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NEED CASH? LITTLE KNOWN TAX BREAK UNDER 2020 NEW TAX ACT: SPECIAL WITHDRAWAL RULES FOR IRAs AND RETIREMENT PLANS

NEED CASH? LITTLE KNOWN TAX BREAK UNDER 2020 NEW TAX ACT: SPECIAL WITHDRAWAL RULES FOR IRAs AND RETIREMENT PLANS

2020 Cares Act Special Tax Breaks

The CARES Act adopted in March, 2020 gives a special tax break for those taxpayers that need to take money out of their retirement plans. Taxpayers can take out up to $100,000 in 2020 from their retirement plan. As a special tax break, they can spread the tax bill on that income (withdrawal) over three years (2020, 2021 and 2022). The only requirement is that the taxpayer was affected medically or financially by the Corona virus or lock-down. Taxpayers will likely have to make some sort of statement on their return that the withdrawals are related to the pandemic to qualify for this special tax break.

Note, if you are younger than 59 1/2 the normal 10% penalty on early withdrawals will not apply if you decide to use this tax strategy.

Also, taxpayers get three years to repay the withdrawal back to the account. If your circumstances improve before 2022 you can put the money back into the plan and file amended returns to get back the money you paid on the earlier withdrawals. The result would be basically an interest free and penalty free loan.

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Hiring Steven was quite possibly the best decision of my life! Steven took the time to hear every single one of my concerns and address them in an extremely clear, concise and thorough manner. He guided me through the notoriously complicated and stressful process of probate with the utmost of compassion and dedication. Thank you Steven!

- Andrew Gold

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Steven J. Fromm & Associates, P.C.

4.9

Based on 68 reviews

Jonathan Wright

22:49 05 Jun 20

I had an unusual tax situation where I needed expert help. Steve was extremely knowledgeable and careful.

Joseph Hearon

20:43 30 May 20

I had the good fortune to choose Steven to handle my mother's estate. He has expertise in many areas of business, but I was primarily interested in settling the estate. From probating the will to recording deeds everything was done quickly and efficiently. He could not have made the process easier. Steven is not only a personable guy, but will readily address any questions or concerns you might have and he will respond quickly.

Allauren Forbes

15:55 23 Apr 20

Steve has been doing our taxes for a few years now and his work is always consistently excellent. We are in a somewhat strange situation of being nonresident aliens for tax purposes, and of course we want to make sure that we adhere to our obligations to the IRS while living in the US! The prospect of trying to figure out our taxes was really intimidating and frankly rather complicated, but Steve has been amazingly patient, thorough, and kind throughout a stressful process. It has been an enormous relief to know that we can trust him to get everything right on our behalf! We are so lucky and so grateful to have found him. Thank you, Steve!

Patricia Everett

17:47 24 Feb 20

I can’t say enough about Steven J. Fromm & Associates. What he did to resolve my tax situation was above and beyond. I received a letter of Intent to Sue from the city on February 2020 involving taxes for 2001 (19 years ago). I had no clue how I could prove anything without the documents that I had paid. It was involving business taxes from my husband who had recently passed. I am glad to write this review because Mr. Fromm brought this to a much better resolution than I thought was possible. Thank you! Patricia Everett

Lori Nanan

21:55 05 Dec 19

Steve has handled all of the details of my father's estate with extreme professionalism, always in a timely manner and most of all with a kindness that goes above and beyond. For 8 years now, he has answered every email quickly and accurately, he has explained concepts that were above my understanding and has been an absolute pleasure to work with in every way. I know I speak for my whole family in recommending Steve.

Mike Bonadio

21:20 02 Dec 19

Great call with Steven. He walked me through what my situation would look like with a potential move. He covered everything from tax planning to real estate to lifestyle considerations. He was fun to talk to, which is rare for an attorney! Highly recommended.

Meg Lewis

16:52 07 Nov 19

Mr. Fromm was really so helpful - he was patient, thorough and walked me through all of my questions. I am grateful he was able to answer my questions efficiently in our one visit, and appreciate how knowledgeable and straightforward he was. I left feeling relieved and confident about the next steps to take and would certainly recommend him to others.

Michael Filosa

13:14 30 Oct 19

I highly recommend Mr. Fromm. He recently helped me through a very complicated tax filing for American expats. He is very knowledgeable, thorough and has lots of experience. I couldn't have been happier with the work that he did for me. Thank you.

David Scott

05:27 24 Oct 19

After unsuccessfully reaching out to other tax attorneys and a tax accountant, Steven Fromm responded immediately to my concerns regarding a complex business tax issue. Steven was reassuring and very knowledgeable. He was receptive and engaging while providing clear concise recommendations to resolve this issue. Steven's professionalism and ability to explain matters in a simple, logical way was most reassuring to me. He gave me the answers I needed and I'm confident now that my business tax issue will be successfully resolved. I highly recommend Steven J. Fromm & Associates, P.C. for all your business tax concerns. David Scott

Tara Tucker

02:27 04 Aug 19

I called with a tax law question a few days ago. Mr. Fromm picked up and introduced himself and proceeded to listen to my question and offered me various suggestions so that it could be resolved. I followed his recommendations and was able to resolve the issue within a few days. He was very respectful and patient. I would return if I have further issues in the near and distant future.

