As the number of COVID-19 cases began to skyrocket in March 2020, Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The legislation may make it easier for Americans to access money in their retirement plans, temporarily waiving the 10% early-withdrawal penalty and increasing the amount they could borrow. Understanding these new guidelines […]
COVID-19
Paycheck Protection Program Flexibility Act
If you applied or are planning to apply for a Paycheck Protection Program (PPP) loan, we want to share some good news with you. On June 5, 2020, the Paycheck Protection Program Flexibility Act (PPPFA) was signed into law. The PPPFA modifies the PPP to allow businesses whose PPP loans are forgiven to continue to […]
ATTENTION! HARFORD COUNTY COVID-19 BUSINESS & FARM RELIEF GRANTS
Q&A: Are PPP Loan Forgiveness Expenses Deductible?
Question If I obtain Paycheck Protection Program (PPP) loan forgiveness, can I still deduct the business expenses I paid with the loan forgiveness proceeds? Answer We have bad news—the IRS just released Notice 2020-32 telling us the answer is no. Quick Review As we discuss in COVID-19: New SBA Loans for Small Businesses – Maybe […]
COVID-19 Crisis Creates Silver Lining for Roth IRA Conversions
For years, financial and tax advisors have lectured about the wonderfulness of Roth IRAs and why you should convert traditional IRAs into Roth accounts. But, of course, you didn’t get around to it. In hindsight, maybe that was a good thing. For many, the financial fallout from the COVID-19 crisis creates a once-in-a-lifetime opportunity to […]
COVID-19: Tax Benefits for S Corporation Owners
To help your small business, Congress created a lot of new tax-saving provisions due to the COVID-19 pandemic. Many of my clients own and operate S corporations and expect the tax law to treat them differently, as it does with their health insurance deduction. Perhaps you, too, would like us to help clarify which of […]
Five Key Benefits of the CARES Act for Individuals and Businesses
By now you know that Congress has passed a $2 trillion relief bill to help keep individuals and businesses afloat during these difficult times. The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains many provisions. Here are five that may benefit you or your business. 1. Recovery Rebates Many Americans will receive a one-time […]
Small Business Loans for COVID-19
Maryland has authorized $130 million in loan and grant funding for small businesses and manufacturers that have been negatively impacted by the Coronavirus (COVID-19). This emergency assistance provides interim relief and proceeds that can be used to pay cash operating expenses including payroll, suppliers, rent, fixed debt payments and other mission critical cash operating costs. If […]
ATTENTION: KEEP EYES OPEN AND LISTEN CAREFULLY – CORONAVIRUS SCAMS ALREADY HAPPENING!
Fraudsters and scam artists are always looking for new ways to prey on consumers. Now they are using the same tactics to take advantage of consumers’ heightened financial and health concerns over the coronavirus pandemic. Federal, state, and local law enforcement have begun issuing warnings on the surge of coronavirus scams and how consumers can […]
Economic Impact Payments
Here’s how much individuals will get from the Economic Impact Payments Employed full or part time? Unemployed? A temporary or gig worker? Retired or disabled? Receive public benefits? Have no income? Most U.S. residents – under certain income levels – will receive the Economic Impact Payment if they are not claimed as a dependent of […]
