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!

28
Jan

Update on new tax provisions and PPP

As the coronavirus (COVID-19) continues to affect local communities and global economies, our firm remains committed to serving your tax and financial planning needs. As part of this commitment, we want to provide you with some updates, as well as highlight some key tax provisions impacting individuals and businesses contained in the year-end coronavirus relief...
Read More
economic impact payment
11
Jan

Updates on additional COVID-19 relief and PPP funding

Over the last week, several important items related to COVID-19 relief for individuals and businesses have unfolded. Most notably, individuals have begun to receive economic impact payments, and the forms, timeline, and related guidance for additional Paycheck Protection Program (PPP) loans have been issued. This legislation provided many changes that affect 2020 tax filings, though...
Read More
20
Dec

Additional COVID-19 Relief and more PPP funding available

President Donald Trump on Sunday night signed into law the Consolidated Appropriations Act, the $900 billion COVID-19 relief bill passed Dec. 21 by Congress. This legislation comes with important provisions that will affect you and/or your business. Key provisions for individuals include: Provides economic impact payments of $600 for individuals (with certain income limitations), and...
Read More
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...
Read More
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...
Read More
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...
Read More
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....
Read More
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...
Read More
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...
Read More
Call, email or stop by today.