The novel coronavirus (COVID-19) has caused a significant interruption to our country over the last few weeks. On March 18, the US Treasury issued Notice 2020-17 which provides new measures to assist taxpayers with their upcoming April 15 tax payments.
Individual taxpayers can take advantage of educational tax credits on their Pennsylvania Individual Income Tax Returns through the use of a Special Purpose Entity (SPE). A SPE is a pass-through entity specifically set-up to aggregate contributions of donors and contribute the money to the qualified organizations. SPEs are set up by organizations that apply for and receive educational tax credits from the Commonwealth of Pennsylvania.
The stock and bond markets have had spectacular returns since the trough of the market on Christmas eve 2018. The stock market (S&P 500) is now up 44.7% and the bond market (Bloomberg Barclays US Aggregate Bond Index) is up 9.6%. While investors have no doubt enjoyed these returns, they should be aware of the potential for an unintended, and potentially unwanted, consequence of strong markets.
The January 2020 edition of Fairman Group Perspectives highlights the retirement plan changes, Medicare costs, and college costs and trends.
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