by Steven J Weil, PhD, EA, LCAM | Apr 22, 2020 | Blog, Covid-19
We have seen some of the PPP loan applications we helped clients submit be successfully funded. These loans are forgivable (converted to grants) if the funds are used to maintain employee payroll. While the funds available for these loans have all been expended at the...
by Steven J Weil, PhD, EA, LCAM | Apr 22, 2020 | Blog, Covid-19
While the IRS is not closed, most of the staff have been sent home. Other than a few departments, not a lot is functioning right now. Currently still working are: most of the electronic services, including the acceptance of E-Filed Returns, the electronic...
by Steven J Weil, PhD, EA, LCAM | Apr 17, 2020 | First Time Home Buyer IRA
The payments being sent out or direct deposited by the IRS to your bank account are an advance on a credit that will be reconciled when you file your 2020 tax return. The CARES Act grants individuals with Adjusted Gross Income (AGI) of less than $75,000 and married...
by Steven J Weil, PhD, EA, LCAM | Apr 16, 2020 | Blog, Covid-19
Employer Payroll Credits New law. This provision provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 crisis. Eligible employers. The credit is available to employers, including non-profits,...
by Steven J Weil, PhD, EA, LCAM | Apr 15, 2020 | Blog, Covid-19, Investments
10% Early Distribution Penalty Suspended on Coronavirus-related IRAs & Qualified Plan Distributions The CARES Act provides that the 10% additional tax on distributions to those under 59.5, does not apply to coronavirus-related distributions, up to $100,000. A...
