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