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I receive many questions about the Payroll Protection Program (PPP). Here are two of them with our answers.   Good Faith at the Time   Question. What are your thoughts on the repercussions for business owners who acted in good faith based on the information available at...

Whether you claim a business office in the home or are simply working at home, say because of COVID-19, you likely have some former personal assets that you now use for business.   Ah, new tax deductions!   Yep. Say you don’t claim a home-office deduction but now you...

As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package.   And hopefully, in this next package they will include a provision that allows you to deduct business expenses that you pay with your PPP money.   Let’s explain. In...

If you report your business income and expenses on Schedule C of your Form 1040, your PPP loan forgiveness is straightforward, as you see in the four answers below.   Paying Myself   Question. I know that I can achieve full forgiveness based solely on my 2019...

With the CARES Act, Congress decided to waive all 2020 required minimum distributions (RMDs).   What if you already took out your annual RMD before Congress changed the law?   The IRS just granted you brand-new mercy to fix the issue, but you need to take action before August...

How much is clarity worth?   A lot, a whole lot.   And how much is making things easier worth? Of course, it’s a lot, a whole lot, too.   We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan forgiveness for the...