Now May Be a Good Time for a Roth Conversion
The coronavirus (COVID-19) outbreak is causing havoc in the global markets and the U.S. economy. In today’s uncertain marketplace, it’s important to stay on top of your financial status, including taking measures to protect your retirement nest egg over the long-term. One idea to consider is converting a traditional IRA to a Roth IRA. This…
Stay Afloat with Tax-Favored Coronavirus-Related Distributions
The coronavirus (COVID-19) pandemic is causing economic hardship for many people and businesses in the United States. On March 27, the $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump. A key provision of the new law allows tax-favored treatment for people who take so-called coronavirus-related distributions…
401(k) Plan Contributions: Keep Calm but Know Your Options
The coronavirus (COVID-10) pandemic has had adverse effects on many industries. Both employers and employees are seeking ways to respond to financial stress resulting from the economic slowdown and financial market volatility. If your company’s revenue has plummeted, you might be considering eliminating or scaling back your contributions to employees’ 401(k) accounts. Here’s what you…
COVID-19 Relief: Overview of the New CARES Act
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. In addition to giving people access to health care treatments, the new law will provide roughly $2 trillion in much-needed financial relief to individuals, businesses, not-for-profit organizations, and state and local governments during the coronavirus (COVID-19) pandemic. Here…
Federal Tax Relief to Alleviate COVID-19 Hardships
The coronavirus (COVID-19) pandemic has already had widespread effects on the U.S. economy. Demand for many goods and services has stalled. Unemployment claims have skyrocketed. And many schools and businesses are operating online — if at all. Life has changed dramatically across the country. The federal government has been working on various relief measures to…
How to Manage COVID-19-Related Business Risks
The coronavirus (COVID-19) outbreak has had a crippling effect on the global economy. This is clearly uncharted territory. As millions around the globe do their best to minimize their exposure to the virus, business owners and managers face an uncertain and stressful future. Faced with faltering demand, anxious employees, health safety risks and a lack…
Successful Nonprofit Cybersecurity & Privacy for Remote Work
As a result of social distancing to slow the spread of COVID-19 (coronavirus), nonprofits are more reliant on technology than ever before to deliver on their mission through remote work. Measures to control and prevent the spread of the disease have increased the need for the integration of digital technology into all aspects of the…
COVID-19 Pandemic Poses Complex HR Policy Questions
Questions from employers and employees about coronavirus (COVID-19) pandemic are multiplying almost as fast as the virus itself. Employers need to rely on a combination of authoritative legal and medical advice, and their own common sense, to keep employees safe. Guidance issued almost daily from the Centers for Disease Control (CDC), the U.S. Department of…
Has the TCJA Lowered Your Taxes?
We now have two years of the Tax Cuts and Jobs Act (TCJA) changes under our belts: 2018 and 2019. Are your taxes lower than before the law went into effect? Not surprisingly, the answer depends on your specific situation. Perception vs. Reality After most people filed their 2018 tax returns, only 40% believed that…
Should You Extend Your 2019 Tax Return?
Roughly 15 million individual taxpayers filed for an automatic six-month extension for the 2018 tax year, according to the IRS, compared with about 10 million people in previous years. Why did the number of extensions surge last year? Most changes under the Tax Cuts and Jobs Act went into effect in 2018. So, many people…