Posted by Jordon N. Rosen, CPA, AEP The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below. EIP Update Highlights: EIP FAQs Related to Double Payments Eligible taxpayers who filed … Continued
Posted by Michael D. Kelly, CPA The IRS recently updated their FAQ page related to Economic Impact Payments (EIP), also known as Stimulus Payments. To help simplify the details of what was added to this FAQ page, the BLS Team outlined the highlights below. PPP EIDL FAQ Highlights: If a borrower applied for an Economic Injury Disaster Loan … Continued
Posted By Mike Kelly, CPA In an effort to provide guidance to companies and nonprofits that received a Payroll Protection Program (PPP) Loan, the Small Business Administration published Frequently Asked Questions related to PPP Loan Forgiveness. The guidance provided is lengthy and questions still remain. To help give a summary of what you need to know now, the BLS … Continued
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
Posted By: Jordon Rosen, CPA, AEP The IRS recently issued Notice 2020-50 which provides further guidance and rules for taxpayers who take coronavirus-related distributions (CRDs) from their IRA or employer retirement plans. Here is what you need to know now. The CARES Act passed by Congress back in March, provided taxpayers the ability to take CRDs from their IRA or … Continued
Posted By: Jordon Rosen, CPA, AEP Originally Posted 6.24.2020 – Updated 6.29.2020 On June 23, the IRS issued Notice 2020-51 which provides additional guidance for those who otherwise needed to take required minimum distributions (RMDs) from IRAs and certain employer retirement plans during 2020 and now wish to roll those funds back into a qualified plan under the CARES … Continued
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
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
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
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