June 12, 2020

June Newsletter

Here are your Articles for June 12, 2020.

Employers can grant paid leave for COVID-19
Under the Families First Coronavirus Response Act, employers can grant paid leave for an employee to take care of their health needs related to COVID -19 or to care for their family members. This relief helps ensure employees are not forced to choose between being paid or staying home to care for themselves, a child or other family member.

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2019 IRA Contribution Deadline Has Been Extended
Taxpayers have until their tax return due date (not including extensions) to contribute up to $6,000 to an IRA for 2019 ($7,000 if they were age 50 or older on December 31, 2019). For most taxpayers, the contribution deadline for 2019 is now July 15, 2020.

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Here’s why some people’s Economic Impact Payment is different than expected
As people across the country receive their Economic Impact Payments, some might receive a different amount than they expected.

Eligible individuals receive a payment for $1,200. Two eligible individuals filing a joint return receive $2,400. And, eligible individuals receive up to an additional $500 for each qualifying child who meets the conditions outlined on the Qualifying Child Requirements page.

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Does having a side hustle impact your unemployment benefits?
Nearly 36.5 million Americans have filed for unemployment since mid-March, and for many, the process of filing for benefits has been fraught with confusion, system crashes and delays.

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IRS warns against COVID-19 fraud; other financial schemes
The Internal Revenue Service today reminded taxpayers to guard against tax fraud and other related financial scams related to COVID-19.

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Consider Another Way to Calculate Overtime Pay
Does your payroll include nonexempt salaried employees who work variable hours? If so, you might be looking for more flexibility in how you pay them. There’s been no shortage of debate about how to change the overtime pay regulations, but newly finalized U.S. Department of Labor regulations may add clarity to an existing alternative for calculating overtime pay. Read on for details.

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Ground Rules for 401(k) Loans
Most 401(k) plans allow participants to borrow from themselves. When you take such a loan, you pay yourself back with interest. Sounds like a good deal, but there are a number of caveats to consider to keep your retirement savings growing.

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Medical Costs: Can I Really Get a Tax Break for That?
Can you deduct the cost of a facelift? How about “Lasik” eye surgery or the cleaning solution for contact lenses? Some of the procedures that pass muster with the IRS may surprise you. Take a look at a chart with eligible and not-eligible medical expenses. There are some unusual qualified expenses that might allow you to get a tax break.

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A Surviving Spouse’s Right to a Portion of an Estate
If a couple is married, one spouse cannot generally disinherit the other spouse. Even if one spouse leaves the other out of his or her will, the surviving spouse can elect to receive the portion allowed under state law. This article explains the basics along with some examples of how the election works in some situations.

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