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Article Highlights: • CARES Act Relaxed Restrictions • Contribution AGI Limits • Charitable Contribution Deduction for Non-itemizers • IRA to Charity Transfers • Substantiation Requirements • Scammers To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer...

The CARES Act amendments to section 163(j) will allow many taxpayers increased interest deductions in tax years beginning in 2019 and 2020. Section 163(j) in general Section 163(j) limits business interest expense deductions. Section 163(j) generally may apply to any taxpayer. It generally limits a taxpayer’s business...

SBA Disaster Loans and Paycheck Protection Program (PPP) Loans Explained Haynie & Company and NOW CFO teamed up to educate and discuss with business owners and leaders how to apply for relief funds and what to do in the meantime. The webinar recording is now available:...

Paycheck Protection Program Q & A (updated 4/15/20) Paycheck Protection Program (PPP) Information Sheet Paycheck Protection Program (PPP) On April 2, 2020 the SBA issued Interim Final Rules for the PPP. This summary has been adjusted from its earlier version to reflect the Interim Final Rules as published. The...

The IRS will start sending Economic Impact Payments to most Americans in April. Check your eligibility, payment status and confirm your payment type.  A Few Words of Caution: Scammers will doubtlessly come up with an IRS look-alike website in an attempt to steal taxpayers’ direct deposit...

Notice 2020-23 (which updates Notice 2020-18, “Additional Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic”), released on April 9, 2020, provides Taxpayers who are currently engaged in a 1031 exchange some relief from the 45-Day Identification and 180-Day Exchange Period deadlines. The notice provides...

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law March 27, 2020, contains important updates on the use of health savings accounts (HSAs), flexible spending accounts (FSAs) and health reimbursement accounts (HRAs). Here are the changes that expand qualified medical expenses and access...