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Some people are required to return Economic Impact Payments that were sent erroneously

By |2020-07-01T21:21:58+00:00July 1st, 2020|Latest News|

The IRS and the U.S. Treasury had disbursed 160.4 million Economic Impact Payments (EIPs) as of May 31, 2020, according to a new report. These are the payments being sent to eligible individuals in response to the economic threats caused by COVID-19. The U.S. Government Accountability Office (GAO) reports that $269.3 billion of EIPs have

Assessing productivity as you cope with the pandemic

By |2020-07-01T21:19:33+00:00July 1st, 2020|Latest News|

The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners should ask the question so you can adjust expectations and objectives accordingly. Impact of remote

What qualifies as a “coronavirus-related distribution” from a retirement plan?

By |2020-06-24T19:53:28+00:00June 24th, 2020|Latest News|

As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw money from an IRA or eligible

SBA reopens EIDL program to small businesses and nonprofits

By |2020-06-24T19:51:28+00:00June 24th, 2020|Latest News|

Just last week, 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 hasn’t been able to

Re-evaluate your company’s competitiveness in a changed economy

By |2020-06-24T19:49:24+00:00June 24th, 2020|Latest News|

Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways, forcing many companies to recalibrate suddenly and severely. As your business moves forward in this uncertain environment, it’s important to re-evaluate competitiveness. You may have

If you’re selling your home, don’t forget about taxes

By |2020-06-16T17:47:01+00:00June 16th, 2020|Latest News|

Traditionally, spring and summer are popular times for selling a home. Unfortunately, the COVID-19 crisis has resulted in a slowdown in sales. The National Association of Realtors (NAR) reports that existing home sales in April decreased year-over-year, 17.2% from a year ago. One bit of good news is that home prices are up. The median

Seniors: Can you deduct Medicare premiums?

By |2020-06-11T15:06:10+00:00June 11th, 2020|Latest News|

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify

PPP Flexibility Act eases rules for borrowers coping with COVID-19

By |2020-06-11T15:03:37+00:00June 11th, 2020|Latest News|

As you may recall, the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) back in April to help companies reeling from the economic impact of the COVID-19 pandemic. Created under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, the PPP is available to U.S. businesses with fewer than 500

A nonworking spouse can still have an IRA

By |2020-06-04T18:46:51+00:00June 4th, 2020|Latest News|

It’s often difficult for married couples to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer has compensation. However, an exception involves a “spousal”

Does your company have an emergency succession plan?

By |2020-06-04T18:44:45+00:00June 4th, 2020|Latest News|

For business owners, succession planning is ideally a long-term project. You want to begin laying out a smooth ownership transition, and perhaps grooming a successor, years in advance. And you shouldn’t officially hand over the reins until many minute details have been checked and rechecked. But it doesn’t always work out this way. As the coronavirus (COVID-19)