COVID 19- CARES Act Allows $100,000 Tax-Free IRA Grab and Repay
COVID 19- CARES Act Allows $100,000 Tax-Free IRA Grab and Repay In this acticle, we explain how you may be able to take money from your IRA and other retirement accounts, avoid early withdrawal penalties, and have generous options on repayment (or not). We also explain when you don’t have to take the required minimum distribution from your IRA. COVID-19-Related [...]
COVID-19: Tax Season is Delayed Until July 15th – Wait or file Now?
COVID-19: Tax Season is Delayed until July 15th - Wait or file Now? As you know, the COVID-19 pandemic has shut down much activity in the United States. The IRS decided to use its authority in a national emergency to postpone certain tax return filings and payments. This change affects every one of you, and the rules are tricky—after all, [...]
COVID-19: IRS Provides Relief from Enforcement Actions
COVID-19: IRS Provides Relief from Enforcement Actions During the COVID-19 pandemic, the last thing you need is the IRS doing bad things, like auditing you or levying your bank account or wages. But don’t worry—the IRS is pausing most of its collection and audit enforcement actions. Installment Agreements If you have an installment agreement with the IRS, then the IRS [...]
COVID-19: New SBA Loans For Small Businesses
COVID-19: New SBA Loans For Small Businesses The COVID-19 pandemic has upended all aspects of life around the world, including the world of business here in the U.S. If your business is struggling, you may be able to get some help from the federal Small Business Administration (SBA), which is authorized to provide loans to small businesses on an [...]
COVID -19: Significant Payroll and Self-Employment Tax Relief
COVID -19: Significant Payroll and Self-Employment Tax Relief If you are in business for yourself—say, as a corporation or self-employed—payroll taxes and self-employment taxes are likely two of your biggest tax burdens. Here’s some possible good news: Congress decided to give you significant relief from these taxes due to the COVID-19 pandemic. We’ll tell you what relief options are available [...]
Section 83(b): Restricted Stock Awards and Your Taxes
Section 83(b): Restricted Stock Awards and Your Taxes When you receive restricted stock awards, you need to decide whether you want to make a Section 83(b) tax election. Without the Section 83(b) Election With no Section 83(b) election, you must recognize taxable compensation income from your restricted stock award in the year the restriction causing the substantial risk of forfeiture [...]