Posted on April 4th, 2021

Signed into law on March 11, 2021, the American Rescue Plan Act (ARPA) contains several tax provisions affecting individuals and families. Let’s take a look: Read More…

Tags: Coronavirus, COVID-19, Debt, Health Care, Loans, Tax Credits, Tax Law Changes, Unemployment

Posted on April 3rd, 2021

On March 12, following the American Rescue Plan Act’s approval and signing, the IRS began sending out the third round of Economic Impact Payments. Most payments were sent out via direct deposit, but approximately 150,000 checks were mailed by the Treasury Department as well. Taxpayers who received EIP1 or EIP2 but didn’t receive a third payment (EIP3) via direct deposit will generally receive a check or, in some instances, a prepaid debit card (EIP Card). Read More…

Tags: Coronavirus, Loans, Stimulus

Posted on April 3rd, 2021

The Coronavirus, Aid, Relief, and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options. Read More…

Tags: Coronavirus, COVID-19, Loans, Retirement, Taxable

Posted on April 1st, 2021

The Paycheck Protection Program Extension Act of 2021 was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an additional 30 days after the May 31 deadline to review and process loan applications. Read More…

Tags: Coronavirus, COVID-19, Loans, Tax Law

Posted on January 4th, 2021

The new tax law just signed by President Trump has significantly changed the current Paycheck Protection Program. 

Most importantly, it provides a second round of additional PPP loan funding.

Here are the key changes — from forgiveness to the requirements for new PPP funding. Read More…

Tags: Coronavirus, COVID-19, Loans

Posted on July 5th, 2020

At some point, most small business owners will visit a bank or other lending institution to borrow money. Understanding what your bank wants, and how to properly approach them, can mean the difference between getting a loan for expansion or scrambling to find cash from other sources.

Unfortunately, many business owners fall victim to several common, but potentially destructive myths regarding financing, such as: Read More…

Tags: Loans, Small Business

Posted on June 18th, 2020

As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, many small business owners were able to apply for – and receive – a loan of up to $10 million under the Paycheck Protection Program (PPP). If the loan proceeds are used as specified, business owners may apply to have the loan forgiven.

Here’s what you should know about loan forgiveness under the PPP: Read More…

Tags: Coronavirus, COVID-19, Loans

Posted on May 7th, 2020

To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic.

Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction.

Perhaps you, too, would like us to help clarify which of the COVID-19 tax benefits the S corporation owner can use to put cash in his or her pocket. Here’s a list as of 5/6/2020. Read More…

Tags: Business Entity, Coronavirus, COVID-19, Loans, Self-Employment

Posted on May 2nd, 2020

Businesses that have been impacted financially by COVID-19 may be able to take advantage of a new, refundable tax credit called the Employee Retention Credit. The credit is designed to encourage businesses to keep employees on their payroll and is worth 50 percent of qualifying wages up to $10,000 that are paid by an eligible employer. Read More…

Tags: Coronavirus, COVID-19, Loans

Posted on April 4th, 2020

Offering to lend money to cash-strapped friends or family members during tough economic times is a kind and generous offer, but before you hand over the cash, you need to plan ahead to avoid tax complications for yourself down the road.

Take a look at this example: Let’s say you decide to loan $5,000 to your daughter who’s been out of work for over a year and is having difficulty keeping up with the mortgage payments on her condo. While you may be tempted to charge an interest rate of zero percent, you should resist the temptation.

Here’s why: Read More…

Tags: Coronavirus, COVID-19, Loans