Background On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act provides opportunities for certain businesses to receive emergency grants and loans to pay qualifying expenses. Grants [...]
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw [...]
PPP Flexibility Act Q&A and New Forgiveness Applications On June 16, 2020 the SBA released their new PPP Loan Forgiveness Applications and Instructions updated for the Paycheck Protection Program Flexibility Act of 2020 that was enacted on June 5, 2020. You can find links to the new applications and [...]
Transferring a family business to the next generation requires a delicate balancing act. Estate and succession planning strategies aren’t always compatible, and family members often have conflicting interests. By starting early and planning carefully, however, it’s possible to resolve these conflicts and transfer the business in a tax-efficient manner. [...]
Yesterday evening the Senate voted to pass the Paycheck Program Flexibility Act of 2020, which will ease some of the restrictions surrounding the PPP loans to small business owners. This legislation is intended to assist small businesses throughout the country, who are currently struggling to bring back their workforce in a timely fashion and [...]
It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. [...]
Yesterday evening the House voted to pass the bill (Paycheck Flexibility Act), which would ease some of the restrictions surrounding the PPP loans to small business owners. The potential legislation in its current state would be dramatic for small businesses throughout the country currently struggling to bring back their workforce timely and maximize their [...]
The House is looking to put to vote a stand-alone bill entitled the Paycheck Protection Program Flexibility Act. There appears to be early bipartisan support for the bill within the Senate and among the President's administration. Some of the proposed changes include the following: Ease or eliminate restrictions on [...]
The long overdue PPP Forgiveness Application was released by the SBA on May 15, 2020, providing some much needed clarification for small businesses in calculating their potential forgiveness amount. Further PPP changes could be on the horizon in attempting to provide loan recipients with more time and flexibility to [...]
PPP- Tracking Your Payroll Costs and Eligible Expenses Timing of your payroll. Depending on your payroll schedule, you may want to adjust the timing of your payroll date to accommodate as many payroll cycles where possible. For example, if your PPP loan gets deposited in your bank account on [...]
