Category: Personal Finance

There’s more than just taxes to consider when choosing a retirement location

If you are nearing retirement age, a move to warmer climates or nearer to relatives might be in your plans.  While lists of the "best" places to retire and rankings based on how states tax retirees are plentiful, and can be...

Take five minutes to secure your tax return from identity theft

The IRS has provided a new way taxpayers can help prevent a tax return being filed under their name and SSN. The recently expanded Identity Protection PIN Opt-In Program provides a six-digit code known only to the taxpayer and to the IRS....

SR Client Question: Do I need to refile my unemployment claim to receive extended benefits?

The newly passed COVID-19 Relief Bill offers extended federal unemployment benefits for states like Michigan.  It appears, at least at this time, that recipients currently receiving unemployment benefits do NOT need to refile to be eligible for the extension.  There...

IRS temporarily stops mailing notices to taxpayers with balances due

The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes. Although the IRS continues to make significant reductions in the backlog of unopened mail that...

IRS delays due to COVID-19 may cause check and notice backlog

The IRS is working through its correspondence backlog and is experiencing delays in processing paper returns, due to its limited staff during the pandemic: Checks: The correspondence backlog includes checks that taxpayers have mailed to the IRS (either with or...

Delay RMDs by rolling IRAs and prior 401(k) balances into current employer’s plan

Rolling over of IRAs (and prior employer's 401(k) retirement plans) into a current employer’s 401k plan may be a way for those who are subject to required minimum distributions (RMDs) and who are still working to delay having to take...

Michigan relief programs for businesses and individuals affected by COVID-19 are now open

Michigan business owners and residents suffering from the economic effects of the coronavirus pandemic can expect to see more targeted relief programs, as CARES Act funds filter into the state for local administration and development organizations create geographically-specific grants.  ...

SR Client Question: Can adding my child to our Michigan home’s title prevent the property tax value from uncapping when I pass?

If you add your child as a co-owner of real property, he or she won’t get a full step up in basis when it is sold after your passing. Also, there is a risk of re-assessment for real estate taxes...

IRS announces rollover relief for retirement account RMDs that were waived under the CARES Act

The Internal Revenue Service is allowing anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver...

Stimulus checks are coming, including for those who don’t typically need to file tax returns

The recently-passed CARES Act gives the IRS authority to automatically send the Economic Impact Payment to Americans who qualify at certain income thresholds.  Most will be evaluated as meeting the income criteria* as evidenced by their 2018 or 2019 income...