“A 60-day period, for now…. The Department of Education may extend the 60-day interest waiver and administrative forbearance period that began on March 13, 2020, depending on the status of the COVID-19 national emergency.” On March 20, 2020, the Department of Education announced terms for student loan relief for tens of millions of borrowers in response to COVID-19.1 Here are answers to some questions about the new rules. For more information and to follow subsequent potential … [Read more...]
New Spending Package Includes Sweeping Retirement Plan Changes (SECURE Act)
“The SECURE Act may have the largest impact on retirement planning since the Pension Protection Act of 2006.” The $1.4 trillion spending package enacted on December 20, 2019, included the Setting Every Community Up for Retirement Enhancement (SECURE) Act, which had overwhelmingly passed the House of Representatives in the spring of 2019, but then subsequently stalled in the Senate. The SECURE Act represents the most sweeping set of changes to retirement legislation in more than a … [Read more...]
CARES Act Provides Relief to Individuals and Businesses
“The $2 trillion emergency relief package represents a bipartisan effort intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis.” On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Major relief provisions are … [Read more...]
Due Date for Federal Income Tax Returns and Payments Postponed to July 15
Tax deadline for most individuals: Wednesday, July 15, 2020 Due to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from Wednesday, April 15, 2020, to Wednesday, July 15, 2020. No interest, penalties, or additions to tax will be incurred by taxpayers during this 90-day relief period for any return or payment postponed under this relief provision. The relief applies automatically to all taxpayers, and … [Read more...]
Do I need to get a REAL ID when I renew my license?
If you need to renew your driver's license, you may want to get a REAL ID. The REAL ID Act, passed by Congress in 2005, enacts the 9/11 Commission's recommendation that the federal government set minimum security standards for state-issued driver's licenses and identification cards. Beginning October 1, 2020, residents of every state and territory will need to present a REAL ID-compliant license/identification card, or another acceptable form of identification (such as a passport), … [Read more...]
The College Landscape After Tax Reform
College students and their parents dodged a major bullet with the Tax Cuts and Jobs Act of 2017. Initial drafts of the bill included the elimination of Coverdell Education Savings Accounts, the Lifetime Learning Credit, and the student loan interest deduction, along with the taxation of tuition waivers, which are used primarily by graduate students and college employees. In the end, none of these provisions made it into the final legislation. But a few other college-related items did. These … [Read more...]
