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IRA and Retirement Plan Limits for 2021

Posted by Mark Frey | Nov 08, 2020 | 0 Comments

Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2021, other key numbers have increased. IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2021 is $6,000 (or 100% of your earn...

FAFSA for 2021-2022 Academic Year Opened on October 1

Posted by Mark Frey | Oct 25, 2020 | 0 Comments

The FAFSA (Free Application for Federal Student Aid) for the 2021-2022 year opened on October 1, 2020. The FAFSA is a prerequisite for federal student loans, grants, and work-study. In addition, colleges typically require the FAFSA before distributing their own need-based aid and, in some cases, ...

Student Loan Relief Extended Through End of Year

Posted by Mark Frey | Sep 19, 2020 | 0 Comments

In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provided a six-month automatic payment suspension on federal student loans through September 30, 2020. In August, the president signed a memorandum to extend federal student loan relief through De...

The Bull Is Back… Will It Keep Charging?

Posted by Mark Frey | Sep 05, 2020 | 0 Comments

On August 18, 2020, the S&P 500 set a record high for the first time since COVID-19 ushered in a bear market on February 19. The cycle from peak to peak was just 126 trading days, the fastest recovery in the history of the index, erasing losses from an equally historic plunge of almost 34% in Feb...

Plan Sponsors: Coronavirus Relief Measures

Posted by Mark Frey | Aug 23, 2020 | 0 Comments

In March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which included several provisions designed to help retirement savers cope with the financial fallout from the pandemic. Among these temporary measures were special rules for required minimum distributio...

IRS Clarifies COVID-19 Relief Measures for Retirement Savers

Posted by Mark Frey | Aug 01, 2020 | 0 Comments

The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 ushered in several measures designed to help IRA and retirement plan account holders cope with financial fallout from the virus. The rules were welcome relief to many people, but left questions about the details u...

The Shape of Economic Recovery

Posted by Mark Frey | Jul 19, 2020 | 0 Comments

On June 8, 2020, the National Bureau of Economic Research (NBER), which has official responsibility for determining U.S. business cycles, announced that February 2020 marked the end of an expansion that began in 2009 and the beginning of a recession.1 This was no great surprise considering widesp...

2019 IRA Contribution Deadline Has Been Extended

Posted by Mark Frey | Jul 12, 2020 | 0 Comments

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 co...

Think Twice Before Speculating on a COVID-19 Cure

Posted by Mark Frey | Jun 06, 2020 | 0 Comments

As hundreds of companies race to develop vaccines and drug therapies that could help end the COVID-19 pandemic, news reports on successful or failed trials affect individual stock prices and can trigger swings in the broader market.1 Understandably, this highly contagious virus — and its severe e...

Retiree Confidence Drops in 2020, As Some Workers Worry

Posted by Mark Frey | May 23, 2020 | 0 Comments

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 ...

Coronavirus Affects Federal, State, and Local Deadlines

Posted by Mark Frey | May 16, 2020 | 0 Comments

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 tax payments ...

Watch Out for Coronavirus Scams

Posted by Mark Frey | Apr 25, 2020 | 0 Comments

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 th...

CARES Act: Retirement Plan Relief Provisions

Posted by Mark Frey | Apr 18, 2020 | 0 Comments

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020. This $2 trillion emergency relief package represents a bipartisan effort. It was designed to assist both individuals and businesses in the ongoing coronavirus pandemic and accompanying economic c...

Government Acts to Blunt Financial Impact of Global Pandemic

Posted by Mark Frey | Apr 11, 2020 | 0 Comments

On March 11, the novel coronavirus (COVID-19) was officially declared a global pandemic by the World Health Organization, and two days later President Trump declared a national emergency.1 The unknowns surrounding a new virus make it difficult to predict the potential human and economic toll. But...

CARES Act Provides Relief to Individuals and Businesses

Posted by Mark Frey | Apr 04, 2020 | 0 Comments

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. This $2 trillion emergency relief package is intended to assist individuals and businesses during the ongoing coronavirus pandemic and accompanying economic crisis. Major relief provisio...

Bear Markets Come and Go

Posted by Mark Frey | Mar 28, 2020 | 0 Comments

The longest bull market in history lasted almost 11 years before coronavirus fears and the realities of a seriously disrupted U.S. economy brought it to an end. If you are losing sleep over volatility driven by a cascade of disheartening news, it may help to remember that the stock market is his...

Why You Need Life Insurance

Posted by Mark Frey | Mar 14, 2020 | 0 Comments

We've all heard about the importance of having life insurance, but is it really necessary? Often, the answer is “yes,” but it depends on your specific situation. In general, you should consider life insurance protection if any of the following applies to you: You are married and your spouse dep...

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Mark C. Frey Attorney, CPA, M. Tax

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