If you are retired now or planning on retiring soon, you’ll need to determine if any of your Social Security benefits will be taxed. It’s an important part of figuring your income and expenses during this time of your life. Here’s how to determine if your Social Security benefits are taxable:
Last week, the SBA released a revised Paycheck Protection Program (PPP) loan forgiveness application and a new EZ application. These new applications reflect the changes that were made to the PPP by the Paycheck Protection Flexibility Act of 2020 passed on June 5.
There’s good news if you took out a Paycheck Protection Program loan. The Paycheck Protection Program Flexibility Act — recently passed by the House & Senate and expected to be signed by President Trump — gives business owners more flexibility to use loan money and still get it forgiven.
On May 15, the SBA released its Payroll Protection Program Forgiveness Application. The Paycheck Protection Program is the forgivable loan program that allows small businesses to cover up to eight weeks of payroll costs, mortgage interest, rent and utilities.
The IRS has announced three new tax credits available to employers affected by the COVID-19 crisis. You may qualify for one or more of them: Employee Retention Credit, Paid Sick Leave Credit or Family Leave Credit.
f you have an IRA or other qualified retirement plan and you are 70+, you’ll want to know about a special rule change made in response to the COVID-19 pandemic. Under the Coronavirus Aid, Relief and Economic Security (CARES) Act enacted in...
We continue to receive questions from our many local business owners regarding their financial relief options, particularly in regard to the Paycheck Protection Program. Established by the CARES Act, the PPP offers small businesses low-interest loans to cover payroll and other costs during the COVID-19 pandemic. Following are some Q&As adapted from a recent article in USA Today that may be helpful:
As the reality of sheltering in place settles in, many of our clients are asking how best to cut costs and deal with mortgage, credit card and other payments. The Consumer Financial Protection Bureau encourages financial institutions to work with their customers to meet their needs. And the U.S. Department of the Treasury recommends that banks waive ATM, overdraft, late payment and other fees as much as possible, and offer accommodations for borrowers to defer or skip some payments.
As previously announced, the IRS has provided filing and payment relief for federal income tax returns and payments due April 15, 2020, and for estimated income tax payments due April 15, 2020. Both were pushed back to July 15, 2020. Last week, additional automatic (no application required) tax-filing and payment-deadline relief — also now July 15, 2020 — was announced in a new notice issued by the IRS. Notice 2020-23 applies to individuals, partnerships, trusts, estates, corporations and other noncorporate tax-filing entities filing Forms 1120, 1065, 1066, 1041, 706 and 709, among others.