IRS GUIDANCE ON SMALL BUSINESS CLOSURES
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…
PPP Loans and Changes of Ownership
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…
Record Retention
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…
Tax Strategy For Required Minimum Distributions
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…
Guidance Issued On Employee Payroll Tax Deferral
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,…
Higher Limit On Employer-Sponsored Retirement Plan Loans Expires on September 23, 2020
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…
Reminder: The Deadline To Return Required Minimum Distributions Is August 31, 2020
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…
COVID-19 Small Business Relief Recap
Paycheck Protection Program The Paycheck Protection Program (PPP) is a Small Business Administration (SBA) loan made available to businesses with fewer than 500 employees (including sole proprietors, independent contractors and self-employed persons). Businesses in the…
Accessing Your Retirement Funds Early Due To COVID-19
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…
Top Twelve Tax Scams To Watch Out For In 2020
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…