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In a previous post, I broke down the various provisions of the Trump and Biden tax plans in a comparative chart. With the election over, and some certainty returning to DC, we can now begin to plan for what taxes will look like in the future. I’ll break down most of what we know about...
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This past Thursday, the Treasury & SBA released a simplified application for PPP loan forgiveness for borrowers of less than $50k. In addition, a new interim final rule (IFR) was issued that provides guidance about forgiveness and loan review processes (for banks and other lenders) for these smaller loans. The good news here is that...
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The IRS issued guidance last week on the 2020 payroll tax deferral, which was enacted by Executive Order by President Trump. Under the guidance (IRS Notice 2020-65, summarized below), employers are able to stop withholding Social Security taxes from employee paychecks from September 1 through December 31, 2020. ***At this time, I am recommending that...
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As the November elections approach, you might want to know what the two presidential candidates’ tax plans are for the future. The following is an overview of their positions, at least what is known now. However, the political and economic landscapes can change, and there is no assurance these plans won’t be revised or that...
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As it stands right now, PPP loan proceeds (and the related forgiven amount) are expressly excluded from income. However, the proceeds are technically taxable because the IRS has published guidance that disallows expenses paid with forgiven PPP proceeds. This seems to be against Congress’s intent for the program, and many members of Congress are upset...
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During the shutdown, the IRS generated more than 20 million notices of various types; however, due to the challenges of the ongoing pandemic, the IRS was unable to mail the notices in a timely manner. Therefore, some of them have due dates that have passed. For that reason, if you have received one of these notices...
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The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while spending has soared. Although the President has not revealed his tax policies for the future, Joe Biden, his presumptive opponent in November,...
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If you are like most Americans, you receive tons of junk mail, which you tend to discard without ever reading. Well, if you haven’t already received your stimulus payment from the feds, maybe you shouldn’t be so quick to throw away those envelopes from unknown senders, at least until you have received your stimulus payment....
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As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020. Let’s look...
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