The summarized information below is tailored for what we think our clients would find most helpful. It is not the full rules, regulations or terms. This summary information is NOT tax advice and may be missing relevant information to make informed decisions. It's meant to help guide you the appropriate details linked below only. Please consult the details in the related links or contact us to discuss your specifics before relying on the summary information. We may update this information as we learn more about the programs.
To confirm your payment or provide the IRS additional information such as banking information, use this link: https://www.irs.gov/coronavirus/economic-impact-payments
More information HERE
Employers with less than 500 employees must provide up to 2 weeks paid leave to employees. May be a hardship exemption for businesses with fewer than 50 employees for school closings or childcare unavailability if it could jeopardize business as a going concern. Qualifying reasons:
You can take a retirement plan distribution up to $100,000 without penalty. It IS still subject to income tax; however, that tax can be spread over three years. The money can also re-contributed back into the plan to avoid the tax within three years without regard for the annual contribution limits.
Employer may contribute up to $5,250 annually toward an employee's student loans without the employee having to pay tax on it.
Will be able to be deducted on your Federal Return in 2020 even if you are not itemizing up to $300.
The Federal government may supplement state unemployment payments up to an additional $600 per week as well as include self-employed, independent contractors, etc. for up to four months. In some cases, with this added payment, you may receive more in unemployment than your normal paycheck. Senator Whitehouse noted the break-even salary point was $62,500.
Most waiting periods have been waived. Covering more than usual such as independent contractors and self-employed. States encouraging everyone out of work to apply immediately.
We urge you to bring in your information as soon as possible and not wait until July.
No additional interest or penalties will accrue on income taxes for balances due between April 15 and July 15
IRA and HSA contributions are not due until July 15th
Quarterly Estimated Tax Payments will be due for tax year 2020 as follows: 7/15, 9/15, 1/15/21
Deferral of payments for 90 days without impact on credit reporting from certain RI banks
More info and participating banks HERE
Copyright © 2020 Duquette, Hurley & Assoc, Inc. - All Rights Reserved.
www.DuquetteHurley.com