On January 6, 2021, the Treasury Department and Internal Revenue Service (“IRS”) issued IR-2021-02, which provides guidance allowing the deduction of eligible expenses when such payment would result (or be expected to result) in the…
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…
On October 8, 2020, the U.S. Small Business Administration (SBA) released Form 3508S in an effort to simplify and streamline the PPP loan forgiveness process on loans of $50,000 or less. The new form was…
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…
The time period to retain records varies depending on whether the record is tax-related or non-tax related. The links below provide suggested guidelines for some of the more common individual and small business records. Record…
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…