Tax Filing Deadline is July 15, 2020

July 7, 2020

For American taxpayers who haven’t yet filed, the 2020 filing deadline for the 2019 tax year is almost here. Due to the COVID-19 coronavirus pandemic, the Department of the Treasury and the Internal Revenue Service (IRS) extended the filing deadline for tax returns from April 15 to July 15, 2020. 

The purpose of the extension was to provide payment relief of federal taxes to individuals and businesses in response to the COVID-19 outbreak. States with personal income taxes followed suit and extended their filing deadlines as well, but state deadlines may differ, so individuals should check with their respective states for information on those deadlines. 

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Retirement Plan Distributions Under the CARES Act

June 24, 2020

Under normal circumstances, withdrawals from retirement plans and IRAs taken by an individual prior to age 59½ are subject to an additional 10 percent tax or penalty. With the passage of the CARES Act in March, that penalty has been waived for withdrawals taken between January 1, 2020 and December 31, 2020.

Individuals younger than 59½ and who meet the IRS criteria, are able to take COVID-19-related distributions of up to $100,000 in 2020 sans the 10 percent penalty. Since funds in retirement plans and IRAs are generally contributed to on a tax-deferred basis, participants are still required to pay taxes on the full amount when the funds are distributed.

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IRS Releases Additional Guidance for COVID-19-related Retirement Plan Distributions

June 24, 2020

On June 19, 2020, The Internal Revenue Service announced guidance via Notice 2020-50 for COVID-19 coronavirus-related distributions from retirement plans under the CARES Act. Through the notice, which aims to help retirement plan participants better understand and take advantage of the CARES Act provisions, the IRS also extended relief to individuals whose spouses and household members are suffering financial consequences due to COVID-19.

Under the CARES Act, signed into law on March 27, 2020, qualified individuals younger than age 59½ may take distributions of up to $100,000 from eligible retirement plans and IRAs between January 1, 2020 and December 31, 2020 and not be subject to the 10 percent additional tax that would generally apply.

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CARES Act Suspends RMDs in 2020

May 13, 2020

The Coronavirus Aid, Relief and Economic Security Act (CARES Act), which was signed into law on March 27, contained many provisions to help Americans weather the COVID-19 pandemic. The $2 trillion aid package is far-reaching and included cash payments to many Americans, unemployment benefits, a postponement of the tax deadline to July 15, 2020, aid for big corporations, small businesses and state and local governments, and funds for public health and education. A provision of the CARES Act that is of particular importance to retirees includes the suspension of required minimum distributions (RMDs) for 2020.

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Expression of Interest (EOI)

April 28, 2020

At Insight Wealth Strategies we have had the privilege of working with hundreds of Chevron employees as clients for more than 18 years and have been helping Chevron executives, managers and employees in California (San Ramon and Point Richmond) and in Texas (Houston) with their financial planning.

We strive to keep as up to date as possible with the latest news on Chevron and how potential company changes could impact employees. In recent weeks, we’ve gotten word from many clients there are big changes on the horizon at Chevron.

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The Impact of the CARES Act

April 6, 2020

The Coronavirus Aid, Relief and Economic Security Act, signed into law on March 27 in the wake of the COVID-19 pandemic, is the largest economic stimulus package in American history. The $2 trillion coronavirus aid package, also known as the CARES Act, aims to provide economic relief to the United States economy and to help individuals and businesses weather an unprecedented reduction of economic activity and freeze on American society.

The act is massive in scope and provides for an estimated $560 billion for individuals, $500 billion for big corporations, $377 billion for small businesses, $339.8 billion for state and local governments, $153.5 billion for public health, $43.7 billion for education and a safety net of $36 billion. (1) While the act is far-reaching, this discussion focuses mostly on the act’s impact on individual taxpayers and small businesses. Please remember to discuss any potential tax consequences that may arise with your tax advisor and financial planner prior to making any decisions regarding the information below.

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Update on Market Volatility

April 3, 2020

In light of recent market volatility, we wanted to offer some perspective on the market sell-off during the last several weeks due to the COVID-19 coronavirus pandemic.

First, we want to assure our clients we are continuing to closely monitor this everchanging situation, and our portfolios are structured to withstand this type of short-term volatility.

We understand significant market swings can be unnerving for investors. It is important to remember drops in the market are not unprecedented, and we will likely see more volatility in the coming days and weeks as the scope of the pandemic becomes clearer.

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Changes on the Horizon at Chevron (EOI)

March 4, 2020

At Insight Wealth Strategies, LLC, we have had the privilege of working with our Chevron clients for more than 18 years and have been helping Chevron executives, managers and employees in California (San Ramon and Point Richmond) and in Texas (Houston) with their financial planning. 

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Breaking Down the SECURE Act

February 14, 2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act went into effect on Jan. 1, 2020, and there have been a lot of questions about what impact the new law will have on employees and their retirement plans.

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The SECURE Act’s Impact on IRAs and Roth IRAs

February 14, 2020

The passage of the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019 changed several aspects of retirement accounts and plans. The law, which went into effect on Jan. 1, 2020, consists of 29 provisions that deal with several aspects of retirement savings plans and accounts including Required Minimum Distributions (RMDs) and inherited IRAs.  This discussion will focus on the SECURE Act’s impact on IRAs and Roth IRAs and will touch on some new benefits to account holders and some new regulations on inheritances. 

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