Author: Taylor

Small Business Working Capital Loans

Loans Made between February 15, 2020 and June 30, 2020 ECONOMIC INJURY DISASTER LOANS AND LOAN ADVANCE Be sure to click the button that says ask for the $10,000 ADVANCE Click on the link at the top of the page that says “Economic Injury Disaster Loan” at https://www.sba.gov/funding-programs OR     Copy and paste this […]

Payroll Tax Deferral – 6.2% Employer and 6.2% Employee

Effective For Payroll Paid Between 9/1/2020 and 12/31/2020   You will not have to withhold, deposit or pay either portion of the Social Security Tax (OSADI) for employees whose wages are less than $4,000 on a biweekly payroll or equivalent amount with respect to other pay periods. At the moment, IT IS JUST A DEFERRAL, however, […]

Paycheck Protection Program – Small Business Section 7(a) Loans

Loans Made between February 15, 2020 and June 30, 2020 SBA information regarding the Payroll Protection Program YOU WILL APPLY FOR THIS LOAN THROUGH PARTICIPATING LENDERS BEGINNING APRIL 3, 2020.  THE LOAN IS AVAILABLE THROUGH JUNE 30,2020. WHO: Entity or Eligible Individual – includes sole proprietors, independent contractors and eligible self employed individuals. Maximum Loan: […]

Potential 3 Year Indirect Rollover Period and 10% Penalty Avoidance on Qualifying Distributions From Retirement Plans – H.R. 748 SECTION 2202

10% Penalty for early withdrawal {I.R.C. §72(t)} shall not apply to COVID-19 related distributions COVID-19 related distributions are : 1) distributions not exceeding $100,000 between January 1, 2020 and before December 31, 2020 AND 2) to an individual with a SARS-CoV-2 diagnosis for the individual, the spouse, or dependent, OR 3) to an individual who experiences adverse […]

2020 Estimated Tax Payment Deadlines

Quarterly ES Payment Due Date Changes for 2020 :  Typically, quarterly estimated tax payments are due April 15, June 15, September 15, & January 15. April 15, is extended and due by July 15. June 15, September 15, & January 15 remain due on those dates. IRA and HSA Contribution Deadlines for 2020 :  Typically, these payments […]

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