CARES Act contains some assistance to borrowers with federal student loans. Notably, federal loans were automatically placed in an administrative forbearance, which allows borrowers to temporarily stop making
Blog
IRS releases 2021 amounts for Health Savings Accounts
May 26th, 2020 by Douglas Freeman
Posted in Employee Benefits, Employees, Health Care, High Deductable Health Plan, Internal Revenue Service
Tags: Chiropractic Care, Health Savings Account, Inflation, Insurance, Long Term Care, Medical Expenses, Prescriptions, Revenue Procedure 2020-32, Tax Free Income
An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of an “account beneficiary.”
Attuning your social media strategy to the pandemic
May 21st, 2020 by Douglas Freeman
Posted in COVID-19, Marketing, Small Business
Tags: Brand Awareness, Customers, Pandemic, Social Media
During the novel coronavirus (COVID-19) pandemic, connecting with customers and prospects via a popular platform is essential to maintaining visibility, building goodwill, and perhaps even generating a bit of revenue.
Did you get an Economic Impact Payment that was less than you expected?
May 20th, 2020 by Douglas Freeman
Posted in AGI (Adjustable Gross Income), Child Tax Credit, COVID-19, Economic Impact Payment (EIP), Federal Income Tax Filing
Tags: Debts, Past-Due Child Support
The IRS reports that in the first four weeks of the program, 130 million individuals received payments worth more than $200 billion. However, some people are still waiting for payment.
Fortunate enough to get a PPP loan? Forgiven expenses aren’t deductible
May 18th, 2020 by Douglas Freeman
Posted in (CARES ACT), Business Expenses, Deductable Expenses, Deductions
Tags: Double Tax Benefit, Mortgage, Notice 2020-32, Payroll Expenses, Rent
The IRS has issued guidance clarifying that certain deductions aren’t allowed if a business has received a Paycheck Protection Program (PPP) loan.
How to succeed at virtual team building
May 15th, 2020 by Douglas Freeman
Posted in COVID-19, Employees, Virtual Team Building
Tags: Team Building, Web Based Meetings
Ensure consistency of processes and expectations. When employees work from home, many of the processes they use to complete tasks and fulfill duties may change slightly
There’s still time to make a deductible IRA contribution for 2019
May 12th, 2020 by Douglas Freeman
Posted in 401K, Coronavirus Aid (CARES Act), COVID-19, IRA, Retirement, Roth IRA, Tax, Tax Deadlines, Tax Planning, Tax Savings
Tags: Individual Income Tax, Married filing Jointly, Modified Adjusted Gross Income (MAGI), Nondeductible Traditional, Tax Deferred, Tax-Advantage Retirement Plan, Traditional IRA
Do you want to save more for retirement on a tax-favored basis? If so, and if you qualify, you can make a deductible traditional IRA contribution for the 2019 tax year between now
Business charitable contribution rules have changed under the CARES Act
May 11th, 2020 by Douglas Freeman
Posted in (CARES ACT), C Corporation, Charitable, Contributions, Coronavirus Aid (CARES Act), COVID-19, Deductions, Small Business
Tags: Charitable Deductions, Corporations, Food Inventory, Taxable Income, Wholesome Foods
In order to incentivize charitable giving, the Coronavirus Aid, Relief and Economic Security (CARES) Act made some liberalizations to the rules governing charitable deductions.
Subchapter V: A silver lining for small businesses mulling bankruptcy
May 6th, 2020 by Douglas Freeman
Posted in (CARES ACT), COVID-19, Small Business, Small Businesses Administration, The Small Business Reorganization Act
Tags: Bankruptcy, Chapter 11, Subchapter V
The Small Business Reorganization Act added a new subchapter to the U.S. bankruptcy code: Subchapter V. Its purpose is to streamline the reorganization process
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