Tax Implications of Working from Home and Collecting Unemployment
COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many [...]
Back-to-School Tax Breaks on the Books
Despite the COVID-19 pandemic, students are going back to school this fall, either remotely, in-person or under a hybrid schedule. In any event, parents may be eligible for certain [...]
TOP TECH BALANCING ACT IN 2020: INNOVATION VS. RISK
The technology industry is proving out its resilience. As every industry responds to change and disruption, tech companies are being relied upon more than ever to accommodate remote work, [...]
IRS EXTENDS RELIEF FOR 2020 RMD WAIVERS AND ROLLOVERS
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, enacted on March 27, 2020, waived required minimum distributions (RMDs) from tax-qualified defined contribution retirement plans (such as 401(k) and [...]
Because of COVID-19, College-aged Children Need a Basic Estate Plan
It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading [...]
Are Scholarships Tax-Free or Taxable?
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents [...]
Newburg Update for 7/1/20 – 5 Week PPP Application Extension Passed by Senate
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 [...]
Newburg Update for 6/24/2020 – Borrowers’ Accounting for PPP Loans
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 [...]
What Qualifies as a “Coronavirus-Related Distribution from a Retirement Plan
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. [...]
Newburg Update for 6/18/2020 – PPP Flexibility Act Q&A and New Forgiveness Application
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 [...]