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Treasury and IRS Issue Guidance Clarifying the Deductibility of Expenses Where a Business Received a PPP Loan

In guidance issued last week, the IRS has clarified the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not deductible. This results […]

Taking distributions from a traditional IRA

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it is even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference […]

Reminder: PPP Forgiveness Simplified for Loans of $50,000 or Less

The interim final rule (IFR) released by the Treasury and the U.S. Small Business Administration (SBA) this past October provides guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. Under the IFR, PPP borrowers of $50,000 or less are exempted from any reductions in forgiveness based on: Reductions in full-time-equivalent (FTE) […]

Best practices when forecasting cash flow

Cash flow is a top concern for most businesses today. Cash flow forecasts can help you predict potential shortfalls and proactively address working capital gaps. They can also help avoid late payments, identify late-paying customers and find alternative sources of funding when cash is tight. To keep your company’s cash flow positive, consider applying these […]

Reviewing your disaster plan in a tumultuous year

It has been a year like no other. The sudden impact of the COVID-19 pandemic in March forced every business owner — ready or not — to execute his or her disaster response plan. So, how did yours do? Although it may still be a little early to do a complete assessment of what went […]

Why it’s important to plan for income taxes as part of your estate plan

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates will not be subject to estate tax, more planning can be […]

Can investors who manage their own portfolios deduct related expenses?

In some cases, investors have significant related expenses, such as the cost of subscriptions to financial periodicals and clerical expenses. Are they tax deductible? Under the Tax Cut and Jobs Act, these expenses are not deductible through 2025 if they are considered expenses for the production of income. However, they are deductible if they are […]

Tax implications of working from home and collecting unemployment

COVID-19 has changed our lives in many ways, and some of the changes have tax implications. Here is basic information about two common situations. 1. Working from home. Many employees have been told not to come into their workplaces due to the pandemic. If you are an employee who “telecommutes” — that is, you work […]

Homebuyers: Can you deduct seller-paid points?

Despite the COVID-19 pandemic, the National Association of Realtors (NAR) reports that existing home sales and prices are up nationwide, compared with last year. One of the reasons is the pandemic: “With the sizable shift in remote work, current homeowners are looking for larger homes…” according to NAR’s Chief Economist Lawrence Yun. If you are […]

Back-to-school tax breaks on the books

Despite the COVID-19 pandemic, students have gone back to school for the fall, either remotely, in-person, or under a hybrid schedule. In any event, parents may be eligible for certain tax breaks to help defray the cost of education. Here is a summary of some of the tax breaks available for education. 1. Higher education […]

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