Entries by Joanna Castle

U.S. House of Representatives Passes the PPP Extension and The Paycheck Protection Small Business Forgiveness Act is Introduced

On Wednesday, July 1, 2020, the U.S. House of Representatives passed a bill to extend the Paycheck Protection Program (PPP) application period by five additional weeks until August 8, 2020.  The U.S. Senate passed the bill by unanimous consent on Tuesday, June 30, 2020, less than four hours before the PPP application window was scheduled […]

Unique IRA Opportunities for 2020

Article Highlights: 2020 Tax Saving Opportunities Traditional IRA to Roth IRA Conversions Paying the Conversions Tax Required Minimum Distribution (RMD) 2020 RMD Waiver Coordinating Distributions with 2020 Income As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from […]

Post-Pandemic Trends Shifting the Economy for Small Businesses Everywhere

While it’s true that the ongoing COVID-19 pandemic has created significant challenges for small and large businesses alike, there are also some opportunities resulting from this “new normal.” Behaviors have changed during the Coronavirus outbreak, and some of these could end up being favorable for small businesses. There are a few core trends, in particular, […]

The IRS Is Issuing Some Stimulus Payments by Debit Card; Some Are Being Mistaken as Junk Mail and Thrown Out

Article Highlights: Junk Mail Stimulus Payment Debit Card If you are like most Americans, you probably receive tons of junk mail, which you tend to discard without reading. However, if you haven’t already received your stimulus payment from the federal government, it’s important to look through those envelopes carefully. The government has begun sending out […]

The July 15th Deadline Is Fast Approaching, and It Isn’t Just for the 2019 Individual Tax Return

Article Highlights: Extensions  Contributions to IRAs  Estimated Tax Payments for the First Two Quarters of 2020  Individual Refund Claims for the 2016 Tax Year  Foreign Account Reporting Requirements  Due to the COVID-19 emergency, the IRS provided taxpayers with an automatic three-month extension to July 15 to file their 2019 tax returns and pay the 2019 […]

Business Loan Program Temporary Changes: The SBA and Treasury Provide New Guidance on Interim Final Rules to Clarify the Loan Forgiveness Application Timeline and Owner Compensation

On Monday, June 22, 2020, the U.S. Small Business Administration (SBA) and the Department of Treasury released new guidance about the Paycheck Protection Program (PPP), Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule. This new guidance outlines two significant changes affecting PPP loan borrowers: Application Timeline: When can […]

The Small Business Administration and the Treasury Department Announce Streamlined Paycheck Protection Program Loan Forgiveness Applications

On Wednesday, June 17, 2020, the Small Business Administration (SBA) and the Treasury Department unveiled a streamlined loan forgiveness application for the Paycheck Protection Program (PPP). The new five-page “borrower-friendly” application, which can be found here, provides more flexibility to small businesses to receive forgiveness on their SBA-backed loans. The original eleven-page application was released in […]

Senate Passes the Paycheck Protection Flexibility Act to Provide Direct Relief to Small Businesses, Proceeds to President Trump to Sign into Law

On the evening of Wednesday, June 3, 2020, the U.S. Senate unanimously approved legislation to fix the Paycheck Protection Program (PPP) by providing direct relief to small businesses affected by the coronavirus pandemic. Senate Majority Leader Mitch McConnell, R-Ky., requested a unanimous consent vote and the vote was nearly unanimous at 417-1. The bill, which […]