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 [...]
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 [...]
Yesterday evening the House voted to pass the bill (Paycheck Flexibility Act), which would ease some of the restrictions surrounding the PPP loans to small business owners. The potential legislation in its current state would be dramatic for small businesses throughout the country currently struggling to bring back their workforce timely and maximize their [...]
The House is looking to put to vote a stand-alone bill entitled the Paycheck Protection Program Flexibility Act. There appears to be early bipartisan support for the bill within the Senate and among the President's administration. Some of the proposed changes include the following: Ease or eliminate restrictions on [...]
The long overdue PPP Forgiveness Application was released by the SBA on May 15, 2020, providing some much needed clarification for small businesses in calculating their potential forgiveness amount. Further PPP changes could be on the horizon in attempting to provide loan recipients with more time and flexibility to [...]
PPP- Tracking Your Payroll Costs and Eligible Expenses Timing of your payroll. Depending on your payroll schedule, you may want to adjust the timing of your payroll date to accommodate as many payroll cycles where possible. For example, if your PPP loan gets deposited in your bank account on [...]
Tomorrow, Wednesday, May 12th at 12:00 PM EST, marks the deadline for taxpayers to provide their banking information to the IRS, in order to receive their stimulus payment via direct deposit, instead of a check. Roughly $200 billion has already been paid to 130 million people by the IRS, [...]
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you [...]
The novel coronavirus (COVID-19) pandemic has refocused people’s thoughts on the health and safety of their families. In addition to taking the necessary steps today to protect your loved ones, it’s equally important to consider their financial security in the future. If you don’t have a will, drafting one [...]
