Does your monthly income seem a little higher than normal? If so, that may actually be a sign of trouble ahead. Find out how a tax trap could be lurking in your paycheck. Also read about your options for what to do with your 401(k) when switching jobs.

Please call if you would like to discuss how this information could impact your situation. If you know someone who can benefit from this newsletter, feel free to send it to them.
IRS is behind due to COVID-19
Due to COVID-19, the IRS is behind in processing their mail. If you have sent a check to the IRS and it has not cleared your bank, do not worry. Do not send another check or cancel the payment. The IRS credits payments based on the postmark date, not on the date the payment is processed, so you do not need to worry about penalties if they have not processed your payment yet. Along with payments, tax returns and correspondence from taxpayers with paper checks are backlogged. The IRS is also giving relief to those who received bad check penalties for dishonored checks received between March 1 and July 15. Please contact us if you have any questions. 
Is a Tax Trap Lurking in Your Paycheck?
Does your paycheck look a little higher than normal? If so, it could be a tax trap.
Switching Jobs? Here's What To Do With Your 401(k)
Suppose you’re switching jobs if you were furloughed because of the pandemic or you’re simply searching for greener pastures. If you have a 401(k) from your soon-to-be former employer, you must decide what to do with your retirement account when you leave. 
How to Build Your Emergency Fund - When You Have No Money
This year’s pandemic highlights the importance of having enough money set aside in an emergency fund to cover six to nine months of key expenses should you lose your job.

But how do you build an emergency fund if you don’t have any extra money? The easiest way to accomplish this is by reducing your expenses. Here are some creative ways to increase your cash flow by cutting your spending.
Glickstein Laval Carris, P.A.

220 E. Central Parkway, Suite 1040
Altamonte Springs, FL 32701
(407) 645-4775 Fax: (407)629-1606
info@glccpa.com
This publication provides summary information regarding the subject matter at time of publishing. Please call with any questions on how this information may impact your situation. This material may not be published, rewritten or redistributed without permission, except as noted here. This publication includes, or may include, links to third party internet web sites controlled and maintained by others. When accessing these links the user leaves this newsletter. These links are included solely for the convenience of users and their presence does not constitute any endorsement of the Websites linked or referred to nor does Glickstein Laval Carris, P.A. have any control over, or responsibility for, the content of any such Websites. All rights reserved.