News

Paycheck Protection Program (PPP) Loan Forgiveness

Many Arizona small businesses received Paycheck Protection Program (PPP) funding to maintain payroll levels from loss of revenue. The Small Business Administration (SBA) released an Interim Final Rule addressing eligibility issues and requirements for certain pledges. The CARES Act requires the SBA to issue additional guidance on rules for loan forgiveness by April 27, 2020.

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Arizona 2019 Tax Credit Contribution Deadline April 15, 2020

April 15, 2020 is the deadline for taxpayers to claim tax credits on their 2019 individual income taxes for donations to qualifying charitable organizations (QCO), certified school tuition organizations (STOs), and public schools.

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COVID-19 and Retirement Plans

According to Eric Stevenson, President, Nationwide Retirement Plans, advisors to retirement plans will play a critical role, stating “This is the time they have to be more visible than they have ever been,” said Stevenson. “They have to be in constant communication with plan sponsors, even if from a distance.”

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Economic Injury Disaster Loans | Emergency Economic Injury Grants

The Economic Injury Disaster Loans and Emergency Economic Injury Grants provide an emergency advance of up to $10,000 to small businesses and private nonprofits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). To access the advance, you first apply for an EIDL and then request the advance.

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Penalty and Interest Waiver

On March 17, 2020, Treasury Secretary Steven Mnuchin announced that, while the due date for filing 2019 tax returns would not be postponed, the IRS would waive penalties and interest on tax payments for 90 days. The waiver only applies to individual taxpayers owing up to $1 million in taxes and corporations owing up to $10 million in taxes.

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Identity Protection

IRS Offers Identity Protection PIN

Categories: IRS, Tax

The IRS is launching a new identity protection program that prevents anyone who has stolen your Social Security number from using it to file a fraudulent tax return. How does it work? Are you eligible for the program?

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2020 Inflation Adjustments

Categories: Tax

The IRS made inflation adjustments for various 2020 tax items and they will apply to a wide range of taxpayers. A few examples that may impact you are included in this article.

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The SECURE Act | Retirement Plan Changes

President Trump signed the SECURE Act of 2019 as part of the government’s spending bill and Congress is planning to enact a number of changes that will significantly affect the retirement landscape. The SECURE Act encourages employers to offer retirement plans that were considered too expensive to administer and allows small employers to set up and offer 401(k) plans.

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GILTI Regulations

New final and proposed regulations will affect U.S. shareholders eligible for global intangible low-taxed income (GILTI). These regulations will cause companies to reassess the relationship between their GILTI income and Part F income.

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Estate Planning for Those Under 40

Categories: Estate Planning

You are never too young to start planning for your estate. Also, you should not put off estate planning until you are ready to retire. The earlier you start, the better off your family will be if something unforeseen happens. Learn why you are never too young for estate planning.

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