The SBA PPP loan is to help support small businesses that would otherwise disappeared due to COVID-19. Now that these funds have been widely disbursed, the federal government is stepping it. They are taking action to check on the recipients. Furthermore, their actual need and whether or not their applications… [Read more]
One major red flag to watch out for if you take cash out of your IRA under the CARES Act
Heads up — while you are now allowed to take up to $100,000 out of your IRA and pay it back within three years with no tax hit, doing so may have some hidden consequences that you likely have overlooked initially. The Internal Revenue Code calls these tax-favored withdrawals “coronavirus-related… [Read more]
How people are spending their stimulus checks
By now, many people have received the $1,200 check allocated to tax-paying individuals as a part of the coronavirus relief package that was passed by Congress in March. Despite the initial excitement expressed by many Americans, the shifting economy and its impact on our financial situations mean this money will… [Read more]
Are you Prepared for Tax Increases?
How will the government bounce back from the COVID-19 debt? Taxes! Wondering how the country will bounce back from the debt incurred during COVID-19? Reducing this debt will likely come with challenges, which includes a greater burden on taxpayers. As the economy begins to return to normal, federal and state… [Read more]
Tax Residency Relief Comes to Those in Need
Tax relief is on the way for people and businesses whose tax residence was affected by border closures, canceled flights, shelter-in-place orders, and other travel disruptions caused by COVID-19. This relief will affect those who are not citizens of the U.S living in the U.S due to closures, U.S citizens… [Read more]
IRS Actively Seeking SBA PPP Criminal Fraud
The IRS has formed a Fraud Enforcement Department specifically to root out fraud and criminal activity around the SBA PPP loan funds. The IRS Fraud Enforcement Department will be targeting companies who received the PPP funds but may have since filed taxes reporting different numbers than were listed on their… [Read more]
3 Reporting Issues To Watch Out For During COVID-19
It is nearly impossible to see a future without the residual effect of the COVID-19 outbreak, as the economy continues to respond to rapid changes in consumer behavior and supply chain operations. Travel bans have been imposed on millions of people and many countries have placed quarantine measures on their… [Read more]
More Time Granted to Reinvest and Receive a Tax-break
Investors Receive an Extension and a Tax Break Due to COVID-19 The IRS has recently announced its plan to give investors more time and a tax break due to the effects of Coronavirus. The original deadline to reinvest into a qualified opportunity fund, April 1, 2020, was moved to… [Read more]
Unemployment Rates Fall as Economy Pushes to Reopen
Economy is Headed in the Right Direction After the May job reports were released, the numbers showed the Coronavirus pandemic certainly hurt the economy, but not as heavily as predictions forecasted. Though unemployment has risen significantly since the outbreak, May unemployment has dropped to 13.3%. This is an improvement from… [Read more]
What You Need to Know About Stimulus Check Scams
Before you get too excited about another wave of stimulus checks Billions of dollars in payments have been sent out in the form of stimulus checks. Over the last few weeks, there has been speculation that there may be another wave of stimulus checks going out. Whether there is another… [Read more]
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