An Excerpt From My Accountant

[Jolly]

Nothing specific, just general info. Most you may know.

• As the coronavirus (COVID-19) continues to affect local communities and global economies,
• you may have concerns about your financial well-being. Or you may be wondering about how
• recently passed legislation impacts you. We’re providing a high-level summary of some of the
• key provisions impacting individuals and recommend discussing your particular circumstances
• with us in more detail.
• Relief available
• There are several recently enacted tax changes and new or expanded benefits that might be
• helpful to you.
• Income tax provisions:  The IRS extended the April 15, 2020 federal income tax filing and payment deadline to July
• 15, 2020. However, we continue to work on filing returns as soon as possible.  First quarter estimated tax payments usually due April 15, 2020 are now extended to July
• 15, 2020.  Louisiana Department of Revenue has extended the May 15, 2020 state income tax filing
• and payment deadline to July 15, 2020.  First quarter estimated tax payment remains April 15, 2020.
• Recovery rebates:  Payments to individuals of $1,200 ($2,400 for joint filers) plus $500 for each qualifying child
• are expected to be delivered around mid-April.  The recovery rebate begins to phase out for taxpayers with adjusted gross income (AGI)
• above $150,000 for joint filers, $112,500 for heads of households and $75,000 for other
• individuals. If you’d like to estimate the amount you’ll receive, visit the CARES Act stimulus
• calculator at aicpa.org/covid19tax.
•  The payment is not taxable.
• Retirement accounts:  Through the end of the year, individuals who are under 59 ½ years old can take up to
• $100,000 in coronavirus-related distributions from retirement plans without the usual 10%
• penalty for early distributions. The distributions may be repaid within three years and any
• resulting income inclusion can be taken over three years.  If you were over 70 ½ at Dec. 31, 2019 you won’t have to take required minimum
• distributions (RMD) in 2020. If your retirement assets have taken a hit, not having to take an
• RMD may allow those assets to recover some value before you liquidate them.
• Student loans:  If you have a federally-held student loan, your payments will be suspended through Sept.
• 30, 2020 and interest won’t accrue during this period. Note that this relief does not apply to
• private student loans.
• Other benefits:  Other benefits are available including expanded unemployment, emergency paid sick and
• family leave benefits (with some limitations and exceptions). Unemployment benefits are
• extended to self-employed and part-time workers.