How to Change the Application of Your 2019 Tax Overpayment

As the COVID-19 situation continues to develop, taxpayers who filed returns early in tax season and applied a 2019 overpayment to their 2020 tax return may find themselves rethinking that decision. These taxpayers may now be facing financial hardships that would be alleviated if they had the money refunded and may also be realizing that…

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Valuation Opportunities Amid COVID-19

As the COVID-19 pandemic continues to unfold across the United States, many pending transactions are stalled due to the attention on the urgent crisis.  The impact to portfolios and businesses is catastrophic for many. However, disruption like this can represent opportunities in certain areas. Below is a brief overview of two key opportunities that should be considered…

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Which COVID-19 Relief Options Are Best for Your Business?

With the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, companies were given additional avenues to pursue in response to the COVID-19 public health emergency. At this point there are three main options for small businesses:   Option 1: LOANS This includes loans issued under the Paycheck Protection…

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IRS Extends Additional Deadlines and Payments

On April 9th the IRS announced additional deadline extensions for businesses and individuals expanding on relief issued last month.  The new relief applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020 and before July 15, 2020.  Individuals, trusts, estates, corporations, and other non-corporate tax filers qualify…

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The Impact on U.S. Retirement Plans

The Coronavirus Aid, Relief and Economic Security (CARES) Act provides relief to taxpayers affected by the novel coronavirus (COVID-19). Included within the CARES Act are provisions for retirement plans with relief for individuals and businesses. For Individuals: Coronavirus-related distributions (CRDs): The CARES Act provides relief for participants directly impacted by COVID-19, those participants include: The…

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The Paycheck Protection Program is about to go LIVE – What do you need to know?

The highly publicized $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed last Friday, March 27th. Since then, businesses, banks and advisors have been scrambling to clarify more details about a cornerstone of the new act, the Paycheck Protection Program (PPP). This program currently provides $349 billion of funding for loans to…

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2020 Recovery Refund Checks for Individuals

The CARES Act provides eligible individuals with a refund check equal to $1,200 ($2,400 for joint filers) plus $500 per qualifying child. The refund begins to phase out if the individual’s adjusted gross income (AGI) exceeds $75,000 ($150,000 for joint filers and $112,500 for head of household filers). The credit is completely phased out for…

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The CARES Act – A Summary

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below. Click…

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SBA Disaster Assistance in Response to COVID-19 – Low-Interest Loans

In response to the novel coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury. Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary…

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