Midyear Tax Planning Ideas for Individuals

The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it’s time to think about your current federal tax situation. Tax planning is especially complicated for 2020.

Updates on Funding for Businesses Suffering as a Result of the Coronavirus Outbreak: Main Street Lending and Paycheck Protection Programs

The Main Street Lending Program has been launched and the Paycheck Protection Program has a new, streamlined loan forgiveness application. This article contains a summary on both programs.

Good Records Are the Key to Tax Deductions and Trouble-Free IRS Audits

Certain types of expenses, such as automobile, travel, meals and office-at-home expenses, require special attention because they’re subject to special recordkeeping requirements or limitations on deductibility.

Senate Approves Changes for Paycheck Protection Program

Payroll write on keyboard isolated on laptop background

On Wednesday, June 3, 2020, the U.S. Senate passed proposed changes to the Paycheck Protection Program (PPP), expanding the time allotted for loan recipients to spend their funds and still qualify for loan forgiveness. The bill went on to President Trump and was signed into law on Friday. This article highlights the main points of the new law.

As Summer Approaches, So are Tax Deadlines

Heading into June, many of us are excited about warmer weather and our economy opening back up. For the majority of us, it is not the time of year that we are typically concerned with taxes.

IRS Releases 2021 Amounts for Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for Health Savings Accounts (HSAs).

PPP Loan Forgiveness Application and New Frequently Asked Questions Released

The sample Paycheck Protection Program (PPP) loan forgiveness application for loan forgiveness under the PPP was made available late last week. While the sample application does not answer all the questions we have, it does provide some clarity. This article provides an overview.

Plan for Employee Safety as Employees Return to Work

Chances are, employers don’t need the force of law to make them care about the health of their employees, especially during the novel coronavirus (COVID-19) pandemic. But it’s still important to know what the federal workplace safety agency — the Occupational Safety and Health Administration (OSHA) — has to say about employees returning to their jobs with a measure of confidence in their own safety.

Do You Have Tax Questions Related to COVID-19?

The coronavirus (COVID-19) pandemic has affected many Americans’ finances. This article contains some answers to questions you may have right now.

COVID-19 Update: New PPP Funds, Michigan Tax Extensions, and New Executive Order

The SBA Resumes Accepting Paycheck Protection Program Applications Today With the additional funding provided by the new COVID-19 relief package, the SBA was scheduled to begin processing applications this morning that were already in the queue. They will process on a first come, first-served basis.   Learn more about the PPP and other funding options… Continue reading COVID-19 Update: New PPP Funds, Michigan Tax Extensions, and New Executive Order