Tax Articles

PPP Fund Now Depleted

The SBA program established by the CARES act PPP Paycheck Protection Plan has exhausted all funds. Banks began accepting PPP loan applications from small businesses and sole proprietorships on April 3rd. On April 10th self employed individuals and freelancers could … Read More

Calculate Your Stimulus Payment

This is called the economic impact payment by the IRS. The max per taxpayer is $1,200 and $2,400 per married filing joint couple. For each qualifying child there is an additional $500. The phase out starts depending on your filings … Read More

When Will My EIDL and or PPP SBA Loan Money Be In My Account?

There are some options for funding/ grants/ loans for small businesses out there. The SBA has 3 options. You can begin reading here. The 2 main ones you have been hearing about are the EIDL Economic Injury Disaster Loan and … Read More

COVID-19 is Even Affecting Net Operating Losses (NOL)

The Internal Revenue Service this week issued guidance providing tax relief under the CARES Act for taxpayers with net operating losses, in addition the agency issued tax relief for partnerships filing amended returns. COVID Relief for taxpayers claiming NOLsRevenue Procedure 2020-24 provides … Read More

IRS Extends More Tax Deadlines

The Department of Treasury and the Internal Revenue Service this week announced extensions of additional key tax deadlines for individuals and businesses. Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes … Read More

IRS Tool for Non-Filers to Receive the Economic Impact Payment

To help millions of people, the Treasury Department and the IRS launched a new web tool allowing quick registration for Economic Impact Payments for those who don’t normally file a tax return. The non-filer tool, developed in partnership between the IRS and the Free … Read More

Disaster Loan Assistance

COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION For small businesses, 1099 independent contractors, and sole proprietors affected by the coronavirus there is a way to keep your business a float and maybe even keep everyone on payroll (including yourself) via the … Read More

COVID-19 and IRS Collections

The global pandemic of the novel coronavirus COVID-19 has wreaked havoc on everyone’s routine, schedule, and daily life. Many things are cancelled and many more are on hold. In my area the closings started on March 13 and have gotten … Read More

March’s Real Estate Corner…

Every week, it seems, I field questions from homeowners regarding using the equity in their homes to pay down higher interest debt like credit cards.  Essentially, this can be accomplished one of two ways – a second mortgage (or the … Read More

How Close Are YOU?

Okay, let’s be blunt – tax season is here.  W-2’s and 1099’s are on your desk or in your paperwork and it’s time to face the music.  Are you actually ready to file or are you procrastinating?  And if you … Read More