News on IRS Operations During Covid-19It was a lousy tax season for us. We went remote, with all of the accompanying slowdowns. We were expected to, and indeed did, handle our normal load of tax returns, then fielded questions on the economic stimulus payments. We helped with the Paycheck Protection Program and EIDL loan applications. And in the middle of it all, we had to take a class on CARES to make sure that we didn’t miss anything new. We mostly got everything done on time (albeit July 15
th).
The IRS had many of the same problems that we did. But they didn’t get everything done. Operations are still sickly (from the virus) and weak (from years of budget cuts). Here is the latest IRS news on operations.
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For many employers, the “new normal” involves having at least some employees work from their homes, and that raises important risk management issues. The longer employees work from home, the greater the chance that costly work-related events can occur. Prudent employers can take steps to reduce certain hazards or at least have suitable insurance in place to mitigate the financial impact.
Under some circumstances, you can borrow from your retirement account, depending on the plan you have. But should you? Only if you’re aware of the tax consequences and the implications a loan can have on the future of your retirement funds. This article answers frequently asked questions about how much you can borrow, whether the interest is deductible and other issues to consider.
Whether through inertia or trepidation, investors who put off important investment decisions might consider the admonition offered by one motivational speaker: “Almost any decision is better than no decision at all.” Investment inaction is played out in many ways, often silently, invisibly and with potential consequence to an individual’s future financial security.
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