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Employers are able to postpone the amount of payroll tax they pay on employees’ salaries attributable for 2020. If elected, half of these taxes will be due 12/31/2021 and the remaining half by 12/31/2022.
Financial support for individuals is available in a one-time check or direct deposit, which will be sent from the US Treasury. The full credit amount is $1,200 for individuals, $2,400 for couples and $500 for children under age 17.
Paid sick leave and family leave is available to employees of small and mid-sized companies under 500 employees from 4/2/2020 to 12/31/2020. Under this plan, the company pays its employees and is reimbursed by the government in the form of a payroll tax credit.
Early withdrawals, prior to age 59 ½, are permitted this year without the customary 10% penalty. Loans from certain retirement accounts are available for up to $100,000 or 100% of the vested interest in an account.
First and foremost, I hope this note finds you, your families and loved ones healthy and well. These are trying times but we will get through this together. Social distancing is imperative right now, especially since it seems to be working.
Whether you are in the early stages of building your retirement nest egg or you are lucky enough to have already accumulated a significant amount of assets in tax-preferential accounts, this could be a good time to consider having some of the funds located in after-tax or “Roth” accounts.
he Coronavirus Pandemic has impacted so many areas of our lives, but there is one bright spot. The Required Minimum Distribution (RMD) Rules for IRAs and other Qualified Plans have been modified for 2020.
