Below is a summary of key points covered by the Coronavirus Aid, Relief and Economic Security (CARES) Act On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act.  The Act contains several provisions affecting taxes.  Below is a brief summary of these provisions.  If you have questions…

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Letter to clients regarding the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020. ** CLICK HERE to read a SUMMARY of the key points in the CARES Act ** Dear Client: We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly…

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It may be hard to believe, but the end of the year is upon us. During this time, many of us reflect on the year and tally up the good and the bad, the pros and the cons of the past 12 months. Click HERE to read more.

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Do you bank online using your PC, smartphone or tablet? How would you like to manage your tax documents in the same manner? TaxCaddy is a secure file submission platform offered by Cover & Rossiter to our clients. TaxCaddy makes gathering tax documents and sharing them with your tax professional a breeze. Let TaxCaddy retrieve…

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Those pesky passwords. The length, numbers, special characters, capital letters! According to a survey conducted by DataInsider, 70% of respondents reported having more than 10 password-protected accounts online, with nearly 30% having “too many to count”. When asked if they reuse passwords for different accounts, only 11% of consumers said they used the same password across…

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Saving for your child’s college education can be a daunting task, given how quickly and how high education costs have climbed. Fortunately, a 529 plan is a flexible, tax-advantaged way to help accumulate the funds you need for higher education. Not only do 529 plans provide federal tax-free growth and tax-free withdrawals for qualified expenses,…

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Who would you rather pay, yourself or the government? We’re willing to gamble that you chose yourself. If you did, then one of the easiest moves you can make is to increase your retirement savings via a deductible contribution.  If you are part of an employer plan (i.e. 401k, 403b, etc.), you should consider increasing…

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When it comes to your tax records, the IRS recommends keeping copies of tax returns and supporting documents at least three years. Some documents should be kept up to seven years in case a taxpayer needs to file an amended return or if questions arise. Keep records relating to real estate up to seven years…

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