Help! My Stimulus Payment is Wrong or Missing
Millions of Americans already received their economic impact payment. But what if you’re still waiting or your payment was for an incorrect amount? Here are some common scenarios why you may not have received your payment, or the payment you did receive was for an incorrect amount, and what you can do. Your payment was…
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Thinking about the Payroll Protection Program loan forgiveness? We have answers!
Thinking about the Payroll Protection Program loan forgiveness? You are not alone. For those of you who received funding in the first round of payments, that 8-week deadline for using the funds is fast approaching. Many of you have looked at the loan forgiveness application, asked questions and made plans. We want to tell you, things are going to…
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Be Prepared for Pandemic Tax Surprises
Numerous new laws provide economic relief to individuals and businesses hardest hit by this year’s pandemic. This much-needed financial assistance, however, comes with a few strings attached. Here are three potential surprises if you use the available economic relief packages: Getting a tax bill for unemployment benefits. While the $1,200 economic impact payments most Americans…
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Think Before Tapping 401(k) as Emergency Fund
Do you need a quick infusion of cash? Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you may be able to take money out of a qualified plan, like a 401(k), or an IRA, with favorable tax consequences. But should you do it? You might view withdrawing money from a retirement account as…
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Stimulus Options For Sole Proprietors
As a self-employed person (sole proprietor) does talk of the various stimulus benefits for businesses surrounding the COVID-19 response have you feeling left out? Don’t despair! As a non-employer without payroll expenses, you qualify for two programs: Pandemic Unemployment Assistance benefits Payroll Protection Program (yes, even without payroll expenses you qualify with income from your Schedule…
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Employee Retention Credit: Another Option for Assistance
Through the excitement of companies receiving funds via the Payroll Protection Program there are also businesses that are not getting funding, or didn’t feel they were large enough to apply. There is another option – the Employee Retention Credit. The Employee Retention Credit is available for wages paid from March 12, 2020 to December 31,…
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Payroll Protection Program Loan Funding – Now What?
With the Payroll Protection Program being in the second round of funding, more businesses have received funds and are now trying to ensure their loan is forgiven. Questions such as how to keep track of the funds used, what expenses qualify and what happens if employees are not working are being asked. Here are a…
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Protect Your Video Conference Meetings
Hackers have found their new playground amid the increased use of video conferencing during the coronavirus pandemic: Zoombombing! Zoombombing defined Named for the company Zoom, the unfortunate first high-profile victim of this phenomena, zoombombing occurs when internet trolls hack video conference meetings and join as uninvited attendees. After infiltrating a meeting, the hackers then have…
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Ideas to Help Make Payments During Tough Times
You’re not alone in trying to navigate the financial uncertainty during the coronavirus pandemic. Millions of American workers who lost their paycheck because of COVID-19 need to find creative ways to pay bills. Here are 6 ways to get cash to help pay for your monthly expenses. Apply for state unemployment benefits. Recent federal legislation expands…
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Get Your Money: Ensure You Receive a Stimulus Payment
The IRS has two websites to help with stimulus payments: One for non-tax filers to register to receive their economic impact payment and a new “Get My Payment” tool. Background As a response to the COVID-19 pandemic, the government is sending $1,200 to single taxpayers with income less than $75,000 ($98,000 with phaseouts). $2,400 is…
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