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 self-employed with no employees. Get ready to smile. New Easy Road to 100 Percent Forgiveness Say thanks to the Paycheck Protection Program Flexibility Act of 2020. This new law creates a 24-week period for you to spend your PPP loan...

One of the things I’ve learned to do as an accounting professional is to look for and identify trends.  My clients count on me to be “in the know” on far more than tax law, so I feel comfortable discussing a wide variety of things with them. Retirement savingsCar leasing versus purchasingProperty investmentCorporate entity structuresThe “contractor” or “employee” conversation And of course… The best “way” to buy a home… Honestly, when the pandemic and subsequent economic crisis...

I know, some of you might be thinking “how is an accountant giving me advice on entrepreneurship?” But I’m really not.   I’m asking you to think about what you’d do differently in your business if you could completely reimagine it. Not a better website, not a different social media strategy, but what would you really change? Take your job, for example.   What’s the worst part of it?  Being blindsided by problems?  Production?  Sales?  Quantifying...

New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. First, let’s look at the rules as they existed before this new IRS guidance. The CARES Act created the first set of favorable rules, and those rules are still in play. What the CARES Act Says A coronavirus-related distribution from your qualified retirement plan, Section 403(b) plan, or IRA gets...

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 31, 2020. 2020 RMD Waiver The CARES Act waived all 2020 RMDs for IRAs and defined contribution plans. This waiver applies to your RMD if you turned age 70.5 during tax year 2019 and had to take your...

Let me tell you, as a tax professional, one of the biggest pains is amending tax returns.   Even years after most “normal” returns went electronic, any changes to a previously filed return needed to be done on paper, snail mail it in, and wait patiently for processing.   Not anymore! As of this summer, taxpayers will be able to make amends to their returns electronically, via the new Form 1040X.   Now, some of you might wonder why you’d need to amend...

There’s a lot going on in the world today, no matter where your news comes from.  Across the country, as more businesses reopen and try to return to some semblance of normal the fact is:   Coronavirus is still a threat.   And while the odds of another shutdown like we experienced in the Spring are (hopefully) slim, your customers have been impacted.  They might not have the cash reserves they once did, they might not want to spend as freely as they used to,...

The COVID-19 pandemic may create tax benefit opportunities for you and your family members.  For example, you could hire your under-age-18 children, pay them, say, $10,000 each, and they could pay zero federal income taxes. And you or your corporation, the employer, would deduct the $10,000 you paid to each of the children.  The child wins. You win. There’s more. Schedule C Business Let’s say you operate your business as a sole proprietorship, a single-member LLC that’s...

Due to COVID-19, the IRS postponed almost all tax payments due in the past few months until July 15, 2020. Now—it’s time to pay Uncle Sam.  If you have the cash, you may be wondering what’s the best way to make your payments. If you don’t have the cash, you may not know what to do. What’s Due on July 15 The following payments are due by July 15, 2020: Your 2019 individual tax return balance due,Your 2019 calendar-year C corporation balance due, andYour 2020 first and second...

One of the biggest worries we’ve fielded from clients in the last three or four months has been the impact COVID has had on retirement savings. A lot of people have lost money due to the volatility in the markets, but even more have been faced with dipping into retirement accounts to stay afloat as the pandemic has impacted their earning power.   We’ve given a LOT of advice, so I wanted to try to share a few ideas for staying on track – or getting back on it. First of all,...