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(SBA) issued a new interim rules on PPP – June 16, 2020

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...

SBA’s Inspector General Reports SBA Failed to Follow Guidelines on PPP Loans

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...

What happens if I don’t get my Economic Impact Payment?

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...

Payroll Protection Program Loan (PPP) Update

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...

First Coronavirus Response Act: Employer FICA & Self-Employed Credits

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...

We are Enrolled Agents “EAs”

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,...
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Blog

PPP Changes Announced 2/22/2021

Feb 26, 2021 | Blog, Business Tax, Covid-19

PPP Changes Announced by New Administration Intended to Create Greater Access for Small Business In a Fact Sheet released by the White House 2/22/2021 the administration discloses that funding to small business has increased and that the administration will institute...

Important Crypto & Virtual Currency Update

Feb 23, 2021 | Blog, Business Tax, Investments, Personal Tax

𝐓𝐡𝐞 𝐈𝐑𝐒 𝐡𝐚𝐬 𝐦𝐨𝐯𝐞𝐝 𝐭𝐡𝐞 𝐯𝐢𝐫𝐭𝐮𝐚𝐥 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧 from Schedule 1 of the 2019 Form 1040 to the first page of the 2020 Form 1040 and Form 1040-SR. The question asks, "At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial...

Economic Recovery Rebate Credit

Feb 2, 2021 | Blog, Covid-19, Personal Tax

The Economic Recovery Rebate Credit has caused many people to question their filing status. The amount of the credit as well as qualifying for the credit (payment) depends a lot on filing status and income. Dependents attending college have heard that they can get the...

PPP and PPP2 Updates & Highlights

Jan 14, 2021 | Blog, Covid-19

PPP updates include: PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs; PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs,...

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