Category: Tax
COVID-19 Rules for Hardship Distributions and Loans
June 11, 2020
In light of the COVID-19 pandemic, Congress passed the CARES Act which provides qualified individuals the ability to take hardship distributions from their IRA or employer plan during 2020 and … Continued
COVID-19 Update: Congress Agrees on Favorable Changes to Paycheck Protection Loans – What Does it Mean for Borrowers?
June 04, 2020
Yesterday, the Senate approved H.R. 7010 (Paycheck Protection Program Flexibility Act of 2020), a bill that amends several provisions of the Paycheck Protection Program (PPP). The bill, which passed the … Continued
COVID-19 Update: Paycheck Protection Program Forgiveness Application Released
May 18, 2020
Late on Friday, the SBA released the PPP Loan Forgiveness Application. Along with the Application came instructions and answers to some questions related to the calculation. Although some questions still remain … Continued
COVID-19: Be Careful with Tuition and Expense Refunds Paid from a 529 Plan
May 08, 2020
One of the steps for slowing the spread of the COVID-19 outbreak was the closure of many public places, including colleges and universities. This action led to classroom instruction being … Continued
COVID-19 Update: Paycheck Protection Program FAQs
May 05, 2020
Important guidance related to Paycheck Protection Loans was recently shared by the United States Treasury via their Frequently Asked Questions. Out of the 42 questions listed, there are two ‘hot … Continued
COVID-19 Update: Additional Payroll Protection Loan Funds to be Made Available
April 22, 2020
Yesterday, the Senate passed amendments to the Payroll Protection Program (PPP), economic disaster loans, and emergency grants section of the CARES Act. It is expected to be passed by the … Continued
COVID-19 Relief: Form 990 Series Extension
April 14, 2020
Last month the IRS extended the traditional tax filing deadline for certain taxpayers from April 15, 2020, to July 15, 2020. On April 9, 2020, the IRS issued Notice 2020-23 … Continued
COVID-19 Update: Extended Filing & Payment Deadlines and Net Operating Loss Guidance
April 10, 2020
IRS Notice 2020-23 – Extended Time to File and Pay Taxes< Yesterday, the IRS released Notice 2020-23 which vastly broadens the scope of tax returns and tax payments originally due … Continued
COVID-19 Update: New Rules for Taking Hardship Distributions and Loans from Qualified Plans and IRAs
March 30, 2020
Many Americans are taking a financial beating as a result of the COVID-19 pandemic. It’s bad enough that those with a retirement plan are seeing their retirement savings take a … Continued
COVID-19 Update: Paycheck Protection Provisions of the CARES Act
March 27, 2020
Paycheck Protection Provisions of the Keeping Workers Paid and Employed, Health Care System Enhancement and Economic Stabilization Section – What You Need to Know After much debate, Congress passed the … Continued