Coronavirus-Related Distributions and Loans The Coronavirus, Aid, Relief, and Economic Security (CARES) Act made it easier to access savings in IRAs and workplace retirement plans for those affected by the coronavirus. This relief provided favorable tax treatment for certain withdrawals from retirement plans and IRAs, including expanded loan options. Distributions: Certain distributions made from Jan. 1,…
Q & A: The $10,200 Unemployment Tax Break Generally, unemployment compensation received under the unemployment compensation laws of the United States or a state is considered taxable income and must be reported on your federal tax return. However, a new tax break – in effect only for the 2020 tax year – lets you exclude…
PPP Loan Deadline Extended Through May 31 The Paycheck Protection Program Extension Act of 2021 was signed into law on March 31, 2021, extending the deadline to apply for a loan by an extra 60 days, from March 31 to May 31, 2021. The law also gives the Small Business Administration (SBA) an additional 30…
Tax Day for Individuals Extended to May 17 The Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.…
American Rescue Plan Act of 2021 President Biden signed the American Rescue Plan Act of 2021 (ARPA) into law on Thursday afternoon. This $1.9 trillion stimulus package contains extensions to unemployment, direct stimulus payments, provisions for small businesses, state and local aid, as well as funding for K-12 schools. Employee Retention Credit (ERC) Last year,…
Watch our Risk, Realignment & Rebuilding Company Value in the Pandemic Webinar Session Overview. A session for bankers and professional advisors on how to look for signs inside their clients to help identify risk factors, provide insight to potentially realign their strategy going forward and to validate or create new drivers and metrics to build…
The Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” includes thousands of dollars in direct payments to most Americans and huge loan packages designed to help keep small businesses and corporations afloat. Here’s What’s In The Act Recover Rebates: Taxpayers will receive a one-time payment, which is being treated as advance refunds…
Transition Planning – Option 2 Family Succession Owners need to understand that conducting a family succession requires a very different path than an owner who is looking to sell to an outside party. Most family successions involve some form of gifting in order to begin transferring family wealth. It’s a different mindset than trying to…
Transition Planning – Option 1 Selling Your Business When it comes to selling your business, there are more issues to address than most people think. Here are a few key items that impact an exit strategy: Understanding the value. Value is unique to each company, dependent on your performance, economic conditions, competition, etc. You need…
If your company needs to “remediate” or clean up environmental contamination, the expenses involved can be tax deductible. Unfortunately, every type of environmental cleanup expense cannot be currently deducted. Some cleanup costs must be capitalized. For example, remediation costs generally have to be capitalized if the remediation adds significantly to the value of the cleaned-up…