July 2020 - Accel Tax & Business Services

Tax Consequences of PPP Loan Forgiveness
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Tax Consequences of PPP Loan Forgiveness

Federal Taxes, Tax Planning

Tax Consequences of PPP Loan Forgiveness

If your business has obtained a PPP loan, you will presumably soon be applying to have some or all of that loan forgiven pursuant to the SBA's PPP guidelines. That raises the interesting question of what the tax effects of forgiveness are. Is the forgiven portion taxable? The short answer, according to the IRS, [...]

Tax Consequences of PPP Loan ForgivenessAccel2020-07-24T14:22:31+00:00

Rolling Over 2020 Retirement Plan Required Minimum Distributions

Generally, taxpayers must begin taking a required minimum distribution (RMD) from a defined-contribution retirement plan, including a 401(k) or 403(b) plan, or an IRA when they reach age 72 (70 1/2 if they reached 70 ½ before January 1, 2020). The RMD for any year is the account balance as of the end of [...]

Rolling Over 2020 Retirement Plan Required Minimum DistributionsAccel2020-07-20T14:37:20+00:00