The child tax credit may cut your taxes

For those of you with children, you hear rumors about the tax benefits of children. Unfortunately, some of the tax benefits seem to be less than the actual monetary cost of the child, but there is a way to potentially offset your tax bill with credits related to those adorable urchins. The Child Tax Credit …

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Reporting excess deductions when terminating an estate or trust

In May of 2020 the IRS issued long-awaited proposed regulations to give us guidance on how to determine the character, amount and allocation of deductions passed on to a beneficiary of an estate or trust at the time of its termination. These regulations detailed that any excess deduction on termination of an estate or trust …

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4 things to know when bartering

Small businesses sometimes barter to get products or services they need. Bartering is the trading of one product or service for another. Usually there is no exchange of cash. An example of bartering is a plumber doing repair work for a dentist in exchange for dental services. The IRS reminds all taxpayers that the fair …

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PPP loan forgiveness interim final rule released

This past Friday night, May 22nd, the Small Business Administration issued an interim final rule covering the forgiveness process associated with a Paycheck Protection Program, or PPP, loan. A link to the rule is available on our COVID resource page. Don’t miss: PPP loan forgiveness application now available The highly anticipated formal guidance supplements the …

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Credit reports are now free, every week

If there’s such a thing as a COVID-19 silver lining, here’s one. The three major credit reporting companies (Equifax, Experian and Transunion) are making your credit reports free through April 2021. Free access to your credit report is one more tool to help you weather the pandemic storm currently laying waste to economies and individual …

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PPP loan forgiveness application released by SBA

On Friday May 15th, the SBA released the Paycheck Protection Program, or PPP, Loan Forgiveness Application. The highly anticipated application provides insight and direction for the loan forgiveness process. The application can be found on our web page.  While the application will likely not answer all of the questions borrowers have, the eleven-page document includes …

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PPP loan forgiveness application now available

The SBA released a PPP loan forgiveness application on Friday, May 15th along with instructions on completing the form. The application does provide some clearer guidance on some unanswered questions that people have been struggling with since the program started. There is clarity on how to calculate FTE (full time equivalent) employees, how to calculate …

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PPP loan increases available for partnerships and seasonal employers

Is your Paycheck Protection Program loan not covering as much as you need it to? Some businesses may be able to go back for more. The Small Business Administration (SBA) released an interim final rule regarding PPP loan increases for partnerships and seasonal employers. Don’t miss: SBA clarifies process for review of good-faith PPP certifications …

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SBA clarifies process for review of good-faith PPP certification

In an effort to provide businesses desperately needed help during the COVID-19 crisis, the Small Business Administration (SBA) is administering loans through the Paycheck Protection Program. To streamline the process, qualification certification for the PPP has been reduced to good-faith certification, but that’s raised several questions. Key among them, exactly how will SBA review borrower’s …

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