COVID-19 Relief if You Work Abroad or Travel to the U.S to Work
COVID-19 Relief if You Work Abroad or Travel to the U.S to Work If the federal tax you pay is dependent on where you are physically located, then COVID-19 likely has thrown a wrench in your physical tax location (and tax situation). If you were living abroad and had to return to the U.S. because of COVID-19, you may [...]
IRS Provides Clarification on PPP Loan Forgiveness for the Self-Employed
IRS Provides Clarification on PPP Loan Forgiveness for the Self-Employed How much is clarity worth? A lot, a whole lot. And how much is making things easier worth? Of course, it’s a lot, a whole lot, too. We now have both the new (a) clarity and (b) easy road to Paycheck Protection Program (PPP) loan forgiveness for the self-employed with [...]
IRS Enables Millions to Qualify for the $100,000 Grab & Repay
IRS Enables Millions to Qualify for the $100,000 Grab & Repay New IRS guidance expands the possibilities for what is an adverse COVID-19 impact on you for purposes of taking up to $100,000 out of your retirement accounts and repaying it without penalties. First, let’s look at the rules as they existed before this new IRS guidance. The CARES Act [...]
Changes to RMD Laws Due to COVID-19
Due to the COVID-19 pandemic, Congress made changes to the tax law related to retirement account distributions. The changes open up new, time-limited ways for you to save tax dollars. Congress waived all 2020 RMDs. But if you took your RMD before Congress made this change, you have two ways you can undo it: Use the expanded 60-day indirect rollover, [...]
Tax Advantages of Hiring Your Children
The COVID-19 pandemic may create tax benefit opportunities for you and your family members. For example, you could hire your under-age-18 children, pay them $10,000 each and they could pay zero federal income taxes. And you or your corporation, the employer, would deduct the $10,000 you paid to each of the children. Schedule C Business Let’s say you operate your [...]
PPP Loan Forgiveness for Partnerships, S and C Corporations
PPP Loan Forgiveness for Partnerships, S and C Corporations If you operate your business as a partnership or an S or C corporation, you face entity-specific Payroll Protection Program (PPP) loan forgiveness rules that apply to you as an owner-worker in the business. The rules that apply to you do not apply to the rank-and-file employee group. The government puts [...]