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Work Opportunity Tax Credit Available to Help Employers Hire Workers

Bailey Scarano Blog, Tax & Money Tips / By

Are you having trouble hiring workers lately? The IRS wants to remind employers to check the Work Opportunity Tax Credit which is available to help companies hire long-term unemployment recipients and other groups of workers facing significant barriers to employment. The Work Opportunity Tax Credit encourages employers to hire workers certified as members of any […]

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Is Nonqualified Deferred Compensation for You?

Bailey Scarano Blog, Tax & Money Tips / By

First, let’s define what a nonqualified deferred compensation (NQDC) plan is. These plans allow you to set aside large amounts of tax-deferred compensation and then schedule distributions that align with your financial goals. Sound intriguing? Like most things in life, they also come with substantial risk. If your (or a prospective) employer offers an NQDC plan

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Traditional IRA Distributions

Bailey Scarano Blog, Tax & Money Tips / By

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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Giving to Your Favorite Charities in a Time of Crisis

Bailey Scarano Blog / By

The COVID-19 pandemic has created a great deal of emotional and financial stress. It has also generated a far higher demand for charitable action. If you can continue donating during this difficult period, the CARES Act offers some encouragement and relief to donors, whether you can give thousands or just a few bucks. Tax benefits

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SBA Releases New Guidance on PPP Loan Forgiveness

2 Comments / Bailey Scarano Blog, Tax & Money Tips / By

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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