Williams & Schiller Resources

Helpful information, financial tips and updates

Our Financial Blog

Read our periodic blog below to stay up to date on ever-changing tax rules and IRS regulations. We also enjoy passing on financial advice and tips, market data and more. Please be our guest and read on below!

22
Apr

Don’t Get Scammed

The federal government is in the process of delivering cash to many U.S. citizens to help stimulate the economy, providing tax credits to individuals of $1,200 ($2,400 for joint filers) plus $500 for each qualifying child. For those struggling, these payments can help them stay afloat during these extraordinary times. But it’s also a potential...
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21
Apr

More Funding for the Paycheck Protection Program

The Paycheck Protection Program, a forgivable loan program created by last month’s Cares Act, was initially funded $349 billion but has since run dry. The Small Business Administration stopped accepting loan applications for the program last week after 1.6 million firms obtained taxpayer-backed, forgivable loans. It looks as though Congress and the President are set...
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16
Apr

COVID-related IRA Distributions

People who have been impacted by COVID-19 may take distributions of up to $100,000 in 2020 from their IRAs or company retirement accounts. The definition of being impacted by coronavirus is quite broad and includes yourself or a close family member being diagnosed with the virus, or experiencing financial difficulty due to the virus as...
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16
Apr

Waiver of RMDs – How the New Rules Will Work

Anyone with an RMD (required minimum distributions) due in 2020 from a company plan – like your 401(k) or 403(b) plan, or an IRA – qualifies for the new rules under the waiver, including beneficiaries, and including those who turned 70 1/2 in 2019 and had to take their first RMD by April 1, 2020....
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16
Apr

Student Loans and Coronavirus Relief

The coronavirus pandemic has affected student loan borrowers, who are worried about their student loans and who have questions about options for financial relief. Excerpts from an article by Mark Kantrowitz, published on Forbes.com March 29, 2020, answer questions about the student loan payment pause and interest waiver, the impact of the coronavirus outbreak on...
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15
Apr

Unemployment Benefits to Self-Employed, Independent Contractors

The CARES Act allows unemployment benefits to be paid to self-employed, 1099-independent contractors, gig, and low-wage workers who can no longer work because of temporary business closures to slow the spread of COVID-19. The benefits will be funded by the $2 trillion federal CARES Act signed into law on March 27, 2020. The act also...
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15
Apr

Direct Financial Help—the Economic Impact Payment

The CARES Act will provide a direct cash payment to individuals and families to help ease the economic impact of COVID-19. Eligibility Any individual who meets the following criteria is eligible for a full $1,200 rebate: Reported no more than $75,000 annual adjusted gross income on last federal tax return. Cannot be claimed as a dependent by...
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tax filing deadlines
26
Mar

Tax Filing Deadlines

The IRS released the first round of changes to the current tax-filing season on Wednesday, March 18, 2020.  Then on Thursday, U.S. Treasury Secretary Mnuchin announced new changes.  In summary, those are: Individuals and trusts may file returns AND defer the payment of up to $1 million of their outstanding 2019 federal tax liability until as...
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service continues amidst covid-19
26
Mar

Service Continues During Temporary Office Closures

To our valued clients, Idaho Governor Brad Little issued a stay-at-home order yesterday, March 25.  Minnesota Governor Tim Walz issued a stay-at-home order on Wednesday as well, effective March 27 through April 10.  We expect North Dakota to issue something similar in the days ahead. WSS CPAs is in the critical business category and our Sandpoint employees will...
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