On October 26, 2020, the Internal Revenue Service released Notice 2020-79, which provides tax year 2021 inflation-adjusted figures for retirement plans and other retirement-related items. As can be seen in the chart below, the limit…
The SBA began allowing lenders to submit Paycheck Protection Program (PPP) loan forgiveness applications on August 10, 2020. Below is the timeline for the loan forgiveness phase of the PPP process. Two Key Questions Remain…
COVID-19 has hit small business particularly hard, and forced many to close their doors. Whether you are closing your business as a result of the current pandemic or for reasons such as retirement or starting…
On October 2, 2020, the Small Business Administration (SBA) issued a Procedural Notice which addresses Paycheck Protection Program (PPP) loans and changes of ownership. The Notice provides guidance and clarification beneficial to loan borrowers needing…
By making a qualified charitable distribution (QCD) an individual can transfer monies from an IRA directly to a qualified charity in an amount up to $100,000. This transfer is not included in taxable income or…
On August 28, 2020, the Department of Treasury and Internal Revenue Service issued Notice 2020-65 implementing the Presidential Memorandum dated August 8, 2020. In the memorandum President Trump directed Secretary of the Treasury, Steven Mnuchin,…
The six-month period that employer-sponsored retirement plans are allowed to increase the loan amount that eligible plan participants may borrow from their account expires September 23, 2020. Thus, if you decide that borrowing from your…
We want to remind taxpayers who have already taken a Required Minimum Distribution (RMD) in 2020, that they have until Monday, August 31, 2020 to roll those funds back into a retirement account. This extension…
The COVID-19 pandemic has resulted in high unemployment rates and left many households struggling to make ends meet. Under normal circumstances one would be advised to avoid accessing retirement account funds early. However, with the…
The methods used by scam artists to steal hardworking taxpayers’ money and personal financial information continue to evolve and have become increasingly aggressive in nature. Each year the IRS issues a “Dirty Dozen” list to…