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 January 2020 edition of Fairman Group Perspectives highlights the retirement plan changes, Medicare costs, and college costs and trends.
While there are several positive outcomes to the SECURE Act, such as being able to contribute to an IRA beyond age 70 ½ and increasing the Required Minimum Distribution (RMD) age to 72, there is also a potentially negative outcome regarding inherited IRAs.
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