The IRS recently issued guidance related to coronavirus-related distributions allowed under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Notice 2020-50 and Notice 2020-51 apply to qualified individuals, employers and eligible retirement plans. The guidance is lengthy and complex and…
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…
Many family businesses have been adversely affected by the novel coronavirus (COVID-19) pandemic. But there's a silver lining: Proactive tax planning can help your family business take advantage of potential opportunities in the COVID-19 era. Here are some tax-smart ideas to…
President Trump signed Paycheck Protection Flexibility Act (PPFA) H.R. 7010, designed by lawmakers to help solve glitches and add flexibility to the Paycheck Protection Program (PPP). The bipartisan bill was in response to business owners who have said the PPP…
The Small Business Administrator Jovita Carranza and U.S. Treasury Secretary Steven Mnuchin recently announced that recipients of Paycheck Protection Program (PPP) loans of $2 million or more should expect an audit if they apply for loan forgiveness. Here are some tips to…
Much of the world currently is subject to at least some form of travel restrictions. Not surprisingly, the travel industry — airlines, hotels, car rental agencies, cruise ships and businesses operating in popular tourist destinations — has been devastated by the…
The SBA recently released 11 pages of instructions and the application for completing the PPP loan forgiveness application. The new form is intended to help reduce compliance burdens and help simplify the process for borrowers. The form can be accessed…
Many states are beginning to reopen in phases and employees are being called back to work. In general, most states have provisions that require workers receiving unemployment benefits to be actively seeking work, but many states relaxed that requirement due to…
On May 13th, the SBA issued additional guidance on how it intends to review the good faith necessity certification for PPP loans to the FAQ document published on its website. This information was much needed and has helped calm the…
The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no.…