2020 Income Tax Planning in Light of COVID-19

Posted By Jordon Rosen, CPA, MST, AEP In light of the pandemic, many individuals could see a dramatic shift in various sources of income, such as wages, self-employment income, interest, dividends, capital gains, retirement plan distributions and rentals. This session looks at how those income sources could impact your overall tax picture and offers timely suggestions for planning for the … Continued

The Need for Estate Planning

Posted By Jordon Rosen, CPA, MSP, AEP With the basic exclusion amount over $11.5 million and growing, along with the availability to port a married decedent’s unused exclusion, most individuals will not have a federal or state estate tax liability. For this and other reasons, many Americans are wrongfully thinking there is no longer the need for estate planning. This … Continued

SECURE Act: Changes to IRA Contributions and Retirement Plan Distributions

Posted By Jordon Rosen, CPA, MST, AEP The SECURE Act made several positive changes including expanding the availability of being able to contribute to an IRA beyond age 70 ½ and increasing the age to 72 for when individuals have to begin taking retirement plan distributions. The Act, with certain exceptions, does away with the “stretch IRA” and replaces it … Continued

COVID-19 Update: Additional Guidance on the PPP Flexibility Act and New Application Forms Released

Posted by Kathy Dean-Bradley, CPA     Late last night, the Treasury released an interim final rule with additional guidance regarding H.R. 7010 (Paycheck Protection Program Flexibility Act of 2020). Updated application forms for borrowers and lenders were also released. Below is an outline of highlighted changes from the guidance: Extends eligibility for the program from June 30, 2020 to … Continued

COVID-19 Rules for Hardship Distributions and Loans

Posted By Jordon Rosen, CPA, MST, AEP 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 either report the income over a 3-year period or repay the distributions within 3 years and avoid paying any tax. The Act also … Continued

COVID-19 Update: Congress Agrees on Favorable Changes to Paycheck Protection Loans – What Does it Mean for Borrowers?

Posted By Jonathan Moll, CPA 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 House last week and now heads to the President’s desk for signature, will provide relief for borrowers as they seek forgiveness of their PPP loans. … Continued

COVID-19 Update: Paycheck Protection Program Forgiveness Application Released

  Posted by Kathy Dean-Bradley, CPA   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 and we expect additional guidance from the SBA, below are important highlights to consider when conducting the calculations. Changes were made to make … Continued

COVID-19: Be Careful with Tuition and Expense Refunds Paid from a 529 Plan

Posted By Matthew Frost 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 replaced with online classes, which meant that students were evicted from on-campus housing. With this change of events, many students or their parents received a refund … Continued