The U.S. unemployment rate reached 14.7% in April, its highest level since the Great Depression, as companies looked to cut costs amid the coronavirus pandemic. While downsizing the workforce can help companies remain afloat, plan sponsors need to understand how these decisions could affect their retirement plans. If layoffs [...]
If you have adopted children or un-adopted stepchildren, estate planning is critical to ensure that your property is distributed the way you desire. Adopted children Adopted children are placed on an equal footing with biological children in most situations for estate planning purposes. Thus, adopted and biological children are [...]
The U.S. Senate voted last night to pass the 5-week extension for the Paycheck Protection Program. The President is expected to sign the extension shortly. This measure will extend the application deadline until August 8th. The SBA had stopped accepting applications as of midnight June 30th. The move will [...]
Last week the proposed Massachusetts Angel Investor Tax Credit was filed with the Secretary of State’s Office and a Notice of Public Hearing was published indicating the proposed law may likely get final approval. The angel tax credit provides qualifying investors with tax credits for investments into qualifying businesses [...]
Background On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act provides opportunities for certain businesses to receive emergency grants and loans to pay qualifying expenses. Grants [...]
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw [...]
PPP Flexibility Act Q&A and New Forgiveness Applications On June 16, 2020 the SBA released their new PPP Loan Forgiveness Applications and Instructions updated for the Paycheck Protection Program Flexibility Act of 2020 that was enacted on June 5, 2020. You can find links to the new applications and [...]
Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and family members often have conflicting interests. By starting early and planning carefully, however, it’s possible to resolve these conflicts and transfer the business in a tax-efficient manner. [...]
Yesterday evening the Senate voted to pass the Paycheck Program Flexibility Act of 2020, which will ease some of the restrictions surrounding the PPP loans to small business owners. This legislation is intended to assist small businesses throughout the country, who are currently struggling to bring back their workforce in a timely fashion and [...]
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. [...]
