News

Are you one of the millions of businesses that have an outstanding non-disaster Small Business Administration (SBA) loan? These include 7(a) loans (general small business loans of up to $5 million), 504 loans (loans of up to $5.5 million to provide financing for major fixed assets such as equipment...

Embedded in the COVID-19 relief law is $900 billion for financial assistance. As you would expect in these unusual times, some of the relief is in the form of direct government financial assistance and some is from tax benefits that can impact both tax year 2020 and tax year...

Before the December 27, 2020, enactment of the new COVID-19 relief law, you may have chosen the Paycheck Protection Program (PPP) loan and given no thought to the employee retention credit.  Remember, under the original law, you had to choose between the retention credit and the PPP loan. Millions...

Two things to know about the Paycheck Protection Program (PPP) first draw enacted on December 27, 2020:  The first draw is for those who missed getting in on the original PPP, which expired on August 8, 2020. Don’t think of a PPP draw as a loan. It’s not a...

Sixty-one million adults and over 12.6 million children in the United States have some type of disability.  If you have a disabled or blind child or other family member, or are disabled or blind yourself, you should know about ABLE accounts. These tax-advantaged accounts can be a real game...

If you become an executor of your loved one’s estate, you may have some important tax decisions to make. Here are some quick thoughts. The decedent’s medical expenses provide you with planning opportunities to deduct as itemized deductions (subject to the 7.5 percent floor) not only the medical expenses...

Question. If you have an office outside your personal home—say, downtown—can you have a tax-deductible office inside your home for the same trade or business? Answer. Yes. Q. Who says that? A. The IRS. Q. Show me where they say that! In IRS Publication 587, the IRS says this: ...

As you doubtlessly know, Congress recently passed a massive new stimulus bill that was enacted into law on December 27, 2020. Most of the public’s attention has been focused on the bill’s authorization of additional stimulus checks and new PPP loans and other aid targeted to struggling businesses. But...

Billions of dollars in grants are being doled out to individuals and businesses in the wake of the COVID-19 pandemic. The recently enacted second stimulus bill has increased these grants, including $25 billion in rental assistance for individuals, a new round of Small Business Administration (SBA) Economic Injury Disaster...

Did you miss out on the first two opportunities to receive your tax-free Paycheck Protection Program (PPP) cash? Many did miss out. Why? One reason: the word “loan.”  Who wants a loan? No one. Well, almost no one. But who wants a cash gift, tax-free?  If you do, read...

If you received an initial PPP loan, you can qualify for a second round (called a “second draw”) of PPP tax-free money.  To qualify for the second-draw PPP money, you must have 300 or fewer employees; have suffered a 25 percent or greater loss in revenue during at least...

Good news. The new Paycheck Protection Program (PPP) law enacted with the stimulus package adds dollars to your pockets if you have or had PPP money. Before we go further, please note the PPP money comes to you in what appears to be a loan. We say “appears” because...