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Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important programs. The newest reports, released on April 22, 2020, discuss the current financial condition and ongoing financial challenges that both programs […]

For the second year in a row, interest rates on federal student loans will decrease for the 2020-2021 academic year. This year’s decrease brings rates to record lows. The rates apply to new federal student loans made on or after July 1, 2020, through June 30, 2021. The interest rate is fixed for the life […]

In May 2020, the IRS sent Economic Impact Payment (EIP) prepaid VISA debit cards to individuals who qualified for a stimulus payment under the Coronavirus Aid, Relief, and Economic Security (CARES) Act and didn’t receive a payment via direct deposit. How is the card activated? The Economic Impact Payment Card (EIP Card) arrives in a […]

           Auction house Sotheby’s reports a surge in customers who are borrowing using their fine art or jewelry as collateral [www.sothebys.com/en/articles/creating-liquidity-from-art-during-challenging-times]. Many auctions necessarily have been postponed due to the pandemic, although that has been offset to some extent by a record number of online auctions conducted by Sotheby’s.                   One major reason for such borrowing […]

Due to the coronavirus tax filing extension, there’s still time to make a regular IRA contribution for 2019. You have until your tax return due date (not including extensions) to contribute up to $6,000 for 2019 ($7,000 if you were age 50 or older on December 31, 2019). For most taxpayers, the contribution deadline for […]

The Retirement Confidence Survey conducted each year by the Employee Benefit Research Institute (EBRI) took a slightly different tack in 2020. After completing its initial outreach in January — the 30th in its annual series — EBRI decided to conduct a second survey in late March to gauge how the effects of the COVID-19 pandemic […]

As a follow up to my previous article, Federal, state, and local governments have extended a number of deadlines amid the coronavirus pandemic. Here are just a few of the deadlines that have been affected. Federal and state income taxes The IRS has postponed the due date for filing federal income tax returns and making […]

Every cloud allegedly has a silver lining. Estate planners have discovered a potential silver lining in the current economic crisis. Estate planning strategies now may be implemented at a much-reduced tax cost, because asset values have fallen. At today’s lower asset values, much more may be transferred via gift before breaching the taxable threshold of […]

Throughout March 2020, as it became increasingly evident that the economic impact from the COVID-19 pandemic would be both profound and prolonged, Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep employees on the payroll. Within a few weeks, initial funding for the two cornerstone programs, […]

Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers’ heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on the surge of coronavirus scams and how consumers can […]