INTRODUCTION This is an update to an article published on June 26th, 2020 on our website, titled CARES Act Retirement Account Provisions. EARLY WITHDRAWALS The CARES Act provided relief for penalties assessed on early withdrawals from retirement accounts. Eligible plan participants were able take an early distribution of up to $100,000 without incurring the … Read more
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: Rule of Thumb It usually makes sense to refinance if you can save 75 basis points, but consider the whole package, including points paid and closing costs. Job Stability … Read more
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 … Read more
INTRODUCTION The CARES Act, intended to assist individuals and businesses withstand the financials consequences of COVID-19, included several important provisions related to retirement accounts. This article will discuss the provisions related to early withdrawals, retirement plan loans, and required minimum distributions (RMD.) Please note that the CARES Act does not require retirement plans to adopt … Read more
FEDERAL STUDENT LOAN RELIEF Individuals with federal student loans can defer their payments for up to six months under the CARES Act. If you’re facing hardship, you can suspend your payments until September 30, 2020 without accruing additional interest. This will happen automatically, meaning you don’t need to contact your loan services to take advantage … Read more
The Administrator of the U.S. Small Business Administration (SBA) has released additional guidance concerning how soon borrowers may apply for forgiveness in conjunction with the extended covered period. As we know, many businesses may not need the entirety of the 24 weeks to spend all their Paycheck Protection Program (PPP) funds. This guidance addresses those … Read more
I have two college degrees. One is a bachelor’s in interdisciplinary studies, and one is a Bachelor of Accounting. With the first degree, I was young and naive, and I believed what kind of degree you had didn’t matter, as long as you had a degree. During my junior year of obtaining that degree, I … Read more
The 2019 tax filing deadline for most individual taxpayers is now July 15, 2020. Individual taxpayers may request an automatic extension of October 15, 2020 to file their returns; however, any 2019 taxes owed are still due on July 15, 2020. Even if you cant afford to pay your taxes, individual taxpayers should file their … Read more
06/22/2020The U.S Small Business Administration (SBA,) with the help of Treasury, has altered the Paycheck Protection Program (PPP) loan forgiveness application. The SBA also revealed a new EZ application for PPP loan forgiveness. NOTABLE CHANGES TO THE PPP LOAN FORGIVENESS APPLICATION AND INSTRUCTIONS For S corporations, the shareholder portion of employer contributions for employee health … Read more
Born into a family of engineers, Paul Wobser was on his way to being one himself when he started at Texas Tech. During his sophomore year, he realized he didn’t have a passion for engineering, but loved numbers; so he switched to accounting. While at Texas Tech, he met his wife, Hayley, on a golf … Read more