Archive

  The Payroll Protection Program (PPP) rules—they keep a-changin’.   During the past month, the Small Business Administration (SBA) issued a new set of frequently asked questions (FAQs) and a new interim final rule, which in combination create the following good news for the Payroll Protection Program (PPP):   ...

Can your business use an infusion of cash to deal with losses caused by the COVID-19 epidemic?   The hugely popular federal Payroll Protection Program (PPP) loan program that paid forgivable loans to millions of businesses ended on August 8 (although it could come back in revised...

Due to the COVID-19 pandemic, Congress made changes to the tax law related to retirement account distributions. The changes open up new, time-limited ways for you to save tax dollars.   Congress waived all 2020 RMDs. But if you took your RMD before Congress made this change,...

Congress just passed the CARES Act in response to the COVID-19 pandemic.   In it, there are a lot of juicy tax benefits for you and your business. We’ll tell you about a collection of important ones you need to know.   The Check Will Be in the Mail   As...

As has become usual practice, Congress passed some meaningful tax legislation as it recessed for the holidays.   In one of the new meaningful laws, passed on December 19, you will find the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act).   The SECURE Act...

Thanks to the Tax Cuts and Jobs Act (TCJA) tax reform, you have thousands of pages of new tax rules and not a lot of guidance on many of them.   Let’s say you want to take a certain tax-deduction position on your tax return, but you...

What’s truly totally upsetting and avoidable?   A tax surprise!   Arthur E. Boyce claimed a $28,749 Section 179 deduction for the cost of his new truck.   In walked the IRS, and it denied the Section 179 deduction because Boyce leased the truck that he thought he purchased. The court...

  You probably think you can’t take money out of your IRAs before age 59 1/2 unless you meet a narrow exception to the unpleasant 10 percent penalty on early distributions.   But that’s not true.   We have a variety of planning opportunities here.   For example, you don’t pay taxes...

You probably think you can’t take money out of your IRAs before age 59 1/2 unless you meet a narrow exception to the unpleasant 10 percent penalty on early distributions.   But that’s not true.   We have a variety of planning opportunities here.   For example, you don’t pay taxes...