The tax code offers two types of IRAs; one is referred to as the traditional individual retirement account (IRA), so named because it was the first type of IRA available, having been created by Congress back in the 1970s. The second type is the Roth IRA, established in 1997 and named after William Roth, who…
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…
To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year. Under normal circumstances, cash contributions are limited to 60% of a taxpayer’s adjusted gross income (AGI). However, as has happened…
The IRS has finally started making those much anticipated Economic Impact Payments, aka “Recovery Rebates.” However, not everyone who was expecting one has received theirs, and some may not be the amount expected. The Treasury first looked for a filed 2019 return when they began making the payments. If a 2019 return was not filed…
Vicki joined the Lewis & Knopf team in 2001. She joined as a firm administrative assistant and is now our firm’s Portal Administrator. She maintains and supports the firm’s client portal along with other administrative duties. What year did you join Lewis & Knopf? 2001—I’ve been here for almost two decades! Tell me a little…
