When Congress passed the $2trillion CARES ACT emergency relief plan, most focused on the direct stimulus checks, unemployment benefits and Paycheck Protection Program (PPP) loans, which were all widely covered by the media. There are many other provisions that can be utilized, and today we’ll cover a planning opportunity for business owners who personally have student loans and/or whose employees do.
Something happened last week that hasn’t happened in 29 years, according to Macro Ops. "96 percent of the S&P 500 stocks were above their 50-day moving average.
What seems like daily, we help clients make important decisions regarding their company stock plans. If done correctly, the positive impact to your long-term goals is substantial. However, it takes careful planning to ensure you’re maximizing the benefit you receive while being cautious of the potential tax consequences. Most don’t understand how these plans work and they make poor decisions that minimize the benefit and maximize the taxes.
As the Coronavirus spread creating various degrees of lockdown from state to state, we have come to appreciate our diversity and adaptability as a nation. The U.S. epicenter is in NYC and Northern New Jersey. Our hearts go out to all who are suffering.
The SECURE ACT has eliminated the “stretch” provision as an option for most non-spouse beneficiaries of inherited retirement accounts. Replacing the “stretch” IRA (or stretch 401k), in many instances, is a new 10-Year Rule, which requires that an inherited retirement account be emptied by the end of the 10th year after the year of death. Before we move on to how it works now and why this is such a big change, prior to the SECURE ACT, let’s review how this did, and still does work in some instances.
U.S. stocks closed out Q1 with their worst performance since the depths of the 2008-2009 financial crisis.