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 [...]
Tomorrow, Wednesday, May 12th at 12:00 PM EST, marks the deadline for taxpayers to provide their banking information to the IRS, in order to receive their stimulus payment via direct deposit, instead of a check. Roughly $200 billion has already been paid to 130 million people by the IRS, [...]
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now and the extended tax filing deadline and claim the write-off on your 2019 return. Or you [...]
The novel coronavirus (COVID-19) pandemic has refocused people’s thoughts on the health and safety of their families. In addition to taking the necessary steps today to protect your loved ones, it’s equally important to consider their financial security in the future. If you don’t have a will, drafting one [...]
KEY UPDATE to the PPP Rulings Frequently Asked Questions (Questions 40 - 42 published May 3, 2020) Note: Key Updates to the ruling with an important question for most PPP loan recipients with respect to loan forgiveness. Question 40.: Will a borrower's PPP loan forgiveness amount (pursuant to section [...]
While businesses struggle to maintain or bring back their workforce during these unprecedented times, the ambitious Paycheck Protection Program (PPP) continues to forge forward. The speed at which this massive program was rolled out brings with it a fair amount of challenges, areas of uncertainty and open questions for [...]
