Not surprisingly, due to coronavirus shutdowns and a delayed tax deadline, tax return processing was slower this year, which meant that tax refunds were paid out more slowly than usual. Due to this delay, the Treasury Department and the Internal Revenue Service are sending interest payments to about 13.9 million individual taxpayers who timely filed their […]
IRS Tax Refund Interest to be Paid to 13.9 Million Americans Read More »
As the pandemic, and its physical, mental and financial toll, continues to rage, business owners are continuing to look for ways to lessen the negative impacts on their companies and do what they can to keep employees at the same time. In an attempt to help, President Trump recently issued an executive order eliminating the
President Signs Executive Order Deferring Payroll Taxes Read More »
While the extended tax deadline just passed, it is time to start thinking about your mid-year tax planning. With new laws in place, there are opportunities in 2020 that we haven’t had before, along with time tested tax reduction strategies. Here are a few things to think about. Business Owners The deadline to apply for
2020 Mid-Year Tax Check-In Read More »
While the deadline for applying for a Paycheck Protection Program loan was June 30, both the Senate and House have passed a five-week extension for those that have not yet applied. President Trump is expected to sign it today. With $129 billion remaining in PPP funding, the extension is intended to provide small businesses more
Another day, another change. On June 16, 2020, the SBA released a revised PPP Loan Forgiveness Application which replaces the one released on May 15, 2020. The new version integrates PPP changes made in H.R. 7010 (Paycheck Protection Flexibility Act) which was made law on June 5, 2020. This newer version, along with the release of the Revisions
PPP Loan Parameters and Application Updated by SBA Read More »
After quite a few revisions and much discussion, the Main Street Lending Program (MSLP) was officially launched by the Federal Reserve on June 15. Seen as an alternative to the PPP loan program, which is administered by the SBA, the MSLP was originally created to meet the needs of midsize to larger businesses. But now it
Main Street Lending Program Launched Read More »
When you sell real estate, a business interest, real estate or other highly appreciated property, you can get hit with a substantial capital gains tax bill. One way to lessen the burden — but only if you’re willing to tie up the funds long term — is to “roll over” the gain into a qualified
Roll Your Capital Gains into a Qualified Opportunity Fund Read More »
With so many things going on in the world at this time, it is easy to get distracted and fall for scams and fraud. Those with nefarious goals are using deceitful emails, text messages and phone scams to steal tax refunds, PPP loan funds, and government stimulus checks – along with lots of other money
Don’t Fall for Fraud Read More »
Every year, our tax returns give us a look into how much we should have withheld from our paychecks and how well we planned (or attempted to). While big tax refunds are nice, it shouldn’t necessarily be the goal since it really means you are giving the government an interest-free loan. Here’s how and why
It is Time to Check Your Withholding Read More »
Generally withdrawing retirement account funds can be an expensive endeavor due to the taxes you have to pay on the transaction. However, a provision of the CARES Act allows tax-favored treatment for retirement account distributions in certain situations in an attempt to alleviate some of the economic hardship many Americans are experiencing as a result
Retirement Plan Withdrawals Can Be Less Taxing Read More »
The Coronavirus Aid, Relief and Economic Security (CARES) Act created a number of relief vehicles to help business remain afloat. One that is not covered as much as some of the others is a new federal income tax credit to allow employers to keep paying their workers. The credit equals 50% of eligible employee wages
Retention Tax Credit Brings Financial Relief for Employers Read More »
As businesses are starting to receive their Paycheck Protection Program (PPP) loans, the concern moves from whether business owners will receive the assistance to what, and how, to collect the needed documentation to receive the maximum loan forgiveness. On May 13, the U.S. Small Business Administration, the organization funding these loans, issued a document containing answers
SBA Releases New Guidance on PPP Loan Forgiveness Read More »