Are you a Schedule C taxpayer with no employees? Then Uncle Sam has some good news for you. You see, the SBA has recently clarified the rules governing the Paycheck Protection Program (PPP). Simply put, these rules make clear how you can put the new loan-forgiveness rules to work for you. This means it’s easier than ever to take advantage of the PPP program. It lets … [Read more...]
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PPP Loan Forgiveness for Partnerships and S and C Corporations
It’s a fact that taxpayers know well. Uncle Sam’s tax rules are not always clear. (A huge understatement!) But thanks to new government guidance, the rules governing PPP loan-forgiveness, for several types of business entities, are models of clarity. (More or less.) To be specific… the new PPP rules explain clearly how you can identify your personal (owner-employee) … [Read more...]
IRS Creates New Path for Undoing RMDs
Sometimes the early bird doesn’t catch the worm. In fact, sometimes being early can actually work against you. Like when you may have taken a required RMD (Required Minimum Distribution) at the beginning of 2020 as many conscience taxpayers did. So… how can paying your RMD early actually be a problem? We’ll explain why this is the case and tell you how you can solve the … [Read more...]
Nine Insights into PPP Loan-Forgiveness for the Self-Employed
Are you self-employed with no employees?Did you apply for a CORVID-19 Paycheck Protection Plan (PPP) loan?Did you already receive your money? Great. Now you need to know how to handle your PPP money so that you qualify for the all-important loan forgiveness! If you have questions about how to proceed legally and come out a winner, you need straight answers. That’s … [Read more...]
Six Insights into the PPP for Partnerships
Do you think the COVID-19 Payroll Protection Plan (PPP) is not a benefit for partners? Well, I’m happy to tell you that the PPP “free cash” program works for partnerships too! How can your partnership take advantage of the PPP automatic cash program? You’ll find outwhen you read my new article titledSix Insights into the PPP for Partnerships. Insight #1: It’s … [Read more...]