Scott and Company Advisor
Did You Take Your 2020 RMD Too Soon?
As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions (RMDs) from their retirement plans has been waived for 2020. This is primarily due to the drop in value for most investments as a result of the economic effects of COVID-19. RMDs are required distributions from qualified retirement plans…
Businesses Score Big Tax Benefits with the CARES Act
As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the ability of businesses that suffer a loss to carry those losses back and recover taxes paid in prior years. The limitation on business interest deductions has also been relaxed, as…
Why You Need a Financial Advisor Even More in Uncertain Times
We are living during a period of trying, uncertain times. The current outbreak of the Coronavirus disease (COVID-19), has had a significant impact on the way we go about our daily lives. From how we work, to how we live, to how we relax, no aspect of our lives has gone untouched. With a potential…
Employee Spotlight – Richard Bhola
What year did you join Scott and Company? 2019 Where did you go to college?All of my education was obtained outside of the US. I have been in public accounting since 1997 and became a certified accountant in 2002 through the Association of Chartered Certified Accountants (ACCA) based in the United Kingdom. I was fortunate…
Understanding Your Annual Social Security Letter
If you are receiving Social Security, then you have just recently received your annual letter from the Social Security Administration letting you know that your Social Security benefits for 2020 have increased by 1.6 percent as a result of a rise in the cost of living. The letter also lets you know how much will…
Recent Blog Posts
- What to Expect from Potential Tax Changes Under President Trump’s New Term — and How to Prepare
December 6, 2024 - Holiday Gifts That Offer Tax Benefits for You and Your Loved Ones
December 6, 2024 - The SCALE Method for CECL: A Streamlined Approach to Expected Credit Losses
October 16, 2024 - Avoiding the Scavenger Hunt for Your Estate
October 16, 2024
The CARES Act Provides Significant Tax Relief for Employers
Volume 5 Issue 3
As COVID-19 cases are on the rise, more employees will miss work due to being sick or caring for a family member. The issue will become problematic not only for employees but also employers. Fortunately, the new legislation under the FFCRA (Families First Coronavirus Response Act) and the CARES Act addresses these issues among others….