A second round of federal funding in Paycheck Protection Programs (PPP) is set to add another $310 billion into the program. If you missed out on the first round, do not wait to apply or reapply for this second round, the money goes quickly. While $310 billion may seem like a lot of money, the last $349 billion ran out in two weeks. Again, don’t sleep on this if you really need the money, especially if you are self-employed, an independent contractor or a freelancer who got a late start on applying for the first round of funding. One of the best ways to prepare is by determining which lender you’ll be applying to and what you’ll need to provide. Unfortunately, requirements differ from lende

The U.S. House of Representatives passed legislation Thursday that will provide $370 billion in additional pandemic-relief funding for small business as part of a larger aid package. President Donald Trump is expected to quickly sign the $484 billion Paycheck Protection Program and Health Care Enhancement Act, which was approved by the Senate on Tuesday. Most of the small business funding, in the amount of $310 billion, will replenish the Paycheck Protection Program (PPP), which is administered by the U.S. Small Business Administration (SBA) and provides forgivable loans to certain types of businesses. The $310 billion for the PPP includes $60 billion in loans to be made by small banks, cred

The SECURE Act has made changes to various aspects of investments and taxes. Some of the largest changes can be found with regards to IRA’s retirement plans and other retirement plans. Taxpayers should pay attention to new rules governing the age at which required minimum distributions (RMDs) must be taken. If a taxpayer turned age 70 ½ prior to January 1, 2020, their RMDs are based on age 70 ½, not age 72. Due to changes made by the SECURE Act, if a taxpayer’s 70th birthday is July 1, 2019 or later, they do not have to take withdrawals until they reach age 72. Roth IRAs do not require withdrawals until after the death of the owner. A taxpayer reaches age 70½ on the date that is 6 calendar m

What is the Paycheck Protection Program (PPP)? The Paycheck Protection Program (PPP) is a loan program focused on encouraging small businesses to keep their worker on the payroll rather than laying them off entirely. The Small Business Association (SBA) has committed to forgiving loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. To obtain the benefits you can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. There are still other regulated vendors waiting to get appr

On April 3, 2020 Congressman Bill Huizenga has introduced and new tax bill focused on “say[ing] thank you” to our first responders and medical professionals during this time of crisis. The act, appropriately titled the Helping Emergency Responders Overcome Emergency Situations (HEROES) act, will apply to medical professionals and first responders working in counties with at least one positive COVID-19 patient. First responders and medical professionals will include: “law enforcement officers, corrections officers, firefighters, EMT’s, paramedics, pharmacists, nurses, nurse practitioners, physician assistants, hospital and licensed medical facility support staff, and senior care facility st

Our office was recently contacted by a tax preparer in Florida that posed this interesting question. Their clients, a married couple, were from a foreign country and owned rental property in the United States. As most things go with tax law, the question was simple but the answer to get there was a little bit more complex. If an individual is a resident alien, the rules for filing income, estate, and gift tax returns and paying estimated tax are generally the same whether the individual is in the United States or abroad. Their worldwide income is subject to U.S. income tax the same way as a U.S. citizen. An individual is a resident alien of the United States for tax purposes if they meet eit