July 2020
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 [...]
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 [...]
June 2020
PPP Loan Forgiveness for the Self-Employed
Update (6/30/20): The SBA has issued new guidance and a loan forgiveness application that clarifies that 100% of the PPP loan is now automatically forgiven for self-employed individuals with no employees. Consequently, [...]
Employee Retention Credit Could Help Your Business
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 [...]
Unprecedented “Triple Whammy” Tax Deadline Approaches
An unprecedented "triple whammy" tax deadline is fast approaching. July 15 is the due date for the following: Individual income tax returns (Form 1040) and trust income tax returns (Form 1041); First quarter 2020 [...]
Important Changes to PPP Loan Forgiveness Rules
Good news! Congress has passed, and the President is expected to sign, a bill that adds considerable flexibility to the rules for PPP loan forgiveness. Under the previous rules, forgiveness required that at least [...]