Newsletter Archive



Make Sure Your Loan is Forgiven
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided for small businesses to receive low-interest loans under the Paycheck Protection Program (PPP). At this writing, Congress is considering additional billions in funding to replenish the depleted program. Meanwhile, here is an overview of the program.

Should You Refinance Your Mortgage?
Refinancing your mortgage could result in a lower monthly payment, especially with interest rates at a near historic low. Here’s what to consider before you decide:

CARES Act Retirement Plan Changes
The Coronavirus Aid, Relief, and Economic Security (CARES) Act offers relief to individuals with some major changes to retirement plans in the near-term. These temporary new rules apply to both current retirees and those saving for future retirements.

June 2020 Client Profile
At the beginning of the year, Phil, age 40, took out a 401(k) loan to use as a down payment on his new home. When the coronavirus hit, Phil was laid off from his job at a travel tech firm as flights all but came to a standstill.

Payroll Tax Credit Eligibility
The CARES Act’s new Employee Retention Credit is an alternative to receiving a loan through the Paycheck Protection Program (PPP). Businesses may choose the credit or PPP loan, if available. Unlike the PPP, the tax credit does not have a limit on the size of your business, making it an option for larger companies that don’t qualify for the PPP.

Tax Deadline Extension
As part of the federal government’s response to the economic impact of the coronavirus, Tax Day has been moved from April 15, 2020 to July 15, 2020 – a three-month extension. Both individuals and businesses have until this new deadline to both file their taxes and make a payment on anything owed. Quarterly estimated tax payments that were set to be due on June 15 have also been pushed back to July 15. Additionally, no penalties or interest will accrue during the extension period.

June 2020 Question and Answer
Let's discuss how COVID-19 may IRA contributions and unemployment benefits.

June 2020 Short Bits
During this pandemic, let's see how the CARES Act affects student loans, charitable giving, and mortgages.

Read More

Business Security
In last month’s ClientLine, we highlighted some of the Setting Every Community Up for Retirement Enhancement (SECURE) Act’s new headlines for business owners. This month, we share some of the details for you:

Mind the RMD Gap
The SECURE Act pushes required minimum distributions (RMDs) from an IRA, SIMPLE IRA, SEP IRA or retirement plan account to age 72, up from age 70 1/2. However, you’re out of luck if you are younger than 72 but were 70 1/2 in 2019. You’ll have to begin taking withdrawals by the former age limit of 70 1/2 limit.

They're Back!
A basketful of tax breaks that either expired last year or were scheduled to end before 2020 have been brought back to life, courtesy of Congress. Lawmakers packed end-of-year appropriation bills with these extenders.

May 2020 Client Profile
Henry’s mother died of pancreatic cancer, and he is looking into starting a foundation named in her honor to fight this terrible disease. He hopes that compliance and tax filing won’t become a burden. Is there a simpler solution?

Steps to a Successful Company Audit
While few companies will experience tax audits, all public and some closely held companies should undergo periodic company audits to stay on top of their businesses. This is an exercise that can fray nerves without preparation. But there are steps you can take to ensure audit success.

How to Correct Tax Filing Mistakes
The last thing most taxpayers want to think about so soon after the tax-filing deadline is filing another tax return. Yet, that’s something you’ll have to do if you made an error and a task you’ll want to perform if you shorted yourself.

May 2020 Question and Answer
Let's discuss how to prepare for retirement plan audits and deductions.

May 2020 Short Bits
Compensation costs for private industry workers increased 2.7% in 2019 compared to an increase of 3% the year before, according to the Department of Labor.

Read More

New Retirement Rules
Congress capped off last year by passing the Setting Every Community Up for Retirement Enhancement (SECURE) Act as part of a larger spending bill. This is the biggest change in retirement saving rules in more than a decade. We urge you to discuss any changes to your retirement strategy with your tax and financial professionals, but here’s a quick look at why the new law may change your approach to saving for retirement.

Exploring Trusts For Your Estate
While the federal estate tax basic exclusion amount has risen dramatically in recent years, some states have not followed suit by raising their exemptions. Even with higher current exemptions, the future of taxes is unpredictable, so you need a strategy to deal with potential estate taxes if you own significant assets. A trust could be part of that strategy.

A Qualified Opportunity
When you sell appreciated assets, you pay taxes on them in the year you realize capital gains. But when you invest in a Qualified Opportunity Fund (QOF), you defer capital gains taxes and potentially receive tax-free appreciation. If you invest outside of a qualified retirement plan, you might explore how these types of funds could fit into your investment strategy.

A Different Type of Enterprise
If you’re looking to expand your business, moving to a Qualified Enterprise Zone may provide an opportunity to grow in a tax-smart way.

SECURE for Business
The SECURE Act also creates big changes for companies offering qualified retirement plans. Here are a few of them:

April 2020 Client Profile
Rosa has a large estate that greatly benefited from the federal tax changes at the end of 2017, but she worries about the tax breaks expiring and estate and gift tax exemptions reverting to 2017 levels. What should she do?

April 2020 Question and Answer
Let's talk about employee retention, and taxes for household workers.

April 2020 Short Bits
Employers are being squeezed, let's take a quick look at compensation and bonuses.

Read More

Financing Your Business
Many small businesses depend on access to financing in order to grow, but their financing options will vary. Here’s what you need to know if you’re exploring how to finance a business need.

More Savings!
If you missed the announcement of higher retirement plan limits for 2020, here’s another look at some of them.

Loan Consequences
If your company offers a 401(k) plan loan, it can be among your most cost-effective options for short-term needs (five or fewer years). However, these loans come with potential drawbacks. Before you take money from your 401(k), understand all the consequences.

March 2020 Client Profile
Elijah is an employee of a technology company and also has his own company on the side. He has contributed to a 401(k) plan for each job. Now he learned he contributed too much and could owe penalties. What should he do?

Taxes, Retirement and You
Many people nearing retirement consider moving to Sunbelt States like Florida and Nevada for both the weather and lack of state income taxes. However, all states have a variety of taxes, so look beyond income taxes and then take another look at your total tax picture.

A Primer on Excise Taxes
The sheer number of taxes companies must pay surprises many new business owners. They can be assessed for unemployment, Social Security and a variety of excise taxes, to mention a few. The latter affects businesses dealing with everything from sports wagering and gasoline to indoor tanning and tire sales. They are imposed by some states as well as the federal government.

Whether you’re a new business owner or plan to start a company, you need to understand excise taxes.

March 2020 Q and A
Let's talk trusts, and whether leasing or buying new equipment is a good option for your new business.

March 2020 Short Bits
Let's review some statistics on retirement, charities, homeownership, and labor market.

Read More