Squire Lemkin + Company, LLP

IRA account value down? It might be a good time for a Roth conversion

The coronavirus (COVID-19) pandemic has caused the value of some retirement accounts to decrease because of the stock market downturn. But if you have a traditional IRA, this downturn may provide a valuable opportunity: It may allow you to convert your traditional IRA...

Answers to questions you may have about Economic Impact Payments

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here...

COVID-19: IRS announces more relief and details

In the midst of the coronavirus (COVID-19) pandemic, Americans are focusing on their health and financial well-being. To help with the impact facing many people, the government has provided a range of relief. Here are some new announcements made by the IRS. More...

Now may be the time to forgive intrafamily loans

  If you have outstanding loans to your children, grandchildren or other family members, consider forgiving those loans to take advantage of the current, record-high $11.58 million gift and estate tax exemption. Bear in mind that in 2026, the exemption amount...

Your legacy: Charitable giving is vital during the COVID-19 crisis

  The novel coronavirus (COVID-19) pandemic and the resulting economic fallout is dealing a crushing blow to charitable organizations. Indeed, during a time when food banks, disaster relief and other nonprofit services are needed most by the public, their funding...

Review your estate plan in the midst of a major life shock

  Generally, it’s recommended that you review your estate plan at year’s end. It’s a good time to check whether any life events have taken place in the past 12 months or so that affect your plan. However, with a life shock as monumental as the coronavirus...

The rules have changed regarding your IRAs, RMDs and estate plan

  Many people’s estates typically include IRAs. Be aware that two major laws passed into law recently, the Setting Every Community Up for Retirement Enhancement (SECURE) Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, have had a direct...

CARES ACT changes retirement plan and charitable contribution rules

As we all try to keep ourselves, our loved ones, and our communities safe from the coronavirus (COVID-19) pandemic, you may be wondering about some of the recent tax changes that were part of a tax law passed on March 27. The Coronavirus Aid, Relief, and Economic...

Consolidated CARES Coronavirus Updates

Updated Summary of Tax Deadlines Automatic Extended Due Dates** State Which Filings Filing Date Payment Date 1st Quarter Estimate Notes California All returns 7/15/2020 7/15/2020 7/15/2020 Includes 2nd  quarter estimates Connecticut Individual 7/15/2020 7/15/2020...

Coronavirus Related Paid Sick Leave for Workers and Tax Credits

The IRS and Department of Labor have announced that small and midsize employers can begin taking advantage of two refundable payroll tax credits, which are designed to immediately and fully reimburse the employer, dollar for dollar, for the cost of providing...

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