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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 …

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A Financial Wellness Plan Can Help Pave the Road to Retirement

If we’ve learned any lesson over the past year, it’s that no matter how carefully we plan and prepare, we’ll likely encounter unexpected hurdles. While a global pandemic has certainly underscored the need to pay close attention to our physical wellness, it has also revealed the need to shore up our financial wellness. According to …

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January 2021 Market Recap: Predictability!

Frankly, not much happened in the markets last month.  With a new President and Congress shifting power, it’s an odd time for nothing major to happen to impact the markets.  Our new President perhaps ushered something into our lives that you either love or hate…predictability. Both U.S. and Foreign stock markets had a tiny pullback …

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Tax Documents Calendar

The following is a list of when various tax forms will be ready for 2020, listed in order of when they will be released. Clients should reach out to us if they need help accessing forms. Document Name Information Reported Availability date February 1099-Q Payments from Qualified Education Programs (under Sections 529 and 530) Distributions …

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Opportunity Zone Investment Deadline Extended

Typically, taxpayers that want to defer paying taxes on capital gains must reinvest their realized gain into a Qualified Opportunity Zone Fund within a 180 period after the date of sale.  Due to the pandemic, the 180 period was extended last year until 12-31-2020.  The IRS has released a notice that further extends the deadline …

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