The IRS often spells out its laws and rules in minute detail. But not so much when it comes to the SBA which governs the Payroll Protection Program (PPP). That’s why S corporation owners are confused, and have important questions about the rules that apply to their businesses. Well, in this issue of the Tax Reduction Letter, we’ll provide straight answers to questions … [Read more...]
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Four Insights into the PPP Loan and Its Forgiveness
Let’s face it… Applying for a Payroll Protection Program (PPP) loan, and receiving repayment-forgiveness, can be complicated. That’s why reading my new article is so important. You see, it’s designed to give you insight into how the PPP works and the difference between: * The PPP program* Economic Injury Disaster Loan (EIDL)* Economic Injury Disaster Loan (EIDL) … [Read more...]
Government Clarifies PPP Loan Forgiveness for the Self-Employed
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...]
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...]