Not everyone can contribute as much as they would like to their retirement plans each year, for a variety of reasons. However, it is vital that the maximum amount possible is deposited each year, because the earlier you save, the more it can grow before the date of retirement. There are options to accelerate retirement savings for those who may be behind and closer to retirement age.

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On Wednesday, the IRS issued Revenue Ruling 2020-27, addressing a question that has been on the minds of many PPP loan recipients: whether the timing of PPP loan forgiveness impacts the timing of the nondeductibility of the expenses paid with PPP funds. The ruling concludes the timing of the forgiveness does not alter the timing of the nondeductibility.

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Now that Joe Biden has been projected as the winner of the presidential election by major news outlets, you may wonder if your federal taxes will be affected.

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The Coronavirus Aid, Relief, and Economic Security (CARES) Act created the Paycheck Protection Program (PPP) to provide small businesses with liquidity during the coronavirus pandemic.

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While the official numbers are not in yet, it is estimated by that the economy reinflated by 30-35% in the 3rd quarter. Approximately 3.8 million folks returned to work. Amazing figures, but the economy remains down approximately 10% from February. Of the 22 million jobs lost in the spring, it is estimated that over 10.7 million have not returned. Much of those losses are concentrated in the entertainment, travel, and hospitality sectors. While the housing market has been a bright spot in the economy, many economists caution that most of the easy growth has now been captured, and they expect the overall recovery to slow until a vaccine is available. (Sources: Goldman Sachs, Dept. of Labor, JP Morgan)

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In today’s world, most anything can be obtained online. You find out about most world events almost instantly. You can do everything from buying your groceries to learning how to fix your plumbing. Just because you can find most anything online does not mean you should rely on all do-it-yourself products found on the internet. As COVID-19 has swept our country many people have turned to online resources to create an estate plan with an urgency to have something in place.

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With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes.

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COVID-19 has far-reaching impacts for many businesses. During these past months, many companies have had employees working remotely from their homes. For some businesses this may have unintended consequences such as creating nexus in more states. Having remote employees working in other states has created filing obligations for many years, so this is not a new development. But if your business was not already accustomed to remote employees then you could be surprised by new income tax or sales tax obligations in addition to state withholding and unemployment taxes.

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On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August.

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A power of attorney allows a principal, the person creating the power, to appoint another as his or her attorney-in-fact to make certain decisions on behalf of the principal related to financial and property matters. Powers of attorney are an important part of one’s estate plan and can be especially useful if the principal should become incapacitated; this is known as a “durable” power of attorney. It is important to note, though, that powers of attorney cease upon death of the principal.

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