Eagle Ridge Wealth Advisors is assisting those affected by COVID-19
We will be offering pro bono services to those who have experienced a loss of income or other financial hardship due to COVID-19. Simply visit our wealth management process and scroll to the bottom of the page to schedule a call to discuss your situation.
Federal and Illinois tax deadlines extended
The IRS has extended the filing deadline from April 15 to July 15, 2020, for 2019 income tax returns. This also extends federal tax payments to July 15 without penalty. Illinois has extended the state's tax filing deadline to July 15 as well.
2020 required minimum distributions suspended
From CNBC, 2020 required minimum distributions (RMDs) are suspended for those older than age 72 (up from age 70.5 due to the SECURE Act) who typically have to take RMDs from their IRAs.
Student loan payments suspended
If borrowers have federally owned student loans, the payments on those student loans are suspended until September 30th. No additional interest or penalties will apply.
Coronavirus stimulus checks
Congress has passed, and the president has signed, a stimulus bill that includes direct deposits and checks to be sent to approximately 83% of tax filers. Here are the details and a calculator to estimate how much you could receive.
You can check the status of your payment on the IRS website here: https://www.irs.gov/coronavirus/get-my-payment.
Resources for small business owners
Here is a good summary on all of the programs available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act for small business owners: The Small Business Owner's Guide to the CARES Act
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