On June 15th, the Small Business Administration (SBA) announced that it has reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program to eligible applicants still struggling with the economic impact of the COVID-19 pandemic. The EIDL program offers long-term, low-interest loans to small businesses and nonprofits. If your company has not been able […]

The U.S. Small Business Administration (SBA) along with the U.S. Treasury, released a revised loan forgiveness application for the Paycheck Protection Program (PPP) this past Wednesday. The SBA also unveiled a new EZ application for forgiveness of PPP loans. These applications reflect changes made by the Paycheck Protection Flexibility Act of 2020 (Flexibility Act), which […]

The U.S. Treasury, along with the Small Business Administration (SBA), announced several updates to the Paycheck Protection Program (PPP) rules and guidance through the Paycheck Protection Program Flexibility Act (PPPFA) of 2020. According to Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza, the PPPFA will help businesses by providing more time and flexibility to […]

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. Here are some answers to questions you may have right now. My employer closed the office and I’m working from home. Can I deduct any of the related expenses? Unfortunately, no. If you are an employee who telecommutes, there are strict rules that govern whether you […]

Many businesses were unprepared when the novel coronavirus (COVID-19) pandemic required them to close their physical offices and shift to remote operations. Your company, for example, may have had to scramble to set up a virtual private network (VPN) or move files to the cloud. Moreover, while adapting to working from home, employees may have […]

The IRS opened the 2019 individual income tax return filing season this past January 27. Although it is typical that you may decide to file closer to the April 15 deadline (or you decide to file for an extension), you may want to consider filing your return as soon as you can this year. There […]

  The IRS just released its audit statistics for the 2018 fiscal year, and fewer taxpayers had their returns examined as compared with prior years. Nevertheless, the small percentage of tax returns being chosen for audit will be of little consolation if yours happens to be one of them. Latest statistics Overall, just 0.59% of […]

Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we are frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to your return […]

While most provisions of the Tax Cuts and Jobs Act (TCJA) went into effect in 2018 and either apply through 2025 or are permanent, there are two major changes under the act for 2019. Here’s a closer look. 1. Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health […]

Do you have investments outside of tax-advantaged retirement plans? If so, you might still have time to shrink your 2018 tax bill by selling some investments ― you just need to carefully select which investments you sell. Try balancing gains and losses If you’ve sold investments at a gain this year, consider selling some losing […]