Newsletter Archive



End Recovery Chaos
You may have heard the phrase: “Don’t do something—sit there.” That may be sage advice for small business owners who have been hustling to keep their businesses afloat this year. Taking a day to step back and reevaluate your situation and create an action plan that helps move your business forward in an orderly way could pay off in several ways. Be sure to consider these three areas:

Document Management
Begin organizing financial paperwork by understanding how long you need to keep the following records, courtesy of the IRS, but you can also use it as a guide to reduce other financial records:

Cash Flow Solutions
A recent study by U.S. Bank showed that 82% of small business and startup failures were due to cash flow issues. Many times, advance planning can help alleviate these problems. Two impactful solutions include:

August 2020 Client Profile
Lori is retired and concerned about the fallout from the pandemic affecting her finances. What steps should she take to help protect her investments?

College Graduates Seeking Jobs
Graduating in 2020 has been unconventional to say the least. From ending the semester with online coursework to virtual graduation ceremonies, graduates now face a very different economy as they set out to start their careers. Honing job-hunting skills is critical in this environment. Consider these tips to get started:

Identity Protection
With identity theft commonplace, it’s important to understand available options to help safeguard your online information.

August 2020 Q and A
Let's discuss tax deductions for freelancers and homeowners.

August 2020 Short Bits
A recent WalletHub survey reveals that 87 million Americans are worried about their credit scores as a result of the COVID-19 pandemic.

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Getting Back To Business
On average, only 40 to 60 percent of businesses recover after a disaster, according to FEMA. That is why having a disaster recovery and business continuity plan at the ready is so important. If you don’t have written plans to help you get back to business after the recent shutdown, take notes so you can draft them later.

2019 Tax Filing Deadline Extended
In order to help businesses and individuals cope with the fallout of the COVID-19 crisis, the IRS extended the 2019 federal tax filing deadline from April 15 to July 15, 2020.

Emergency Funds
The COVID-19 pandemic provided a heightened awareness for the need to have an emergency fund. Because cash flow is key to survival, the government rushed to boost unemployment benefits and provide loans for businesses. Now, as we recover from the COVID-19 crisis and rebuild financially, one of your top priorities should be to build or replenish your emergency fund.

July 2020 Client Profile
Nicole has been furloughed from her job at a major hotel chain. Her temporary suspension is scheduled to last through August at least. How does this affect her income and benefits?

Time To Regroup
Many of us may have avoided looking at our investment portfolios after the major economic disruption brought on by the closure of non-essential businesses. However, as you recover from shell shock, its important to review your financial situation.

Must-Have Documents
Three legal documents — a will, powers of attorney and an advance directive — are essential elements in an overall strategy to protect the ones you love, providing a measure of certainty when you can’t. An estate planning attorney can help you create and update these legal documents.

July 2020 Question and Answer
Let's discuss tracking expenses, and how to improve your credit score.

July 2020 Short Bits

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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.

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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.

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