The Tax Gap and How is It Being Addressed
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The Tax Gap and How is It Being Addressed

The “Tax Gap” is the difference between the tax owed by all taxpayers for a given ear and the amount that is actually paid, on time, for that same year.  The Tax Gap has three primary components: Why the Gap? The most recent Tax Gap data was released in 2019 and it was for tax…

Deathbed Estate Planning
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Deathbed Estate Planning

When the death of a loved one is on the horizon, it may still be possible to complete a comprehensive estate plan. Some people experience psychological discomfort when addressing issues that would occur after their passing. This could be the reason it is not uncommon for people to put off completing or even starting their…

SBA Paycheck Protection Program – Safe Harbors
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SBA Paycheck Protection Program – Safe Harbors

Borrowers who received Paycheck Protection Program (PPP) loan proceeds may want to wait to apply to their lender for loan forgiveness until after June 30, 2020.  Borrowers may apply to their lenders to receive loan forgiveness at the end of the covered eight-week period (i.e. the conclusion of the 56 days from receipt of the…

PPP Loan – To Forgive or Not to Forgive
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PPP Loan – To Forgive or Not to Forgive

For the loan amount to be considered forgivable, no less than seventy-five percent (75%) of the loan must be spent on payroll and payroll related costs. If this marker is not met, it is possible that none of the loan will be considered forgivable.   How does the CARES Act define payroll and payroll related costs? Salaries…

PPP Loan Forgiveness Application
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PPP Loan Forgiveness Application

On May 15th, the SBA released the application borrowers under the Paycheck Protection Program (“PPP”) must use to calculate the amount that may be forgiven by the lender. According to SBA regulations, the SBA will allow lenders to rely on certifications of the borrower in order to determine eligibility of the borrower and use of…

Paycheck Protection Program (PPP) Loan Update
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Paycheck Protection Program (PPP) Loan Update

The PPP loan opened on Friday, April 3, 2020, two weeks ago today.  These loans are being approved by the SBA, but they are being made through lenders and various FinTech companies (think Square and QuickBooks).  While any lender can make the loan, we found out quickly that banks restricted applications to their existing clients. …

The SBA Will Make Your Payments for Six Months!
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The SBA Will Make Your Payments for Six Months!

In addition to the Paycheck Protection Program (“PPP”) loans available to small businesses, the CARES Act appropriated an additional $17 billion to subsidize certain small business loans. This act applies to loans made under: Section 7(a) of the Small Business Act, Title V of the Small Business Investment Act, or Section 7(m) of the Small…

New Year, New Refi?

New Year, New Refi?

Is one of your New Year’s resolution to save money and do you own a home?  Considering taking advantage of the current lowering trend in mortgage interest rates?  How might a refinance affect your taxes with the tax law changes of the Tax Cut and Jobs Act (“TCJA”)? Out with the Old In general, until…