by Steven J Weil, PhD, EA, LCAM | Jun 17, 2020 | First Time Home Buyer IRA
The Small Business Administration (SBA) issued a new interim rule on June 16, providing clarity on changes regarding the PPP. Specifically, the new rule gives detail on the amount of payroll costs that can be forgiven on a tax-free basis now that the covered period...
by Steven J Weil, PhD, EA, LCAM | May 13, 2020 | First Time Home Buyer IRA
Think the FAQs Released by the SBA and IRS give the definitive answer on how the PPP loans are to be made, used and forgiven? Think again. According the SBA’s Inspector General report the SBA has failed to follow guidelines on PPP loans included in the law. In a...
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 10, 2020 | First Time Home Buyer IRA
04/10/20 – Loans are being processed or at least so we are told by our contact at Bank United. We filed applications for our company as well as for many of our clients. In many cases we filed for our clients on their banks on line systems or by providing them...
by Steven J Weil, PhD, EA, LCAM | Mar 28, 2020 | First Time Home Buyer IRA
Employer FICA tax relief. Qualified sick leave and family leave payments mandated by the new law are exempt from the 6.2% Social Security tax component of the employer FICA tax on wages. Employers must pay the 1.45% Medicare tax component of the FICA tax on qualified...
by Steven J Weil, PhD, EA, LCAM | Dec 3, 2019 | First Time Home Buyer IRA, page-we-are-enrolled
Our tax professionals are Enrolled Agents. Enrolled Agents (EAs) are the only tax professionals who are empowered by the U.S. Department of the Treasury to represent taxpayers before all administrative levels of the Internal Revenue Service. They are tax specialists,...
