Insights

Congress recently passed legislation to loosen some of the restrictions that came with the popular Payroll Protection Program; the president signed it into law on June 5. The new law runs only about 1,000 words, but it contains several major changes that vastly extend the terms of the program: The new law lets PPP loans…

The Internal Revenue Service has been distributing Economic Impact Payments to taxpayers across the nation since April. If you’re still waiting, you may be getting a Visa debit card instead of a check in the mail. Over the past few months, nearly 140 million taxpayers have received stimulus payments totaling $239 billion as either a…

Everyone wants to protect their families, even after they pass from this world. That’s the purpose of estate plans. But how do you know whether all of the elements of a good plan are in place? The first step is understanding the difference between a will and a trust: A will lays out your wishes…

“Siri, what is my year-to-date net income?” This is where technology is going. Are you on target to get there? Our remote work environments have forced us to take a hard look at the capabilities of our accounting software, and whether they’re serving us well or holding us back. A couple months ago, businesses were…

Let’s talk retirement planning. How should retirement accounts be handled after the big changes seen in the CARES Act? The Act extended the deadline for 2019 IRA contributions, waived the required minimum distributions for 2020, and allows the use of retirement funds of up to $100,000 penalty free. 2019 IRA Contributions Deadline Extended In an…

The Treasury Department is granting safe harbor to large and public companies that voluntarily return stimulus funds by this Thursday, May 7 under new guidance regarding the PPP’s “necessity” certification. A number of companies that received loans in the past few weeks through the Paycheck Protection Program (PPP) are returning the money, as the Small Business…

The CARES Act provides some big wins for individual taxpayers who are in need of an economic lifeline amid the COVID-19 pandemic. Recovery Rebate for Individual Taxpayers The CARES Act includes a provision offering a one-time “2020 recovery rebate” of $1,200 ($2,400 for married couples), plus an additional $500 per child for eligible taxpayers. U.S.…

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on Friday, March 27, making it the largest emergency stimulus package in the history of the United States. The CARES Act comes in response to the coronavirus outbreak as it takes hold around the globe. Its mammoth $2 trillion economic stimulus brings…

On March 20, 2020, the IRS extended the federal tax filing deadline to July 15, 2020, three months after the normal April 15, 2020 deadline, to give all individuals and businesses an extra 90-day extension to file their returns. Published guidance is not available at this time. In addition to the federal deadlines, California updated…

Amid school and business closures, some gamers may be increasing their screen time and raking in the virtual dough. What does virtual currency mean for tax purposes? The IRS released a statement last month informing gamers who exchange virtual currencies in video games that they do not have to report these transactions on their tax…