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More than 98,000 employers to get S$940 million in Wage Credit Scheme payouts by end-March

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More than 98,000 employers to get S$940 million in Wage Credit Scheme payouts by end-March
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More than 98,000 employers to get S$940 million in Wage Credit Scheme payouts by end-March
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More than 98,000 employers to get S$940 million in Wage Credit Scheme payouts by end-March
Office workers at Raffles Place. (Photo: Gaya Chandramohan)
18 Mar 2021 11:51AM)
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SINGAPORE: More than 98,000 employers will receive S$940 million in Wage Credit Scheme payouts by Mar 31, said the Ministry of Finance (MOF) and Inland Revenue Authority of Singapore (IRAS) on Thursday (Mar 18).
The Government will co-fund 15 per cent of qualifying wage increases given in 2017, 2018, 2019 and 2020 to more than 800,000 Singaporean workers earning a gross monthly wage of up to S$5,000, said the authorities in a press release.

Other tax reliefs and rebates you may be eligible for

Besides claims on expenses incurred while working from home, taxpayers may also be eligible for other reliefs and rebates. The Sunday Times takes a look at some of them.. Read more at straitstimes.com.

Used more air-con during work from home? It's now easier to claim tax deduction, says Iras

Calculations have been simplified to the difference between charges before and after WFH.. Read more at straitstimes.com.

It's time to revisit the IRA trust. Here's why

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All trusts named as beneficiaries before the SECURE Act may need to be updated, says one analyst.

Iras to send tax bills directly to some taxpayers instead of filing notices

The vast majority of taxpayers who are already on No-Filing Service (NFS) do not make any adjustments.. Read more at straitstimes.com.

How to handle IRA beneficiaries under the SECURE Act

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Your clients may have heard conflicting advice – they must change their IRA beneficiaries, spend down their IRA as soon as possible, dismantle their trust, or immediately convert their traditional IRA to a Roth IRA, Sophia Duffy writes.

San Antonio-area man accused of defrauding retired cops pleads guilty

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San Antonio-area man accused of defrauding retired cops pleads guilty
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Victor Lee Farias, a Fair Oaks Ranch businessman, entered a guilty plea in a federal criminal case Wednesday. U.S. Magistrate Judge Richard B. Farrer accepted the plea via Zoom rather than in-person in the John H. Wood Jr. U.S. Courthouse.File photo
A Fair Oaks Ranch businessman faces up to 20 years in federal prison after he pleaded guilty Wednesday to orchestrating a Ponzi scheme that cost investors more than $7.4 million.
Victor Lee Farias, owner of Boerne-based Integrity Aviation & Leasing LLC, entered a guilty plea to one count of wire fraud during a hearing conducted by U.S. Magistrate Judge Richard B. Farrer via Zoom.

How the Joe Biden presidency could impact your money

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As you take a closer look at your financial footing amid the headwinds of a pandemic,...

Liz Weston: 4 financial 'experts' who could steer you wrong

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None of us knows everything we need to know about money, so we may turn to experts for...

Grey divorce: Tax strategies and dividing an IRA after a split

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This rise of the so-called grey divorce has created a number of uncommon and complex issues for retirement accounts.

How saving for retirement while running a business

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It is important for entrepreneurs to have an exit strategy and to take control of their debt.

IRA and 401(k) transfers can help clients with tax planning

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Knowledgeably navigating 401(k) and IRA movements can have a massive impact on tax burdens — and the client relationship.

Retiring at 65 could become a thing of the past

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“By and large, many simply have not yet saved enough to retire comfortably.”

7 Smart Money Moves for 2020

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Need further assistance? Please call Member Services at 1-800-333-0663
7 Smart Money Moves for 2020
New federal legislation made sweeping changes in retirement plans. Here's what you need to know.
By Penelope Wang

Iras warns of scam message on tax refunds

The taxman has advised the public to ignore a WhatsApp message being circulated that shows an image of an e-mail suggesting the recipient is eligible for a tax refund.. Read more at straitstimes.com.

These Strategies Can Help Turn Your 2020 Money Resolutions Into Reality

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Putting aside more money and paying down balances are the two top financial resolutions for 2020, according to a new survey from Fidelity Investments. That is followed by spending less.
That comes as the Federal Reserve found earlier this year that many adults could not afford to cover a $400 unexpected expense. Meanwhile, almost half of Americans have no rainy day fund, according to the Financial Industry Regulatory Authority.
They key to shoring up your safety reserves — and keeping your resolutions — is to map out how you’re going to get there.
Set clear savings goals
Start by setting a tangible goal you can reach in 2020.

Inheriting IRSa just got complicated thanks to a new retirement overhaul

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The change would affect seniors who converted traditional accounts to Roth and paid taxes for the benefit of their heirs.

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