CARES Act

All the Latest Tax News You Need to Know (and will likely go out of date before you read it)

There’s nothing like having a ton of changes come down right in the middle of tax season! As you’ve already seen, so many things have happened and changed in the last few weeks, that it is nearly impossible to stay on top of them all. As you may have heard (and as we were writing …

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Traditional IRA Distributions

Hopefully you have worked hard to accumulate a nest egg in your traditional IRA. Understanding the distribution rules is critical, however, as some of these rules have temporarily changed under the Coronavirus Aid, Relief and Economic Security (CARES) Act.  Early distributions The coronavirus pandemic has impacted many people who are taking, or considering taking, early …

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Retirement Plan Withdrawals Can Be Less Taxing

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 …

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Retention Tax Credit Brings Financial Relief for Employers

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 …

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PPP Forgiveness Application Released But Expect More Changes Soon

Over the weekend, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application. If you have received a PPP Loan, this document provides detailed directions on how to complete the form that you will eventually have to give your lender to be considered for full or partial forgiveness.  While this form doesn’t …

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SBA Releases New Guidance on PPP Loan Forgiveness

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 …

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