessness services, grocery store gift cards for food-insecure families, and technology equipment vital to maintaining services.

100% of your donation will go directly to vulnerable communities. No amount is too small.

For more information about Delaware County’s COVID-19 Response Fund or donating, click HERERead More

IRS says it has upgraded the coronavirus stimulus payment app

As millions of Americans receive $1,200 stimulus checks, the IRS has set up a tool to help expedite and track those payments.

The “Get My Payment” web tool lets you check on the status of your payment or enter your direct deposit information.  The app, which first launched on April 15, has gotten an upgrade to help make the process smoother.  The IRS was not specific about what adjustments were made.  Some individuals had reported difficulty in accessing and inputting their information on the site.  “These further enhancements will help even more taxpayers” said IRS Commissioner Chuck Rettig in a statement. … Read More

Guidance for Pennsylvania Construction Businesses Resuming Work on May 1st

April 24, 2020

As the construction industry prepares to resume work, the Wolf Administration yesterday issued guidance for all construction businesses and employees to mitigate the spread of COVID-19.

All businesses in the construction industry in the commonwealth are permitted to resume in-person operations starting Friday, May 1 – one week earlier than previously announced.

Previously, Governor Tom Wolf and Secretary of Health Dr. Rachel Levine ordered most construction projects to cease unless they were supporting life-sustaining businesses or activities or were granted an exemption to perform or support life-sustaining activities.

“My administration has taken measured, aggressive steps to protect public health and safety, including strictly limiting the types of businesses and projects that may continue to operate during this unprecedented time,” Wolf said.… Read More

Page 1 of 3

Powered by WordPress & Theme by Anders Norén