Expenses Paid with PPP Loan Proceeds Not Deductible

Small businesses that received a Paycheck Protection Program (PPP) Loan are able to have their loan forgiven if the loan proceeds were used for certain qualifying expenses during the covered period. The CARES Act specified that the forgiven loan amount would not be considered taxable income to the business; however, the IRS issued guidance this …

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If Biden Wins, How Should You Plan With Taxes In Mind?

The outcome of the presidential race is still unknown, and may well not be for some time after the election. However, it isn’t too early to start thinking about changes ahead. Joe Biden’s Tax Plan includes a number of proposed changes affecting primarily those earning more than $400k per year. Should there be a change …

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Are You Donating to Charity this Year?

Tax payers that itemize deductions on their federal income tax return can generally deduct gifts to qualified charities. The 2017 tax reform significantly increased the standard deduction resulting in far fewer taxpayers reducing their taxes by itemizing deductions.  To encourage charitable giving and provide a bit of tax relief, the Coronavirus Aid, Relief, and Economic …

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2019 Tax filing deadline is July 15

The Covid extended tax filing date is coming up on July 15.  Good news for those that are expecting a tax refund this year and are just now filing – you can also expect to receive interest on your tax return filed between April 15 and July 15.   The Internal Revenue Service announced that it …

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Tapping Retirement Savings During a Financial Crisis

As the number of COVID-19 cases began to skyrocket in March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation may make it easier for Americans to access money in their retirement plans, temporarily waiving the 10% early-withdrawal penalty and increasing the amount they could borrow. Understanding these new guidelines …

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