Blog

Required Minimum Distributions Suspended for 2020

RMDs are suspended for 2020, including inherited IRAs as well as traditional IRAs of those over age 70½. We answer two of the most common questions we’ve received in this post.

March 31, 2020/Tax, COVID-19

NCDOR Expands Penalty Relief

On March 31, 2020, the North Carolina Department of Revenue (NCDOR) issued a notice that greatly expanded penalty relief on taxes owed or items due as a result of the coronavirus.

March 31, 2020/Furniture Insights

March 2020 Furniture Insights

January showed modest improvement in several categories, though still paling in comparison to the unusually high January 2019 numbers in our latest Furniture Insights. Overall positive results in furniture manufacturing, housing, and consumer confidence in January will likely give way to less favorable numbers as the March and beyond reports come to light.

SBA Loan Information

With the economy in turmoil and business uncertainty looming, many of our clients are seeking guidance on how to proceed. One great option is to seek a SBA loan to cover salary expenditures, rent, and utilities for 8 weeks. We outline some of the SBA loan requirements below and are happy to work with you to get your financial packages in order so you may present them to a SBA lender.

March 30, 2020/Tax, Business Planning, COVID-19

CARES Act Signed Into Law

On Friday, March 27, 2020, the $2 trillion CARES (Coronavirus Aid, Relief and Economic Security) Act was signed into law by President Trump after an overwhelming vote in the House to provide relief to businesses and individuals impacted by COVID-19. We have provided key takeaways for both businesses and individuals that you need to know.

Meet SL Wealth Advisors

The same team you know and trust for your tax preparation is now offering expanded financial planning services. Meet SL Wealth Advisors.

March 23, 2020/Tax, COVID-19

Current Tax Filing Information

In the last week, we have seen tax deadlines and payment information change rapidly.  It seems almost daily there is a new update. The Smith Leonard team strives to provide the most current information possible to our clients and friends. With different deadlines and rules that can vary from federal to state and quarter to quarter, see our summary of the status as of today for both Federal and North Carolina payments and filings.

Families First Coronavirus Response Act Signed Into Law

The Families First Coronavirus Response Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. Read more to find out the impact to employees and employers.

March 20, 2020/Tax, COVID-19

Breaking News: Tax Filing Deadline Changed to July 15

In an update from news earlier in the week about tax payment due dates being extended but the filing date remaining the same, Treasury Secretary Steven Mnuchin has announced that the April 15 deadline for filing tax returns will now be postponed until July 15.

March 19, 2020/Tax, COVID-19

Update: 2019 Federal Tax Deadlines

The Treasury Department and the Internal Revenue Service are providing special payment relief for individuals and businesses in response to the COVID-19 outbreak.

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