Edward Bell

21:06 26 Jun 19

I needed help with my sisters estate and he provided smart and caring advice. I absolutely recommend

John Avery

15:13 11 Jun 19

We had the pleasure of speaking with Mr. Fromm as a consultation. We had previously used an attorney and paid fees, though accomplished nothing. In our short discussion with Mr. Fromm, he clarified our situation and provided a clear path forward. He was candid and frank, while being transparent about the fees and our expectations. My wife is an attorney and very selective and she was quite impressed with Mr. Fromm and would not hesitate to engage him for legal work. We're grateful for his time and glad we had the opportunity for his counsel.

Amie Russell

16:08 28 Nov 18

Steven is very understanding, compassionate, and professional. He listens to what you have to say and gives you the best advice for your situation. I would highly recommend him!

Courtney Boone

20:11 12 Oct 18

Steven was such a great help to me when we lost my mother unexpectedly. I was completely clueless about how to execute her will, but he walked me through every step, even with the difficulty of me being out of state. He helped me with every unexpected bump and curve as we navigated the process. I highly recommend him!

Nicholas Anselmini

16:04 17 Jul 18

I highly recommend Steven Fromm & Associates. My wife and I have used Mr. Fromm's services for the last two years and will continue to do so. He is conscientious, thorough, kind, and professional. We were very lucky to find him - he has been nothing but helpful throughout situations ranging from the mundane to the rather more complicated.

Peter Pappalas

15:25 13 Jun 18

Steven is fantastic and very personable. Supremely attentive to my needs, provided excellent advice and support, and demonstrated incredible knowledge of partnership agreements. In our first consultation he addressed complex issues that may arise down the road and how to keep my interests protected. I highly recommend engaging Steven Fromm as your corporate attorney.

Peter Criswell

20:46 30 May 18

Steve was so helpful! I had a complicated question about settling an estate and Steve talked me through a variety of options. He's extremely knowledgeable and was willing to spend the time needed to help me understand the various actions I could take. In addition, he was friendly and sympathetic. I highly recommend his services.

lindsey kirland

15:35 25 May 18

Very knowledgeable and informative. 5 stars

Justin Justice

16:36 19 Apr 18

THE BEST OF THE BEST!!! After doing hours of research by speaking with attorneys, checking public records, and reading legitimate client reviews, I determined that Steven J. Fromme is the best attorney of his type in the Philadelphia area and one of the finest in the country. My subsequent personal experiences with him further proved my determination. He is not only a talented, knowledgable, honest, world class expert but he sincerely cares about his clients. He is definitely not the typical money-hungry sociopath masquerading as a caring lawyer. Notice that Mr. Fromm has a RARE five-star rating on Yelp, where it is almost impossible to post fake reviews. I have done your homework for you. You cannot surpass Mr Fromm.

Top Choice Home Care

17:42 10 Jan 18

Very professional. Steve really works the best for his clients. I have referred several other businesses and they absolutely love them! I will keep referring others because my experience has been excellent. 5 stars for sure!

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Steven J Fromm & Associates, PC

5.0

Based on 14 Reviews

Ren N.

2021-03-20 13:13:45

Excellent, patient, kind first time consult. Called me up over the weekend right after receiving my message over Yelp to try to help me with my issue. He is...

Nicholas A.

2020-04-23 10:58:09

My Wife and I needed extra help navigating tax treaties for our return and Steven J Fromm and Associates were absolutely amazing. They were always available...

Po-Chen W.

2020-02-25 20:42:39

As a foreigner coming from a common law country, navigating the US tax system is very daunting. To clarify my tax situations between my home country and the...

Bill H.

2019-08-06 07:02:40

Steve is the best! From the first moment I spoke to Steve, I knew this was not your typical lawyer...... he was honest, sincere and very knowledgeable with...

Joe D.

2019-04-18 16:42:12

I've never needed to procure the services of an attorney before and really wasn't sure what to expect. I will admit, though, I kind of did wonder if he'd be...

Joe D.

2018-07-10 05:07:25

I've never needed to procure the services of an attorney before and really wasn't sure what to expect. I will admit, though, I kind of did wonder if he'd be...

Ty B.

2018-06-03 06:16:37

He was kind enough to quickly return my consultation request. He was very knowledgeable and informative. He gave me a key information in a brief phone...

John A.

2017-09-04 08:51:41

I have had an exceptionally positive experience working with Steve. He responded immediately to an email inquiry, and made me feel completely comfortable...

Dave S.

2016-10-21 08:53:43

I was very happy with the service provided. I federal expressed Steve the information and within two days, he reached out to me with all the expert advice...