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...]
COVID-19 Strategy: Hire Family Members to Create Tax Benefits
Want to improve your cash flow during this difficult period? Here’s some good advice… Hire one or more of your family-members to work in your business. When you do, you can help your business and family meet their financial needs and save money on taxes! Do you have questions about how to save money by hiring family members to work in your business? Well, we have … [Read more...]
IRS lets Millions More Qualify for the $100,000 IRA “Grab and Repay”
Are you strapped for cash? Then here’s some good news. The IRS has recently issued new rules designed to help people financially impacted by the COVID-19 epidemic. Thanks to the new rules, millions of people who qualify can withdraw up to $100,000 from their IRAs without penalty! Yes, the money must be repaid, but you have three years to return it; again, without … [Read more...]
Potential Estate and Gift Tax Threat: Should You Worry?
If you’re financially well off, there’s an unpleasant fact you have to face… Today’s extremely favorable federal estate and gift tax rules may not survive the year! Why? Because our country might finally be forced to confront the issue of huge federal budget deficits made worse by costly federal COVID-19 relief measures. The result? As a way to pump more tax money into … [Read more...]