Tax News & Articles #coronavirus

In this letter, I will explain how you may be able to take money from your IRA and other retirement accounts, avoid early withdrawal penalties, and have generous options on repayment (or not). I will also explain when you don’t have to take the required minimum distribution from your IRA.

Economic Impact Payments: What you need to know

7. As an employee, how much will I be paid while taking paid sick leave or expanded family and medical leave under the FFCRA? It depends on your normal schedule as well as why you are taking leave. 9. May I take 80 hours of paid sick leave for my self-quarantine and then another amount of paid sick leave for another reason provided under the Emergency Paid Sick Leave Act? No. You may take up to two weeks—or ten days—(80 hours for a full-time employee, or for a part-time employee, the number of hours equal to the average number of hours that the employee works over a typical two-week period) of paid sick leave for any combination of qualifying reasons. However, the total number of hours for which you receive paid sick leave is capped at 80 hours under the Emergency Paid Sick Leave Act.

Unemployment benefits for Self-employed workers, independent contractors, and freelance workers who lose their income due to the COVID-19 will be eligible for unemployment benefits.