Personal Finance

Board Approves Budget

June 19, 2020 Board Approves Budget  Today, the University of South Carolina’s Board of Trustees approved the University's budget plan for the upcoming fiscal year, which includes freezing tuition system wide while implementing a series of cost-saving measures to prepare for the impact of COVID-19.  “The budget outlook before us is more serious than any the university [...]

By |2020-06-22T15:13:39+00:00June 22nd, 2020|Personal Finance|0 Comments

Taxpayers must act soon for direct deposit of stimulus payments

The IRS announced Friday that time is running out for taxpayers to go to the Get My Payment website to enter their direct deposit information in order to receive an electronic economic impact payment (IR-2020-92). Taxpayers must enter their bank account information, if needed, by noon on Wednesday, May 13. After that date, any stimulus payments that [...]

By |2020-05-11T13:48:33+00:00May 11th, 2020|Personal Finance|0 Comments

IRS recalls thousands of employees to work and asks them to bring their own safety gear

The IRS will start recalling “certain employees in mission-critical functions” to agency offices starting Monday, though it is urging them to bring their own face masks and suggesting the employees can make them out of t-shirts or bandanas, according to an internal memo circulated Saturday by two lawmakers. Tony Reardon, who heads the National Treasury Employees [...]

By |2020-04-27T13:30:35+00:00April 27th, 2020|Personal Finance|0 Comments

Coronavirus paid sick leave and family leave guidance issued

Under a recently enacted law, eligible small and midsize employers can claim two new refundable payroll tax credits, designed to reimburse them, dollar for dollar, for the cost of providing coronavirus-related leave to their employees. The relief was enacted under the Families First Coronavirus Response Act, P.L, 116-127, signed by President Donald Trump on March 18, [...]

By |2020-03-30T13:50:26+00:00March 30th, 2020|Personal Finance|0 Comments

Taxpayers can check the status of their refund on IRS.gov or the IRS2Go App

Taxpayers who filed their 2019 tax return and are waiting for their refund can check their refund status by going to IRS.gov and clicking on Get Your Refund Status to access the Where's My Refund? tool.   People can check the status of their tax return about 24 hours after the IRS acknowledges receipt of an electronically filed [...]

By |2020-03-16T14:39:11+00:00March 16th, 2020|Personal Finance|0 Comments

Tax Reform Redux: Most Taxpayers Didn’t Adjust Their Withholding Before 2020 Filing Season

Even though many taxpayers were surprised to receive smaller refunds for the 2019 tax year, it is likely many still did not heed warnings about adjusting their withholding before the current tax filing season. According to this survey, 56 percent of ... Taxpayers are ill-informed about changes to the tax law that may impact them [...]

By |2020-03-09T14:01:21+00:00March 9th, 2020|Personal Finance|0 Comments

IRS provides relief to financial institutions affected by tax law change raising the age for required minimum distributions

The Internal Revenue Service has provided relief to financial institutions that were expected to provide required minimum distribution (RMD) statements to IRA owners by Jan 31, 2020. Notice 2020-6 clarifies that if an RMD statement is provided for 2020 to an IRA owner who will turn age 70½ in 2020, the IRS will not consider [...]

By |2020-01-27T16:22:04+00:00January 27th, 2020|Personal Finance|0 Comments

The 4 Most Common Retirement Mistakes Millennials Make with Money

Luckily, there's plenty of time for you to recover from these all-too-common financial blunders. It might not come as news that we Millennials receive little respect for our financial skills. Having grown up in an era where the focus regularly fell on protecting individuals’ self-esteem (e.g., participation trophies), I can attest we often received reminders [...]

By |2019-12-02T16:48:04+00:00December 2nd, 2019|Personal Finance|0 Comments