US Currency

Your PPP Loan Forgiveness Will Probably be Less Than Anticipated

Now that you have gotten a Paycheck Protection Program loan (PPPL), it is time to start planning how to spend the loan proceeds so some portion of the loan will be forgiven. As the loan title implies, the purpose of the loans is to enable…
Hand Drawing Money
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Delaying Payment of Old Tax Bills Is A Big Mistake

You know that long list of ways that the coronavirus has affected our lives? Well, here’s another one. The Internal Revenue Service has completely flipped a switch on its priorities, and it is not even looking at paper tax returns that are…
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Forced to Return to U.S. From a Foreign Job? IRS Has Provided Time Waivers for Exclusion

The IRS has provided relief for taxpayers who were working abroad and returned to the U.S. because of the COVID-19 pandemic before meeting the foreign residency requirements that would qualify them to exclude or deduct all or a portion of the…
US Currency

Are You Eligible For a 2018 Tax Refund?

You may be one of the many taxpayers eligible for a refund from their 2018 tax return. Last December, tacked on to an Appropriations Act, Congress passed the long-awaited extenders bill. This bill had been lingering in Congress for about 2 years…

What’s Best for You - Traditional or Roth IRA?

The tax code offers two types of IRAs; one is referred to as the traditional individual retirement account (IRA), so named because it was the first type of IRA available, having been created by Congress back in the 1970s. The second type is…
US Currency
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Paycheck Protection Program and Health Care Enhancement Act: What’s In It?

President Trump has signed the Paycheck Protection Program and Health Care Enhancement Act (PPP & HCE Act), a $484 billion package which was passed by both the Senate and the House the week of April 20, 2020. PPP & The CARES Act Following…
I Need a Job
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Unemployed by COVID-19? Special Benefits May Apply to You.

The CARES Act includes Pandemic Unemployment Assistance (PUA) provisions that extend and supplement state-provided unemployment insurance and are intended to lessen the financial burdens on individuals who have lost their jobs because of the…
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Coronavirus-Related Tax Relief for U.S. Families and Individuals

As Americans and global citizens, we are living in unprecedented times with the onset of coronavirus (COVID-19) around the world. As we work together to move through these difficult times together, the IRS has provided some tax relief provisions…
Retired Couple

Did You Take Your 2020 RMD Too Soon?

As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions (RMDs) from their retirement plans has been waived for 2020. This is primarily due to the drop in value for most investments as a result of…