2020 Annual Market Recap

2020 will always be remembered as a tumultuous year.  When we write out the events that occurred, it’s hard to flesh that against the blistering 18.4% the U.S. stock market 1 returned this year. The pandemic gave us our fastest bear market and the fastest respondent bull market, all in the matter of about a …

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Congress Approves New Round of PPP Loans

The latest stimulus bill will provide $284 billion in forgivable Paycheck Protection Program (PPP) loans for small businesses. Hard hit businesses can apply for a new PPP loan even if they received one previously. Businesses cannot receive more than two. The deadline to apply for new loans is March 31, 2021 and are a granted …

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November Market Recap

In a year that the markets were driven by Covid, November may be remembered as a turning point.  Three different vaccines for Covid were announced effective.  Fears of a contested election further dividing our political environment diminished, and a Biden victory ushers in a return to a more conventional Presidency with a split Congress being …

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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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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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