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Your Retirement Plan and the CARES Act

6/2/2020

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Retirement funds and how to care for them have been a hot topic during this pandemic. For some, it's been easy to leave them untouched. For others, retirement may no longer be an option. But with the creation of the CARES act, some incredible tools have been introduced that can help you maintain and save your retirement funds. 

Hello Summerville! As you read this, we hope you continue to be safe and healthy. It's been nice to come to work every day and see a sense of normalcy in our incredible town. Let's keep it up! It is very clear to everyone that this pandemic has affected our finances in more ways than one. One of the many unsung woes during this time has been retirement plans. The CARES act of 2020, the act that has supplied us with our stimulus checks and other resources, has also been geared towards helping retirement plans stay alive. With the unemployment rate being so low, the difficulties of getting unemployment, and the need of making it through financially has put pressure on retirement plans. Many are making the decision of taking out their funds because it is necessary.

There are now options that can help you get economic relief that won't require you to decimate your retirement plans. Thanks to the CARES act, new changes have been put into place to help support those with retirement and IRA plans who are dealing with the effects of a very flimsy stock market that continues to fluctuate. With these new adjustments under the cares act, retirees are allowed to pull out as much as they would like from their retirement plans, but you don't have to if you don't want to. If you do leave your account alone for the next year or so, it will give you the benefit to recover from this flimsy market. There is a benefit to leaving your benefits alone. 

These changes and opportunities are groundbreaking and will help you save your retirement and IRA while still supporting you financially now. Before the CARES act, withdrawing from your IRA and your retirement plan came with some serious repercussions. But now, that has all changed. 
  • The CARES act is now letting 401(k) participants take out a loan of 100% of the amount they have vested or $100,000. Whichever option is less. The act has also extended the loan payment back into the 401(k) by a year, giving participants up to 6 years to pay back the loan. There will also be no loan payments made in 2020.
  • Borrowing money from your 401(k) can be better than taking out a personal loan or a new credit card and amassing a ton of credit card debt. even though you will have to pay back this loan, you are paying it back to your retirement account. You are borrowing money from yourself, and paying yourself back. 
  • Thanks to this extra year you have been given to pay back your 401(k) loan mean you aren't getting anything taken out of your paycheck this year for your 401(k). This will give you a little more money now, helping with reduced hours or being furloughed. 
  • Up to $100,000 can now be withdrawn from a retirement fund. Those pulling out this money will also be exempt from the 10% penalty tax that comes along with withdrawing funds if you're under the age of 59 and a half, all thanks to the new coronavirus distribution. This distribution is available if you or your spouse has been diagnosed with Covid-19 if you've been laid off, if your work hours have been reduced, or if you had to go into quarantine. These funds will be distributed to you over a three year period. You can also get this distribution from your IRA, which usually doesn't allow plan loans.
  • The due date for contributions to IRAs and retirement plans has been extended to our new tax day of July 15th. 
  • Much more! 

Allowing people to tap into their retirement accounts and giving them a few years to pay it all back is huge! These changes are providing financial assistance now from the money that is already yours, while still helping you protect and pay back into your retirement. It will still guarantee that you have retirement funds when the time comes to actually retire. Make sure to chat with us about your next steps when it comes to making these choices, even as great as they are. Make sure to include your financial advisor when making these decisions, too. They will be able to walk you through the best benefits available to you and what is going to be the most cost-effective way if you'll need to pay back these loans. They can also walk you through how to keep your retirement plan intact. 

Don't forget, friends! If you're looking for the best tax accountant in Summerville, the best tax services in Summerville, the best Quickbooks services in Summerville, the best IT services in Summerville, and the best payroll services in Summerville, we are still here for you. Tax season may be over for some and just starting for others, and we will be here for you no matter what!
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The Future of AI in Quickbooks!

1/30/2020

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The world is continually getting smarter by the minute, so it should be no surprise that our beloved Quickbooks will also be reaping the benefits of a smarter life. 

Tax day is getting closer and closer. With that looming, we encourage you to visit our offices and be prepared for April 15th. Electronic submission opened on January 27th, so if you are ready to submit your tax documents electronically do so now. If you need help doing so, please visit us. If you are waiting to send everything manually, you'll have to wait a little bit longer. With the continued growth in technology, the future of tax day and the effort it takes to get there is going to become simpler and easier. Artificial Intelligence has made its way into the interface of Quickbooks, and we are very excited to see what this new development will bring to our clients, their clients, and the future of filing taxes. 

This past November was the 6th annual Quickbooks Connect, an annual conference designed to bring together business owners and professionals to discuss how to run their businesses better. This year the topic was the exciting emergence of Artificial Intelligence (AI) and how it will help businesses grow in ways we've not seen before. As a huge proportionate of Quickbooks, we are so excited to see the growth and change in their new applications. 

LOOKING FORWARD 
  • When working with us and using Quickbooks online, the new Business Performance Tab will take your financial data and organize it all into an easy and functional dashboard. This will help us see where your small business stands, what it needs, and we will have the tools to compare it to the performance of other small businesses. This new function will also be a huge time saver. 
  • The new optimization center will automatically scan all Quickbooks transactions to record everything from categorization and reconciliation. It will break down bank accounts, expense tracking, and income tracking. This new Quickbooks function will tell you what features can be used to increase efficiency within each of these categories. 
  • Good news for those who don't want to go back in and double-check your work and numbers in your bookkeeping! The latest update will find any mistakes for you and bring them to your attention. You will have the chance to fix them right when they are discovered, saving you time and keeping your books in top-notch condition. This will help business owners stay up to date, and have accurate outcomes every single time. 
  • You will now be able to connect to an online virtual bookkeeper to get the help you need right then and there. You will no longer have to wait for a question to be answered while other issues start to build up and everything gets lost in the shuffle. 
  • These new updates will now help you predict cash flow over 90 days. 
  • It will alert you if any negative issues arise involving this 90-day cash flow and how it will change your spending. 
  • Much More! 

This exciting new application of Quickbooks will have many other incredible tools to help your small business run better than ever before. We are so excited to see this continue to evolve and to see what these new applications will do for our clients! Don't hesitate during this busy tax season to come in and visit us if you have any questions about Quickbooks or your taxes! Until then, enjoy this new update, never let a question go unasked, and get your taxes is on time! 
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