The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take so-called “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other retirement plans. Specifically, the CARES Act waives the 10% early distribution penalty for CRDs...
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The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional...
To our Valued Clients and Friends, In response to the national emergency and the recent events by our local agencies regarding the COVID-19 virus, including the Yakima County Stay at Home order, Alegria & Company has taken steps to protect and support our clients and our staff. We want to ensure you that we are...
Dear Clients and Friends, Due to the recent events by both state and federal agencies regarding the COVID-19 virus, Alegria & Company has taken steps to support our clients and our staff. We want to ensure you that we are taking recommended necessary precautions to keep our clients and staff safe while also continuing to...
For 2020, the lifetime gift and estate tax exemption has reached a whopping $11.58 million ($23.16 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there’s no need to file gift tax returns? Not necessarily. There...
