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…
Creating an Emergency Fund to Help You Weather a Storm Like COVID-19 For years, experts have been saying that everyone – including average citizens – needs to have some type of emergency fund in place to help them get through…
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…
SBA Disaster Loans and Paycheck Protection Program (PPP) Loans Explained Haynie 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…
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…
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…
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…
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…
The COVID-19 situation might affect your ability to pay rent, bank loans, insurance premiums, utilities, or vendors on a timely basis. If you are unable to pay these items, open a line of communication with the company you owe. If you…
The COVID-19 outbreak is affecting every facet of our lives – including our taxes. Check here for all your tax related FAQ to see how you may be impacted. Q1: Since the deadline for filing and paying my taxes is…
