Articles
College Savings Accounts: Coverdell Versus 529
Kids are going back to school and it's a great time to think about college and to make financial plans for your children or grandchildren's education. As you consider the different plan options, you'll want to make sure you know the two most common tax favored college...
New Legislation Would Grant Automatic Forgiveness of PPP Loans Under $150,000
From my article on Entrepreneur.com A bipartisan bill called The Paycheck Protection Small Business Forgiveness Act has been introduced into the Senate that would allow small businesses who received a Paycheck Protection Program (PPP) loan of $150,000 or less to...
The July 15 Tax-Filing Deadline Is Approaching; New Retirement-Account Rules Can Benefit You
From my article on Entrepreneur.com The rules governing your retirement accounts have been loosened in the year 2020. You have more time to put money in, can take money out early without penalty, and the required minimum distribution rules (RMD) for those 72 and...
New PPP Law Extends 8-Week Period and Reduces Percent Payroll Cost Rule
From my article on Entrepreneur. Congress just passed the Paycheck Protection Flexibility Act of 2020 and improved the Paycheck Protection Program (PPPP) for small-business loans. The bill enhances the PPP by increasing the time small businesses can use funds and...
Back Door Roth IRA Rules and Steps
Roth IRAs can be established and funded for high-income earners by using what is known as the “back door” Roth IRA contribution method. Many high-income earners believe that they can’t contribute to a Roth IRA because they make too much money and/or because they...
SBA Releases PPP Forgiveness Application and Makes Critical Clarifications and Documentation Requirements
From my article on Entrepreneur.com The SBA released its Paycheck Protection Program (PPP) Loan Forgiveness Application and clarified a few critical definitions and documentation requirements in their instructions. The forgiveness application is completed by the...
PPP Loan Developments: Only $120 Billion Left, Favorable Forgiveness Guidance from SBA and IRS Tax Pitfall
From my article on Entrepreneur.com The SBA Paycheck Protection Program (PPP) is the most significant small-business relief effort in modern history. A key component of the $600 billion-plus (and counting) stimulus rollout is that beneficiaries can have...
PPP Forgivable Loans Will be Unforgiving for Many
From my article on Entrepreneur.com Many small business owners who have been approved for Paycheck Protection Program loans (“PPP”) are realizing that the loan isn’t as forgivable as they’d hoped. The amount a small business can qualify to have forgiven must primarily...
PPP Is Back With $310 Billion in Additional Funding, But Small-Business Owners Must Act Fast
From my article on Entrepreneur On Tuesday, the Senate approved an additional $310B of funding for the popular Paycheck Protection Program (PPP) loans for small-business owners, and the House is expected to approve the measure as soon as today. The original bill...
Roth Conversions: When You Should Convert Your IRA or 401(k) to Roth?
Roth conversions are popular in 2020. Many Americans are taking advantage of low account values (asset values are low from stocks to real estate) and are converting Traditional dollars and assets to Roth. Others are seeing themselves in lower tax brackets than usual...
